Massive amounts of confusion exists regarding the definition of Islamic Economics. This has blocked progress in terms of the development of the discipline, since there is no agreement on what its proper subject matter and methodology is. This paper shows that the confusion arises because of our...

This paper examines the nature, scope and methodology of Islamic economics, and draws attention to some possibilities for theoretical and empirical research in this field. Islamic economics is defined as the systematic study of the problem of allocation of resources, production of goods and...

The mainstream definition of Islamic Finance is problematic; often shallow and missing the point. The mainstream definitions focus on the idiosyncrasies and not the very essence of Islamic Finance. This paper serves to better define Islamic Finance by incorporating concepts such as desires,...

Many scholars criticize that Islamic economics has emerged merely as a sub-discipline of ‘Western' economics rather than an independent discipline of science. It is further argued that Islamic banking and finance, the major field in Islamic economics discipline, has developed in a way such...

The emergence of Islamic viewpoints on economic issues under the umbrella of Islamic economics has captivated much interest especially in its practical manifestation in Islamic banking and finance. In light of the failure of mainstream economics to address many pressing issues, and hence the...

There is a huge number of definitions of Islamic Economics available in the literature. The vast majority take existing definitions from the western literature and modify them to incorporate an Islamic angle. This leads to the widespread belief that Islamic Economics is a variant or a branch of...

Islamic economics represents an important mid-20th century dimension of the revivalist Islamic discourse. By the 1970s its focus fundamentally shifted with the emergence of Islamic finance becoming the dominant theme, eclipsing the narrative on Islamic economics and subverting the original...

Islamic economics is not a social science yet. It is a work in progress. Islamic economists differ on methodology for developing Islamic economic thought into a social science. They face several dilemmas surrounding religion, Islamic law, conventional economics, contents of Islamic economics,...