Theorizing Islamic Economics : Search for a Framework for Islamic Economic Analysis

The paper aims at explaining the need for a starting point for developing an Islamic theory of economics. The paper emphasizes that what is needed is not a ‘theory of Islamic economics' but an ‘Islamic theory of economics'. It is not merely semantics. The paper explains what difference it makes in theorizing Islamic economics. The point emphasized in the paper is that it is the lack of strategic vision that is responsible for not reaching where we want to be. The paper describes various positions of Islamic economists and suggests that it is time we select one of them as the destination. The paper then goes into identifying a more realistic framework which can provide a basis for deriving principles of Islamic economic analysis. The paper suggests divorcing the framework derived from mathematics and physics (not linked to human social behavior in any aspect) and marrying it with biology and physiology - sciences dealing with study of life (unlike physics that studies life-less bodies). The paper discusses what difference it would make to use the framework borrowed from biology and physiology in analyzing human economic behavior