Red IE

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

https://s3.amazonaws.com/academia.edu.documents/40841537/iktisat_BASKI.pdf?response-content-disposition=inline%3B%20filename%3DILKE_Kitap_Islam_Iktisadini_Yeniden_Dusu.pdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIAIWOWYYGZ2Y53UL3A%2F20191205%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Date=20191205T135201Z&X-Amz-Expires=3600&X-Amz-SignedHeaders=host&X-Amz-Signature=4a2147d804cbfe00bcecb37adfc76ce1851d0f7d7b3fb9d4b08e19c718caa450

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.

REFERENCE

Goody, J. (2012). The theft of history. Cambridge University Press.

Karacuka, Mehmet and Asad Zaman: “The Empirical Evidence Against Utility Theory” to appear in International Journal for Pluralism in Economics Education Vol. IV (1) March 2013

Kirchgässner, Gebhard (2005) (Why) are economists different? European Journal of Political Economy, 21(3), pp. 543-562.

Morgan, M. H. (2008). Lost history: the enduring legacy of Muslim scientists, thinkers, and artists. National Geographic.

Saglam, Ismail and Asad Zaman (2012) “The Conflict between General Equilibrium and the Marshallian Cross,” ERF Working Paper 1219, Koc University.Download: http://eaf.ku.edu.tr/en/workingpapers

Siddiqui, Shamim (2011) “Defining Economics and Islamic Economics” Review of Islamic economics : journal of ,the International Association for Islamic Economics, Vol. 15, 2, p. 113-142

Asad Zaman (2012) “Principles of An Islamic Education,” Lecture 1 of a textbook on Islamic Economics under preparation. Download from: < https://sites.google.com/site/zamanislamicecon/lectures>

Asad Zaman, “Logical Positivist Methodology and Islamic Economics,” prepared for 2nd International Conference on Islamic Economics and Economies of Muslim Countries. Organized by IIUM and IRTI at Kuala Lumpur, Malaysia, held 29-30 January 2013. Download from:

[https://sites.google.com/site/azamanpublications/ie/methodology/logical-positivism]

Asad Zaman “An Islamic Critique of Neoclassical Economics,” Pakistan Business Review, April 2012,

<https://sites.google.com/site/azcurrentresearch/home/islamicecon/crit>

Asad Zaman “Islamic Economics: A Survey of the Literature,” Part I: Islamic Studies 48:3 (2009) pp. 395–424

Asad Zaman (2012). “Death of a Metaphor: The Invisible Hand”, International Journal of Pluralism and Economic Education

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2094930

Asad Zaman:“The Normative Foundations of Scarcity,” Real-World Economics Review, issue no. 61, 26 September 2012, pp. 22-39. Download from: <http://www.paecon.net/PAEReview/>

Asad Zaman: “Crisis in Islamic Economics: Diagnosis and Prescriptions,” Discussion Paper, Journal of King Abdulaziz University: Islamic Economics, 25: 1 ,(April/May 2012)

Asad Zaman (2013) “Islamic Approaches to Fundamental Economic Problems” Chapter 3 of Oxford University Handbook on Islam and the Economy, edited by Kabir Hassan and Mervyn Lewis.

< https://sites.google.com/site/azcurrentresearch/home/islamicecon/islam >

Zuboff, S. (2009) “The Old Solutions have become the New Problems,” Bloomberg Business Week, July 2, 2009. Available at: http://www.businessweek.com/managing/content/jul2009/ca2009072_489734.htm