For a later article on same theme -- see "Reviving the Promise of Islamic Economics" - talk at 11th ICIEF in KL Malaysia 10/2017
The article as presented at the
EIghth International Conference on Islamic Economics & Finance
Qatar, Doha, December 2011
Conference Paper: Crisis in Islamic Economics
This article was published recently, in April/May 2012 - in the most recent issue of Journal of King Abdul Aziz University: Islamic Economics.
It was published as a discussion paper. Four Discussants Commented on the Paper.
Dr Mohammad Nejatullah Siddiqi
Dr Seif I. Tag El-Din
Dr. Masudul Alam Choudhury
Dr. Shamim Siddiqui
The Comments are attached below. These are the pre-publication forms. The published versions are also available from the journal website: [JKAAU: Islamic Economics] Vol 25, Number 1, 2012
A REJOINDER to the comments was written, and is due to appear in the next edition of the journal. This is also attached below.
Rejoinder call also be downloaded from journal website: {JKAAU: Islamic Economics} Vol 25, Number 2. 2012
PUBLISHED versions are attached below as PDF files.
The Crisis in Islamic Economics: Diagnosis & Prescriptions
Abstract
There is substantial evidence that the development of the discipline of Islamic Economics is currently in crisis. In this article we argue that the main reason for this is that most Muslim economists have accepted too many of the ideas of Western economists uncritically. The methodological framework, and underlying assumptions are wrong, and in conflict with Islamic views. This conflict has not been recognized, and the attempt to combine contradictory bodies of knowledge has failed. We also present alternative foundations on which a genuine Islamic economic theory could be constructed.