Islamic Economic Redefinition and its Methodology Among Contemporary Thinkers

Meirson Meirison,Abi Suar,Zerly Nazar

doi:10.30984/kijms.v1i1.3

Abstract

     Abstract: The Islamic economic crisis from an epistemological perspective has been going on in recent years, based on many Islamic economic figures' writings. Monzer Kahf argues about Islamic economics's definition that there is no agreement among Muslim economists about the definition of Islamic economics, its scope, its relation to conventional economics, analytical methods and instruments, and even some of its basic assumptions. They view that the Islamic economy epistemologically still needs to be studied, while this Study, which has been going on for 40 years, seems to be running in place. In this Study, researchers used a library research method. This aims to reveal the redefinition of Islamic economics from contemporary economists, the methodological crisis that has hit Islamic economics, and the urgency of developing Islamic economics methodology among contemporary thinkers. The essence of the urgency of developing methodologies and approaches in Islamic economics is tawhid. The central or core concept that permeates all aspects of the epistemology of Islamic economics is tawhid. Tawhîd is the essence of Islam; tawhîd is considered the unity of knowledge and can be broken down into sources, methods and scientific knowledge. Knowledge comes from Allah's revelations to His Prophet, and reasoning, perception, and empiricism. Because of al-Attas, God's first type of knowledge is through direct revelation. The second is through the speculation of rational investigations based on his experience of the plausible and understandable.    

Highlights

Muhammad Abdul Manan argues Islamic Economics is a social science with studies of the economic problems of a people imbued with Islami's values, asocial science that studies society's economic problems inspired by Islamic values
Monzer Kahf believes that The term Islamic economics may be justified as an identification of a field of Study based on the assumption of the existence of Islamic axioms in the social, political and legal environment, a system of values and ethics, which guides the economic behavior of men and women in an Islamic society
This way of looking at 'Islamic economics' resembles how 'capitalist economics' is treated as an economic analysis based on the capitalist paradigm)

Summary

INTRODUCTION

Islamic economic etymology is defined as a study of human behavior about the utilization of scarce production sources for production and consumption; the economic work is human behavior related to production, distribution, and consumption (Rozalinda, 2014).(Rozalinda, 2014)(Rozalinda, 2014)(Rozalinda, 2014)(Rozalinda, 2014)(Rozalinda, 2014)(Rozalinda, 2014)(Rozalinda, 2014). Muhammad Abdul Manan argues Islamic Economics is a social science with studies of the economic problems of a people imbued with Islami's values, asocial science that studies society's economic problems inspired by Islamic values He said that the Islamic economy was a part of a complete life system, based on four substantial parts of knowledge: the Quran, as-Sunnah, Ijma, and Qiyas (Haneef & Furqani, 2013).(Haneef & Furqani, 2013)(Haneef & Furqani, 2013)(Haneef & Furqani, 2013)(Haneef & Furqani, 2013)(Haneef & Furqani, 2013)(Haneef & Furqani, 2013)(Haneef & Furqani, 2013). Islamic definition economy as a science that studies the behavior of Muslims in a society following the Qur'an, as-Sunnah, Ijma, and Qiyas He explained that in Islamic teachings, individuals and communities' behavior is controlled towards how to meet the needs and use existing resources. While Islamic economists have advanced with a financial system model based on financial capital participation and broad risk-sharing, many Islamic legal scholars are more concerned with replicating conventional instruments for return transactions to remain risk-free or with Sharia. This paper aims to explore previous Muslim thinkers' contribution to Islam's economic resources and identify Islamic economics's epistemology as suggested by Muslim thinkers (Ismail, 2014) From this description, this research aims to uncover How to Analyze the comparison of Islamic economic definitions from various experts and the need for a redefinition?; how is the Crisis methodology that plagues Islamic economics?, How is the urgency of developing methodologies and approaches in Islamic economics?

RESEARCH METHOD

RESULTS AND DISCUSSION

DEFINITION

CONCLUSION