The Making of Islamic Economic Thought

2021 ◽  
Author(s):  
Sami Al-Daghistani
Keyword(s):  
Conceptual Framework ◽  
Economic System ◽  
Moral Economy ◽  
Human Science ◽  
Economic Thought ◽  
Moral Law ◽  
Moral Self ◽  
Islamic Tradition ◽  
The Subject ◽  
Islamic Economic

Interrogating the development and conceptual framework of economic thought in the Islamic tradition pertaining to ethical, philosophical, and theological ideas, this book provides a critique of modern Islamic economics as a hybrid economic system. From the outset, Sami Al-Daghistani is concerned with the polyvalent methodology of studying the phenomenon of Islamic economic thought as a human science in that it nurtures a complex plentitude of meanings and interpretations associated with the moral self. By studying legal scholars, theologians, and Sufis in the classical period, Al-Daghistani looks at economic thought in the context of Sharī'a's moral law. Alongside critiquing modern developments of Islamic economics, he puts forward an idea for a plural epistemology of Islam's moral economy, which advocates for a multifaceted hermeneutical reading of the subject in light of a moral law, embedded in a particular cosmology of human relationality, metaphysical intelligibility, and economic subjectivity.

scholarly journals Ekonomi Syariah Sebagai ‘Trend’ di Era Globalisasi

2016 ◽  
Vol 1 (2) ◽  
Author(s):  
Jefri Putri Nugraha
Keyword(s):  
Economic Development ◽  
Economic System ◽  
Economic Activity ◽  
Human Life ◽  
Economic Thought ◽  
Islamic Finance ◽  
Economic Problems ◽  
The World ◽  
Islamic Economic

Islam is a universal religion that regulates all dimensions of human life both; the world and the hereafter. Islam has also arranged economic problems since Islam was revealed through the Prophet Muhammad. Al-Quran and al-Hadith as the main reference of sharia economic thought. Islamic finance has become an economic system that was born along with the birth of Islam, but only this decade Islamic economic system become trending topic of discussion. Considering followers conventional notions began to look at the economic system of Syariah. In the era of globalization, there are a tendency in economic development for more attention to ethics in economic activity. This paper aims to explore in depth discussion on the trend of global economic and its development at the same time, reveals the opportunities and challenges in the economic development of sharia in the context of global economic development era.

scholarly journals Al-Magrizi Inflation Theory Of Islamic Monetary Policy Implementation In Indonesia

2021 ◽  
Vol 2 (2) ◽  
pp. 150
Author(s):  
Ridan Muhtadi ◽  
Safarinda Imani
Keyword(s):  
Monetary Policy ◽  
Policy Implementation ◽  
Human Error ◽  
Human Factor ◽  
Economic Thought ◽  
Natural Factor ◽  
Natural Factors ◽  
Two Factors ◽  
The Subject ◽  
Islamic Economic

During the time of Imam al-Magrizi (766-845 H), inflation had occurred in Egypt. Al-Magrizi shows about the theory of inflation. Inflation becomes a discourse that studied heavily in the subject of the economy. Al-Magrizi is an Islamic economic thought who did a particular study of money and inflation. The paper focused on al-Magrizi inflation theory caused by two factors, namely natural factors and human error factors. To solve these factors, a nation could apply Islamic monetary policy to Umar Chapra's thought, namely a credit-oriented (financing) location as a solution of natural factor theory. Also, moral suasion or moral appeals as a solution to the human factor inflation theory.

scholarly journals MAZHAB PEMIKIRAN EKONOMI ISLAM KONTEMPORER

2019 ◽  
Vol 13 (1) ◽  
pp. 163-200
Author(s):  
Sofyan Sulaiman
Keyword(s):  
Economic System ◽  
Economic History ◽  
Financial System ◽  
Economic Thought ◽  
Academic Institutions ◽  
Personal Motivation ◽  
Economic Philosophy ◽  
Muslim Student ◽  
Islamic Economic

Since the 1970s, studies of the Islamic economy have developed rapidly. Various topics around Islamic economics are discussed, ranging from Islamic economic philosophy, Islamic economic system, Islamic criticism of conventional economics, Islamic economic history and thought, to the Islamic financial system. There are several factors that encourage the development of Islamic economic scholarship, some of them are: personal motivation to promote Islamic economics, sponsorship from academic and non-academic institutions as well as organizations, Muslim societies, Muslim student associations, and also the dedication of publishers. As time goes by, Islamic economics bears many figures with various Islamic economic schools. According to the writer's findings there are at least five schools of contemporary Islamic economic thought, they are (1) Baqir al-Sadr, (2) Mainstream, (3) Alternatives, (4) Hamfara, and (5) Murabitun.

scholarly journals PEMIKIRAN EKONOMI AL-MAUDUDI DALAM PERSPEKTIF POST-MODERNISM

2020 ◽  
Vol 22 (1) ◽  
Author(s):  
Ramadhan Razali ◽  
Sutan Febriansyah ◽  
Hilmi Hilmi
Keyword(s):  
Economic System ◽  
Qualitative Method ◽  
Secondary Data ◽  
Scientific Work ◽  
Economic Thought ◽  
Capitalist System ◽  
Post Modernism ◽  
Secondary Data Source ◽  
Data Source ◽  
Islamic Economic

Abstract: Post-modernism is one method of counter-backing the moderanism. The counter back is doing by reconstruction the disable made by the part of moderanisme. Then what about the Islamic economy which it’s the existence is considered to bring down capitalism? The objective of this research is to identify the main points of Abu 'Ala Al-Mawdudi's thought about Islamic economics and his counter-back conducted by Al-Mawdudi to capitaslim economy. The research method that the writer uses is descriptive qualitative method by reviewing Al-Maududi's books plus secondary data source taken from good scientific work in the form of journal etc. The results of this study indicate that modern Islamic economic thought is not escaped from the thought of Al-Mawdudi, Al-Mawdudi's desire to undermine the capitalist system is very relevant to the suffering of economic societies who want justice in the economy. The elimination of usury, speculation and other unfair instruments is the main objective of Islamic economics. With the emergence of an economic system based on the foundations of Islam will cultivate and develop a better economic system. Islamic economics will answer all the "complaints" of the international community in the economy. Keywords : Al-Maududi, Post Moderanism, Islamic Economics, and Capitalism

The Monetary Thought of Two Sixteenth-Century Muslim Scholars

2008 ◽  
Vol 25 (4) ◽  
pp. 46-60
Author(s):  
Abdul Azim Islahi
Keyword(s):  
Sixteenth Century ◽  
Fifteenth Century ◽  
Economic Thought ◽  
Background Information ◽  
European Monetary ◽  
Ibn Khaldun ◽  
History Of ◽  
The Subject ◽  
Islamic Economic ◽  
Muslim Scholars

Muslim scholars of the sixteenth century continued the tradition of writing on economic issues. Their work, however, is characterized by the period’s overall feature of imitation and repetition and thus reflects hardly any advancement of monetary thought since the works of earlier Muslim scholars. This is clearly reflected in the two representative treatises on money: those of al-Suyuti (d. 1506), written at the beginning of the century, and of al-Tumurtashi (d. 1598), written at its end. The history of Islamic economic thought is a well-researched area of Islamic economics. To the best of our knowledge, however, all such research stopped at the end of the fifteenth century, the age of Ibn Khaldun and al-Maqrizi. The present paper seeks to advance this research and intends to investigate the monetary thought of Muslim scholars during the sixteenth century (corresponding to the hijr¥ years of 906 to 1009.) Beginning with an overview of earlier monetary thought in Islam to provide the necessary background information, it then goes on to note that particular century’s monetary problems in order to provide a perspective for the discussion of monetary thought among Muslim scholars. For the purpose of comparison, European monetary thought of the same period is also analyzed. Due to limitations of time and space, this paper concentrates on the relevant treatises and does not deal with the piecemeal opinions scattered throughout the voluminous corpus of Islamic literature. Thus, it focuses on al-Suyuti and al-Tumurtashi, as I could locate only their two exclusively monetary works. Hopefully this modest initiative will spur others to conduct more extensive research on the subject.

Book Reviews

2015 ◽  
Vol 53 (3) ◽  
pp. 675-677
Keyword(s):  
Economic Thought ◽  
Islamic Tradition ◽  
Medieval Europe ◽  
Production And Distribution ◽  
State Finance ◽  
History Of ◽  
King Abdulaziz University ◽  
Islamic Economic ◽  
Economic Thinking ◽  
Muslim Scholars

Volker Nienhaus of INCEIF reviews “History of Islamic Economic Thought: Contributions of Muslim Scholars to Economic Thought and Analysis”, by Abdul Azim Islahi. The Econlit abstract of this book begins: “Explores the contributions of Muslim scholars to economic thought throughout history and the ways in which Muslim ideas reached the European West. Discusses the phases of the development of Islamic economic thought; the Islamic tradition in economic thought (I)—theories of value, market, and pricing; the Islamic tradition in economic thought (II)—production and distribution; the Islamic tradition in economic thought (III)—money and interest; the Islamic tradition in economic thought (IV) —state, finance, and development; the net addition and impact on economic thinking of medieval Europe; and the links between Muslim thought and mainstream economics.” Islahi is Professor in the Islamic Economics Institute at King Abdulaziz University.

scholarly journals REFORMULASI BANGUN SISTEM EKONOMI ISLAM

2016 ◽  
Vol 8 (1) ◽  
Author(s):  
Elly Masykuroh
Keyword(s):  
Economic System ◽  
Economic Problem ◽  
Economic Thought ◽  
Economic Issues ◽  
The World ◽  
History Of ◽  
Islamic Economic ◽  
The Many ◽  
Two Alternatives

The idea of this paper came from the many phenomenas of economic problem occuring in various part of the world that become increasingly serious. Both economis  school of capitalist and socialist was not able to provide solution for the increasingly complex economic issues. This condition raises expectation for an alternative economic system that is able to resolve economic problem. Current discourses about Islamic economic system sound relevance and begin to be studied to resolve the economic problem. Through the study and reconstruction of the history of Islamic economy, it shows that system of Islamic economy does exist legally and de facto. Now, our job is to formulate the form and concept of Islamic economy that can be accepted as an alternative economic system in the world. The formulation of the concept and theory of Islamic economy can take two alternatives: firstly, through revision of the old theory of Islamic economy in accordance with the principle and characteristic of Islamic economy, secondly, the recontruction of history through the Islamic economic thought, so that it can gave birth new Islamic economic system.

scholarly journals The Time Factor – Toshihiko Izutsu and Islamic Economic Tradition

Asian Studies ◽  
2018 ◽  
Vol 6 (1) ◽  
pp. 55-71
Author(s):  
Sami AL-DAGHISTANI
Keyword(s):  
Intellectual History ◽  
Semantic Analysis ◽  
Semantic Theory ◽  
Economic Thought ◽  
Moral Concept ◽  
Islamic Studies ◽  
Islamic Tradition ◽  
Islamic Economic ◽  
Key Terms ◽  
Shed Light

This paper interrogates the notions of time and money in Islamic (economic) tradition by applying Toshihiko Izutsu’s theory of the key terms of a worldview. A Japanese scholar of Islam, Toshihiko Izutsu (1914–1993), wrote extensively on Islamic studies, eastern mystical traditions, and Sufism. His theory of key ethical concepts in the Qur’an is a semantic analysis of an Islamic worldview, which can be applied also more specifically to economic thought in Islamic tradition. Applying Izutsu’s theory would shed light on the main ethico-economic concepts and postulates in Islamic intellectual history, such as the notions of time, money, and commodity purchases, as well as their relation to man as a time-contingent being. As well as the introduction and conclusion, this paper is divided into three main parts. In the first part, I introduce Izutsu’s life and his semantic theory. The second focuses on Islamic economics and its relation to Sharī‘a as a moral concept, whereas the third part inquires more specifically upon the notion of time and money in classical and contemporary Islamic economic thought.  

scholarly journals EKONOMI ISLAM DAN KAPITALISME (Merunut Benih Kapitalisme dalam Ekonomi Islam)

2016 ◽  
Vol 7 (1) ◽  
pp. 27
Author(s):  
Choirul Huda
Keyword(s):  
International Trade ◽  
Economic System ◽  
Capital Markets ◽  
Economic Thought ◽  
Economic Life ◽  
Capitalist Society ◽  
Economic Practice ◽  
Chain Of Command ◽  
Modern Economic ◽  
Islamic Economic

A discussion of the modern economic system, usually refers to two major systems, namely capitalism based on the capital markets (capital) and guided socialism which tried to solve problems of production, consumption and distribution through the chain of command. In addition to these two major systems, also known as the Islamic economic system, which refers to the economic practice of the Prophet Muhammad, peace be upon him. Islamic economic system is an alternative to the fundamental problems of the two major systems that already exist. However, when referring to the conditions of the birth of Islam in the midst of Arab society steeped in culture trade, alleged the influence of the capitalist culture of the economic system of Islam, so Islam is perceived closer to capitalism than socialism. Through the study of literary conclusion that Islam and capitalists are the two things affect each other. Sociologically, Islam is present in a capitalist society that both have an attachment. Capitalism, especially trade capitalism existed before Islam came. Before the birth of Islam, Mecca has become the center of international trade and finance. The Prophet Muhammad himself was a merchant before it became a prophet. Thus, capitalism is an ideology or a system that comes from the outside and into the schools of economic thought incoming and economic influence of Islam, although Islam also influence and correct the economic life or Capitalism applicable. Therefore Islam and capitalism are two forces that interact and influence.<p class="MsoNormal" style="margin-bottom: 5.0pt; text-align: justify;"><em><span style="font-size: 13.0pt; font-family: 'Garamond',serif; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: major-bidi;">A discussion of the modern economic system, usually refers to two major systems, namely capitalism based on the capital markets (capital) and guided socialism which tried to solve problems of production, consumption and distribution through the chain of command. In addition to these two major systems, also known as the Islamic economic system, which refers to the economic practice of the Prophet Muhammad, peace be upon him. Islamic economic system is an alternative to the fundamental problems of the two major systems that already exist. However, when referring to the conditions of the birth of Islam in the midst of Arab society steeped in culture trade, alleged the influence of the capitalist culture of the economic system of Islam, so Islam is perceived closer to capitalism than socialism. Through the study of literary conclusion that Islam and capitalists are the two things affect each other. Sociologically, Islam is present in a capitalist society that both have an attachment. Capitalism, especially trade capitalism existed before Islam came. Before the birth of Islam, Mecca has become the center of international trade and finance. The Prophet Muhammad himself was a merchant before it became a prophet. Thus, capitalism is an ideology or a system that comes from the outside and into the schools of economic thought incoming and economic influence of Islam, although Islam also influence and correct the economic life or Capitalism applicable. Therefore Islam and capitalism are two forces that interact and influence.</span></em></p>

Maulānā Maudūdī and the genesis of Islamic Economics

10.26414/a036 ◽  
2021 ◽  
Vol 8 (2) ◽  
pp. 597-622
Author(s):  
Arshad Zaman
Keyword(s):  
Twentieth Century ◽  
Economic System ◽  
Economic Thought ◽  
Islamic State ◽  
Islamic Perspective ◽  
Islamic Economic ◽  
The Right ◽  
A Minor

Maulānā Sayyid Abū’l-A‘lā Maudūdī (1903-1979) is credited with being the founder of Islamic Economics, and having developed the idea of an Islamic Economic System. This article investigates and finds little support for this claim. Moreover, it suggests that these claims not only strain the evidence available, but they also distort Maulānā Maudūdī’s thoughts, and add little either to his formidable stature as one of the most influential Muslim leaders of the twentieth century, or to the dignity of Islam. Instead, it proposes that Maulānā’s economic thought should be viewed as a minor if inextricable component of his social and political vision of a modern Islamic state. Or, as arrangements in law and government for the provision of livelihoods, akin to the German tradition of Polizeiwissenschaft in a Staatswissenschaft, but from the Islamic perspective of commanding the right and forbidding the wrong (especially, allowing wages, rents and profits, but not interest).

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