M.A. MANNAN - 3 METHODOLOGICAL ISSUES OF ISLAMIC ECONOMICS AS SOCIAL SCIENCE

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1.  Is Islamic economics a positive or a normative science or both

Some Muslim economists tried to maintain distinction between positive and normative science, thereby molding Islamic economic analysis in an intellectual framework of the West. Other positivists simply say that Islamic economics is a normative science. To me, it is neither a positive nor a normative science. In Islamic economics, normative and positive aspects of science are so interlinked that any attempt to separate them could be misleading and counter productive. This is not to suggest that Islamic economics will not have any distinguishable normative and positive components. In fact, the Qur'an and Sunnah which are treated primarily as a source of normative statements, have many positive statements. This does not, however, qualify us to declare Islamic economics either as a positive or normative science.

2. Do we need an Islamic economic theory in view of the absence of an actual Islamic economy?

My categorical answer is: Yes. It is the plea of the positivists that there is no need to develop Islamic economic theory because of the absence of an actual Islamic economy where ideas could be tested against actual problem. It is argued that the theory must explain the facts as they are. As such it is said that there is no case for an Islamic economic theory, as it has nothing to explain and predict from the existing socioeconomic reality of contemporary Muslim societies. To them, the test of a theory lies in its ability to explain and illuminate reality, although every theory distorts reality by simplifying it.

3. Is Islamic economics a "System" or a "Science"?

To me, it is both. Although it is essentially a part of a "system", a fine case can, however, be made for Islamic economics as a "science". The word "system" is defined as a "complex whole: a set of connected things or parts and "science" as "systematic and formulated knowledge" (Oxford Pocket English Dictionary). In a similar vein, the word "science is defined in the New Columbia Encyclopedia as the organized body of knowledge concerning the physical world, both animate and inanimate. but a proper definition would also have to include the attitudes and methods through which this body of knowledge is formed. Following the definition of a "system we can easily say that Islamic economics is certainly a part of a complete code of life based on four distinct parts of knowledge: "revealed knowledge" (i.e., the Qur'an), the then existing practices of the society as adopted by the Prophet (be peace on him) and his actual sayings (i.e., Sunnah and Hadith) subsequent analogical deductions, interpretations and consequent consensus of the community or doctors of religion (i.e., ijma).

Note that the above explanation are just the summary. Do click here to understand better -https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3126914


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