Listing in central directory of all my articles (with links) AZ Articles
This paper has been published in English, in the proceedings volume. It has also been translated into Turkish; copy attached at bottom of page.
Zaman, Asad (2014) "Re-Defining Islamic Economics," Chapter 3 in Islamic Economics: Basic Concepts, New Thinking and Future Directions, Editors: Taha Eğri and Necmettin Kızılkaya, Cambridge Scholars Publishing.
presented at workshop on “Basic Concepts and Thoughts in Islamic Economics” held in Istanbul during 1-3 March 2013.
It has also been translated into Turkish and published.
This paper was presented at the workshop on “Basic Concepts and Thoughtsin Islamic Economics” held in Istanbul during 1-3 March 2013. The papers presented at the workshop will be published in a volume of proceedings of the workshop eventually.
9th International Conference on Islamic Economics and Finance (9ICIEF) to take place in Istanbul during 9-11 September 2013. Slide for presentation available from link.
References and Related Literature for this paper on RE-DEFINING ISLAMIC ECONOMICS
Presented at The Ninth International Conference On Islamic Economics And Finance (9ICIEF)
TITLE: Re-Defining Islamic Economics
Author: Dr. Asad Zaman, Director General, International Institute of Islamic Economics, International Islamic University of Islamabad.
Contact Information: asadzaman@alum.mit.edu. Telephone: +92-51-9260027 and +92-334-5164905
Keywords: Islamic Economics, Definition
ABSTRACT:
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 conventional economics. We argue that something can be called “Islamic” only if it is based on the Quran and Sunnah. In this paper we propose a new definition based purely and directly on Islamic ideas and sources. We show that this definition differs radically from any available in the West, as well as the vast majority of definitions proposed by Islamic Economists. It creates entirely new ways of looking at and organizing the subject matter of Economics. This paper discusses ten dimensions of contrast, where our new definition suggests that the methodology of Islamic Economics is directly opposed to western methodology.
Elsewhere, I have argued that Islamic Economics is currently in crisis; this has been widely acknowledged by leaders in the field. Conventional views are that Islamic Economics must be a compromise between Islamic ideals embodied in homo islamicus, and realistic views embodied in homo economicus. However, there is substantial disagreement on the nature and extent of the compromise required. Consensus on defining “Islamic Economics” appears to be a pre-requisite for progress. I believe that a definition which can be justified purely and directly from Islamic sources will be able to command consensus that compromises cannot. Furthermore, this definition opens the way to radically new approaches, which can fulfill the promise initially held out by Islamic Economics. This (now largely forgotten) promise was that Islamic Economics will provide justice, and eliminate oppression and inequities associated with capitalist, communist and socialist economic systems.
BIOGRAPHY:
Dr. Asad Zaman received a BS in Mathematics at Massachusetts Institute of Technology, and got his MS degree in Statistics, and Ph.D. degree in economics at Stanford University. He has taught at the Economics Department in the University of Pennsylvania, Columbia University, Johns Hopkins University, as well as Bilkent University. He has also been a visiting professor at University Catholique de Louvain, Belgium and California Institute of Technology. Currently he is Director General at International Islamic University, Islamabad. He has many publications in leading journals such as Annals of Statistics, Journal of Econometrics, etc. He has also done a substantial amount of significant and influential research in the field of Islamic Economics.