Abstract
Purpose The purpose of this paper is to discuss the methodology of integrated knowledge in Islamic economics and finance and seek to offer collective ijtihād as one way to find solutions to the existing problems in the field. Design/methodology/approach The study is based on the idea of multidisciplinarity or interdisciplinarity, which uses not only traditional sources of Islam and economics, such as uṣūl al-fiqh, fiqh mu’amalat, econometrics, statistics, microeconomics and macroeconomics but also looks into behavioural and natural sciences for inspiration and solutions. This paper is constructed using the methodology of “the two readings”, as promoted by the International Institute of Islamic Thought, and which combines the revealed and the existential sciences. Findings This paper proposes the collaborative multidisciplinary methodology as the main approach to studying the modern problems and challenges, as well as for finding solutions in the fields of Islamic economics and finance. Practical implications Studying and researching issues, particularly in the field of Islamic economics and finance, from an interdisciplinary perspective, effectively broadens practical applications and possibilities in Islamic finance. Originality/value This paper contributes to social sciences, especially the field of Islamic finance, and calls upon researchers to engage in multidisciplinary studies.
Highlights
Before the age of narrow specializations that began during the Enlightenment, was reinforced by the Industrial Revolution and reached its pinnacle by the end of the twentieth century, scholars mastered many disciplines
The paper addressed the issue of methodology from the Islamic perspective
We see the negative results of scientific development in terms of the massive loss of lives in the twentieth century, continuing environmental degradation and pollution, growing economic inequality around the world and many social and economic issues globally
Summary
Before the age of narrow specializations that began during the Enlightenment, was reinforced by the Industrial Revolution and reached its pinnacle by the end of the twentieth century, scholars mastered many disciplines. Many scholars of the past excelled in more. Published in ISRA International Journal of Islamic Finance. The full terms of this licence may be seen at http:// creativecommons.org/licences/by/4.0/legalcode
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