Islamic Political Economy Research Articles

The Principles of Islamic Political Economy: A Methodological Enquiry.

Acknowledgements - Introduction - Islamic Economic Thought in Comparative Perspectives: Toward an Islamic Theory of Value - Ethico-economic Social Welfare Function of the Islamic Economy - A Theory of Cost-benefit Analysis in Islamic Economics - A Theory of 'Mudarabah', the Islamic Profit-sharing System under Economic Co-operation - Resolution of the Great Economic Problems in Contemporary Times in Islamic Economic Perspectives - The Analytics of the Islamic Macroeconomics System - Macroeconomic Relations in the Islamic Economy: Experimental Case Study for Malaysia, 1970-85 - Islamic Policy Conclusions on the Malaysian Macroeconomy - Arabic Terminology - Notes - Index

The foundations of Islamic political economy

The foundations of Islamic political economy

Social Choice in an Islamic Economic Framework

In this paper, the decision-making character of shura, the consultativedemocratic concept in an Islamic social order, will be shown to clearly definethe determination of both state variables (socioeconomic variables) and policyvariables and the simulative interactions between them. These variables willthen be shown to configure the consumption, production, and distributionmenus in an Islamic political economy. They will thus be shown as clearlydefined variables that help to formulate the social choice, the social welfarefunction, and the institutional decision-making problems in an Islamic politicoeconomicorder.Shuratic Decision Making in the Perspective ofOrganizational TheoryThe Islamic shuratic (i.e., based on shura) decision-making process isthe centerpiece of organhtional behavior in Islamic institutions. The followingis a technical explanation of this process in light of modem organizationaltheory:’(a) Shura is structured into representative decision makers fromvarious walks of life (“sharees”).(b) “The abstract nature of each individual task” is carried outby ijtihad and the interpretations and implementation of theShari’ah (Islamic law) to various socioeconomic problems ...

Islamic Economics as a Social Science

A comparative and critical examination of the methodology, goals and history of development of the field of Western social sciences in Islamic perspectives is presented. Economics is treated as a parallel case study in this respect. It is shown that the field of Western social sciences was the outcome of the revolt against the Church in the eighteenth century by the scholastic school to sever science from religion. Ever since, it has gained momentum also under the Cartesian philosophy of empiricism. Thus, the age‐long advance of the social sciences has shown increasing independence within each of its sub‐disciplines. An inward looking hegemony developed among the various sub‐disciplines. Such developments have made it increasingly difficult for the treatment of ethics and values as integrable elements in social investigation. The essence of a human analysis of social problems is thereby, misunderstood in modern social science analysis. The philosophy, nature and methodology of social investigation in Islamic framework are examined. It is argued that the Western concern with dichotomy between science and religion is not applicable to Islam. Consequently, there is a good possibility for studying social problems by an integrated approach among all the sub‐disciplines of the social sciences. This gives rise to an interdisciplinary study of social issues and problems and the development of a generalised social equilibrium system in the Islamic framework. We have developed one such comprehensive model endowed by its intrinsic Islamic ethics and values emanating fundamentally from the dynamic Quranic essence of the Unity of God in the working of the universe, “Al‐Tawhid”. The key principles and instruments are developed. The central role of the “shura” in functionally endowing the integrated study of social issues, is studied. In this context, the study of Islamic economics as one of Islamic political economy is examined. A specific economic problem in this area is explored. It is concluded that the approach of the Islamic social investigation and of Islamic political economy is what the future generation of social and economic thinkers will be working towards.