The Making of Islamic Economic Thought: Islamization, Law, and Moral Discourses

This book critiques modern Islamic economics as a hybrid economic system that lacks a clear conceptual framework. It proposes a plural epistemology of Islam's moral economy that considers the moral law, cosmology, and economic subjectivity in interpreting the subject.

Format: Paperback / softback
Length: 335 pages
Publication date: 30 March 2023
Publisher: Cambridge University Press

This book delves into the intricate development and conceptual framework of economic thought within the Islamic tradition, exploring ethical, philosophical, and theological ideas. It offers a critical evaluation of modern Islamic economics as a hybrid economic system. Author Sami Al-Daghistani begins by emphasizing the polyvalent methodology of studying Islamic economic thought as a human science, nurturing a rich array of meanings and interpretations related to the moral self. By examining the works of legal scholars, theologians, and Sufis during the classical period, Al-Daghistani contextualizes economic thought within the framework of Sharī'a's moral law. In addition to critiquing contemporary developments in Islamic economics, he proposes a plural epistemology of Islam's moral economy, advocating 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.

The study of Islamic economic thought has evolved over centuries, influenced by various factors such as the Islamic legal system, the teachings of the Prophet Muhammad, and the philosophical and theological beliefs of early Muslims. One of the key aspects of Islamic economic thought is the concept of al-ma'ārūf, which refers to the lawful and prohibited transactions in Islam. Al-ma'ārūf is based on the principles of Sharī'a, the Islamic legal system, and is designed to promote justice, equity, and the well-being of society.

Another important aspect of Islamic economic thought is the emphasis on the role of the individual in the economy. Muslims believe that individuals have a responsibility to earn their livelihood and to use their resources wisely. This emphasis on personal responsibility is reflected in the concept of zakāt, a religious obligation that requires Muslims to give a portion of their income to the poor and needy.

Islamic economic thought also emphasizes the importance of social welfare and the need to promote economic stability and growth. This is achieved through the implementation of policies that promote fair trade, investment in infrastructure, and the development of small businesses.

However, the development of modern Islamic economics has faced several challenges, including the integration of economic principles with Islamic values and the challenges of globalization and economic development.

In recent years, there has been a growing interest in developing a more holistic and sustainable approach to Islamic economics, which emphasizes the integration of ethical, social, and environmental considerations into economic decision-making. This approach is known as "Islamic economics with a human face" or "Islamic economics with a social conscience

In conclusion, the development and conceptual framework of economic thought in the Islamic tradition is a complex and multifaceted subject that has been shaped by a rich array of ethical, philosophical, and theological ideas. While modern Islamic economics has faced several challenges, there is a growing movement towards developing a more holistic and sustainable approach to Islamic economics that emphasizes the integration of ethical, social, and environmental considerations into economic decision-making. By studying the works of legal scholars, theologians, and Sufis during the classical period, we can gain a deeper understanding of the ethical and philosophical foundations of Islamic economic thought and develop a more informed and effective approach to promoting economic stability and growth in the Muslim world.

Weight: 487g
Dimension: 229 x 152 x 18 (mm)
ISBN-13: 9781108964982