- (some) conventional theories might be accepted as long as they are not in conflict with the logical structure of the Islamic worldview (Chapra, 1996)
- They are not against the explicit or implicit injunctions of Islam (Mannan, 1984)
- They do not contradict with the principles of Islamic teachings and should be evaluated within an Islamic framework and using Islamic criteria (Haneef, 1997)
Integrative approach
of Islamization of economics.
Anwar (1990) proposes to
contrast the components of conventional economic theories with components
of an Islamic corpus and nucleus in order to “classify” the components of
conventional economic theories into Islamic and neutral elements and to
then “accept” the Islamic economic theories while ‘rejecting’ the un-Islamic
theories.
Kahf (2003) proposes takhliyah, (identification and isolation of the
biased postulates of conventional economics) and tahliyah (incorporation in
economics of positive postulates derived from Sharīah) in order to revise
the conventional economic theories.
Zarqa (2003) argues that if we replace those values
on which the science of economics should be based by Islamic values, and
if we ‘add’ to the secular statements, then Islamic economic theories can be
produced.
Hasan (1998) accepts the positives ideas of conventional economics
so long as “the process of Islamization may take conventional economics in
manageable segments in the same vein: it can be sifted, pruned, and modified,
where possible, to conform to the Sharīah tenets”.
Naqvi (1981) opines that Islamic economics should integrate what relevant knowledge
is already available and then transmute it into a ‘new frame of thought’ where
Islamic economics can selectively assimilate elements in modern economics
that are not contradictory to Islamic economic axioms.
Choudury (1992) starts with developing original concepts, with unique meanings that
represent a ‘reality’ that encompasses both the physical and spiritual realms.
A new math, a new symbolic logic and formalism is needed.
The implication for the development of Islamic economics
the integration of Islamic economics and conventional economics will be in
two areas of the discipline
(1) the substantive dimension of the discipline, which
includes economic concepts, principles and theories in modern economics and
economic teachings or views on economic matters in the Islamic heritage.
(2)
the technical dimension of the discipline, which includes methodology of modern
economics and ulul studies in the Islamic heritage (Haneef and Furqani, 2007).
References : methodology of Islamic economics :Overview of present state and future direction. International Journal of Economics, Management & Accounting 19, no. 1 (2011): 1-26
References : methodology of Islamic economics :Overview of present state and future direction. International Journal of Economics, Management & Accounting 19, no. 1 (2011): 1-26
