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1 results

  • 4 - The Appraisal: Contemporary Islamic Economics and the Entrenchment of Modernity

  • Sami Al-Daghistani
  • Book:
    The Making of Islamic Economic Thought
    Published online:
    01 November 2021
    Print publication:
    06 January 2022, pp 221-255

  • Summary

    Chapter 4 critiques contemporary Islamic economics as a disciplinary synthesis of Western economics and basic Islamic tenets. The first part of the chapter discusses the intricate relation between Sharīʿa and the field of economics in Islam by critiquing the legal premise of contemporary Islamic economics. The second part critically examines the Islamic economic project’s epistemology and methodology, and the amalgamation of the two epistemic systems: Islamic conceptual history and Western economic tradition. This composition provided Islamic economics with a hybrid framework, consisting of Islamic ethics and a neoclassical economic outlook.