Redefining Islamic Economics: to appear in Proceedings of the workshop on “Basic Concepts and Thoughts in Islamic Economics” held in Istanbul during 1-3 March 2013. Presented at Ninth International Conference on Islamic Economics and Finance (ICIEF) to take place in Istanbul during 9-11 September 2013
Zaman, Asad (2015) "Re-Defining Islamic Economics", Chapter 3 in Basic Concepts, New Thinking and Future Directions in Islamic Economics, ed.'s Taha Egri & Necmettin Kizilkaya, Cambridge Scholars Publishing, UK p58-76 ISBN-10: 1443874566
This has also been translated into Turkish with title: " İslam Ekonomisini Yeniden Tanımlamak"
Name: İslam İktisadını Yeniden Düşünmek
Editors: Taha Eğri, Necmettin Kızılkaya, Oğuz Karasu
Publisher: İktisat Yayınları
Publication Date: March 2017
Pages: 327
The Title and pages of your paper: İslam Ekonomisini Yeniden Tanımlamak, pp 81-107.
SSRN Version of Turkish Translation: https://ssrn.com/abstract=3139291
Entire Book in Turkish, available in PDF form
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.
Zaman (2012, Crisis In Islamic Economics) describes the current crisis in Islamic Economics, 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.
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Re-Defining Islamic Economics - Early page (redundant) for this article
Re-Defining Islamic Economics - Main Page for paper, with drafts, links to related works and Turkish translation
Redefining Islamic Economics - SSRN Version