Abstract
Although political economy of the Islamic system is as old as the Quran, the renewed interest in the study of Islamic Political Economy (IPE) among the muslim and non‐muslim scholars is of comparatively recent origin. As an emerging discipline and operational system, IPE needs to demarcate clearly its methodological boundary. What is the ontology of IPE? What is its scope and subject matter? These are some of the questions which are briefly addressed in this paper.
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