Abstract
This paper is intended for a preliminary study in re-evaluating Islamic economics assumptions. The assumptions were based on the two common assumptions in economic system which includes scarcity of resources and humans unlimited wants. This paper analyses how far these assumptions in Islamic economics placed tawheed as their axis and aligned with tasawwur Islam. The analysis was done by studying opinions and views of several Islamic economists. Content analysis and literature review were utilized to reach this objective. From this preliminary study, it was found that the current assumptions in Islamic economics were not favouring towards the true concept of tawheed and tasawwur Islam. It implies the needs for a more comprehensive study to be done in order to come up with a new resolution on the real assumptions of Islamic economics.
Highlights
This paper in general discusses the assumptions in Islamic economics
For the purpose of this paper which is preliminary in nature, the writer only discuss in brief supported by the Holy Quran and as-Sunnah on the opinions from several Islamic economists in relation to Islamic economics assumptions
While according to a definition by Haneef (1997), Islamic economics is an approach for understanding and solving human problems based upon value, norm, laws, and institutions obtained from the sources of Islamic knowledge
Summary
This paper in general discusses the assumptions in Islamic economics. In specific, it intends to have an early analysis on the depth of these assumptions within the concept of tawheed and tasawwur Islam. Islamic economics was defined as body of knowledge, application, and sharia law in order to prevent any forms of injustice in expending resources, for the satisfactions of human. Another Islamic economist, Ahmad (1992)2 defined Islamic economics as a systematic effort in order to understand economic problems and human behaviour in relation to it according to Islamic perspective.
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: International Journal of Academic Research in Business and Social Sciences
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
