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L100 Economics

Published : 18-Oct,2021  |  Views : 10

Question:

Discuss why Islamic Economics should be considered as "a political economy"rather then with specialised discipline of Economics as conceived by neo-classical economics?

Answer:

The study of Islamic economic is supposed to show the manifestation of the teachings of Islamic in the logical as well as understanding of the Muslim economic life. Islamic as a religion has a lot of room for developing, however, the direction to which it has been shaped brings a major concern from Islamic scholars. The question that remains with debate regards whether it should be shaped as a ‘political economy’ or studied in the discipline of economics, which is envisaged by neo-classical economics.

According to Chapra, the coming of Islamic study resulted from the endeavors of Muslims fight against the forces of imperialism as well as colonialism.  Chapra continues to argue that the emergence of Islamic economic field, which depicts the beliefs of Islam, is an expression of a separate Islamic system that includes the foundation of Islamic countries. Kuran argues that discrete identity is a major force behind the emergence of the separate Islamic economic system. During the 1970s, the oil-income surplus within the Arabic nations demonstrated another platform of Islamization of knowledge of abundant wealth management both economically and financially. This formed a stage for Muslim intellectuals coming out to form the basic thought that later led to the positive discussion of Islamic economy.

What’s more, the idea of accepting the Islamic system in the sciences based on the diverse efforts of Muslims point out to a form of Islamic economy. Islamic teachings especially in finance and its focus on efficiency that an economic system should solve form another justification of considering the Islamic economic system in the view of a political economy.  Furthermore, the consideration of the human factor as a necessary part in the economic thought cements the explanation to an economic problem.

References:

Chapra, M., The Future of Economics: An Islamic Perspective, Leicestershire: Islamic Foundation press, 2000.

Kuran, T., Islam and Mammon: The Economic Predicaments of Islamism. Princeton: Princeton University Press, 2000.

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