The Balance of Economics and Political Science in Islamic Political Economy

Abstract

Abstract. The purpose of this paper is to investigate the balance of economics and political science in Islamic political economy. The economic science here refers to economics value based on Islamic teaching, while political science refers to political value based on Islam. Whereas Islamic political science is a field that evaluates the interaction between the Islamic economy and politics as well as the implication of the influences of one field on the other.Beyond this assessment, between the economic and political value, which one is more influential in Islamic political economy? To date, most scholars are inclined towards the influence of their respective field. For those in economic field, the focus of Islamic political economy is mostly directed towards economic value rather than political value.Similarly, those who are in politics will be more inclined towards the political value rather than economic.Thus, which of the political or economic value should be made priority in Islamic political economy? Based on literature review and textual analysis, this paper will firstly, re-evaluate the issue where it is perceived that Islamic political economy does not necessarily need to focus on both political and economic value; secondly, analyse the extent to which the economic and political values are needed in Islamic political economy; and thirdly, summarise the option between the economic and political value in Islamic political economy in order to achieve a holistic field of study in overcoming problems and presenting solution for the political economy of the Ummah (Islamic nation). Keywords. Economic Value, Political Value, Islamic Political Economy. JEL. P47, P26, P16.