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WHAT IS ISLAMIC ECONOMICS?

This article explores the purpose and concepts of Islamic economics, highlighting the role of moral and price filtering mechanisms in achieving real human well-being. It also discusses the significance of socio-economic and political restructuring in the modern revival of Islamic economics.

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WHAT IS ISLAMIC ECONOMICS?

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  1. WHAT IS ISLAMIC ECONOMICS? BY M. UMER CHAPRA, Ph.D. ADVISER ISLAMIC RESEARCH AND TRAINING INSTITUTE ISLAMIC DEVELOPMENT BANK JEDDAH.

  2. ECONOMICS IS A SCIENCE ITS PURPOSE IS, LIKE ANY OTHER SCIENCE, TO FIND OUT THE CAUSE AND EFFECT RELATIONSHIP BETWEEN DIFFERENT VARIABLES ITS METHOD: TO ESTABLISH THE RELATIONSHIP RATIONALLY AND, IF POSSIBLE, EMPIRICALLY.

  3. 2. THE PURPOSE OF CONVENTIONAL ECONOMICS POSITIVISTS AND OPERATIONALISTS: TO DESCRIBE LOGICAL EMPIRICISTS: TO EXPLAIN INSTRUMENTALISTS: TO PREDICT McCLOSKEY: TO PERSUADE

  4. 3. THE PURPOSE OF ISLAMIC ECONOMICS: ALL OF THE ABOVE, BUT WITH THE ULTIMATE PURPOSE OF BEING A BLESSING FOR MANKIND: “WE HAVE SENT YOU AS A BLESSING FOR MANKIND” (AL-QUR’AN, 21:107) THE IMPLICATIONS OF THIS VERSE FOR ECONOMICS TO REALIZE REAL HUMAN WELL-BEING REAL HUMAN WELL-BEING: HOW CAN IT BE REALIZED?

  5. 4. MAJOR CONCEPTS OF CONVENTIONAL ECONOMICS RATIONAL ECONOMIC MAN POSITIVISM LAISSEZ FAIRE

  6. 5. MAJOR CONCEPTS OF ISLAMIC ECONOMICS (I) (B) ينصركم (A) إن تنصروا الله IF YOU HELP GOD (A), GOD WILL HELP YOU (B). (A) من حمل ظلما (B) وقد خاب WHOEVER COMMITS INJUSTICE (A), FACES RUIN (B) (III) (B) فإن له معيشة ضنكا(A)ومن أعرض عن ذكري WHOEVER TURNS AWAY FROM MY MESSAGE (A), WILL HAVE A DIFFICULT LIFE (B)

  7. 5. 6. THE ROLE OF INSTITUTIONS OTHER THAN THE MARKET IN ECONOMICS THE FAMILY THE SOCIETY THE GOVERNMENT

  8. 7. MECHANISMS FOR ALLOCATION AND DISTRIBUTION FILTERING MOTIVATION SOCIO-ECONOMIC AND POLITICAL RESTRUCTURING

  9. 8. FILTERING • S (=SN + SL) P FILTERING IN CONVENTIONAL ECONOMICS: THE PRICE MECHANISM FIG. 1 EQUILIBRIUM IN CONVENTIONAL ECONOMICS • D(=DN + DL) Q

  10. 9. FILTERING IN ISLAMIC ECONOMICS: THE MORAL FILTER AS WELL AS THE PRICE FILTER FIG. 2 MORAL FILTER PIRCE FILTER THE DUAL FILTER MECHANISM

  11. FIG 3A FIG 3B 10. THE IMPLICATION OF THE DUAL FILTER P P1 P2 s P P1 P2 s1 s2 D1 D2 D2 D1 Q2 Q1 Q Q1 Q2 Q

  12. 11. MOTIVATION SERVING OF SELF-INTEREST? MORAL URGE? THE CONCEPT OF HEREAFTER: SELF-INTEREST IN THIS WORLD AS WELL AS THE HEREAFTER

  13. 12. SOCIO-ECONOMIC AND POLITICAL RESTRUCTURING

  14. 13. THE MODERN REVIVAL OF ISLAMIC ECONOMICS

  15. THANKS

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