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Essay on the Philosophy of Islamic Economics

Author

Listed:
  • Ahmed Mohammed, Abdullahi
Abstract
ABSTRACT The paper explores the principle that in Islamic perspective ethics dominates economics, which unambiguously portray the essential attribute of Islamic economics system. Similarly, Islamic economics repudiates the ground that economics is independent of ethics and the idea of value free economics propagated by Robbins and the neo-classical notion of Homo-economicus (economic man) who only considers his utility function of his selfish interest. But in replacement and discarding economic from ethical economic behavior Anas Zarqa substituted homo economics (economic man) for Homo-Islamicus (economic man with Islamic ethics). The fundamental difference between the two prototypes to Zarqa, is that the consumption behavior of Homo-Islamicus is deeply influenced by a consideration of the penalty or reward in the life after death and he embraced the Islamic ethics in regulating his economic choices and behavior. Similarly, we explore that Islamic economics is closely related Islamic jurisprudence that deals with business laws, providing general framework and premise for economic dealings and its operation in an Islamic society (fiqh mu’amalat). It draws conditions and criterion governing economic and financial relationships in an Islamic economy. We argued that economics also as normative discourse involving ethical consideration and evaluation of human behavior. Hence Economist are in the position to advocate, Condemn, and proper solution to problems within the context of social scenario and ethical point of view. Economist are called upon to prescribe solution to some of the old age economic problem of mankind like poverty, income inequality, and problem unemployment e.tc. This prescription will be uttered based on the people’s social reality, and that indicates value judgment which is normative.

Suggested Citation

  • Ahmed Mohammed, Abdullahi, 2023. "Essay on the Philosophy of Islamic Economics," MPRA Paper 119630, University Library of Munich, Germany, revised 20 Dec 2023.
    • Handle: RePEc:pra:mprapa:119630
    as

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    File URL: https://mpra.ub.uni-muenchen.de/119630/1/MPRA_paper_119630.pdf
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    References listed on IDEAS

    as
    1. Mohammed Ahmed, Abdullahi, 2019. "Financial Development and Central Bank Bilateral Currency Swaps: Is there Trade Effect?," MPRA Paper 109875, University Library of Munich, Germany, revised 05 Aug 2019.
    2. Hasan, Zubair, 2011. "Scarcity, self-interest and maximization from Islamic angle," MPRA Paper 29414, University Library of Munich, Germany.
    3. Zubair Hasan, 1998. "Islamization Of Knowledge In Economics: Issues And Agenda," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 6(2), pages 1-40.
    4. Masudul Alam Choudhury, 1986. "Contributions to Islamic Economic Theory," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-07728-1, October.
    5. Ahmed Mohammed, Abdullahi, 2016. "Exchange Rate Pass Through into Consumer Price Inflation in Nigeria: An Empirical Investigation," MPRA Paper 86515, University Library of Munich, Germany, revised 12 Oct 2016.
    6. Mohammed Ahmed, Abdullahi, 2019. "China’s Bilateral Currency Swap Agreement: Strategic Move to Foster Political and Financial Hegemony," MPRA Paper 109879, University Library of Munich, Germany, revised 08 Oct 2019.
    7. Daniel Kahneman & Alan B. Krueger, 2006. "Developments in the Measurement of Subjective Well-Being," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 3-24, Winter.
    8. S. M. Hasanuz Zaman, 1984. "Definition of Islamic Economics تعريف الاقتصاد الإسلامي," Journal of Research in Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 1(2), pages 49-50, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Epistemology; Islamic Economics; Homo-Economicus; Homo-Islamicus; Ethics; Normative Economics;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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