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Syed Othman Al Habshi
Quite apart from the distinct dichotomy of man’s life into the secular and spiritual, conventional economics is still plagued with undue emphasis on the positive at the expense of the normative treatment of the subject. ‘What is’ becomes the norm, in fact, the rule rather than ‘what ought’. The positivity of economics is one of the factors which stems from the desire to be exact, scientific or objective without any consideration for its behavioral aspects. It is as though man is a pure technocrat who has no feelings, prejudice or value judgments. It is as though of necessity that man, in his economic pursuit, must discard all values so that he can achieve his objectives independently of any other considerations. At the same time, economists, accept blindly that the axiom of selfish actions inherent in man as rational behaviour. In attempting to portray economics as a science, the economists created their ‘economic man’ whose sole purpose is maximizing his objectives in every economic pursuit.
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Muhammad Akram Khan
The main objective of the present paper is to discuss in broad and general terms methodology of Islamic Economics and to show its major differences with the methodology of economics. It would also discuss some of the methodological issues relating to Islamic economics. This paper does not intend, however, to discuss or appraise methodology of economics. A vast literature exists on this subject and its restatement at this place would not add much to the pool of knowledge. In this section we intend to take up two questions: first, why do we discuss methodology of a subject especially that of economics? Second, why do we need a methodology for Islamic economics?
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A.H.M Sadeq
All nations irrespective of their ideological leanings strive to achieve for their people a reasonable measure of economic and social well-being consistent with their national aspirations. Muslim countries, in particular, need to do so with a sense of urgency and conviction. After having been systematically eclipsed from the forefront of politico-economic power and glory for centuries, they now find themselves riding the tide of Islamic resurgence in thought, word and action. In this context, it is important to clarify the concept of economic development from an Islamic perspective.
The basic theme of this paper concerns the role, place and meaning of economic development in Islam. It presents a theoretical construct showing how economic development is related to the achievement of welfare in the two stages of human life : the fleeting worldly life and the eternal life of the hereafter, and then the index of economic development.
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Azhar Kazmi
This paper is a modest attempt to delineate some directions for research in the emerging field of Islamic perspectives to management studies. A case is built up initially by establishing that such research is scanty and then the reasons for scholarly disinterest and the measures possible to deal it with are discussed. The central theme of the paper is built on a typology of approaches. These four approaches have been expressed in colloquial terms as the “dig the gold”, “chinks in the armor”, “delve deeper”, and the “hands-on” approaches. Simultaneously, four directions of research are identified in terms of the environment, organization, relationship of the organization to the environment, and the effective management of organizations. A research framework is evolved on the basis of these four directions. When the research framework is meshed with the research approaches, a broad canvas for research emerges which then leads to the identification of research issues. The paper proceeds to propose certain other aspects for research agenda in terms of the levels of analyses, choice of research design, research methods and time frame.
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Ataul Huq Pramanik
This paper seeks to achieve the following objectives: to discuss the idea of unity from the Islamic and secular perspectives; to test empirically how the absence of certain universal values (virtues) in the pursued development strategies shattered unity and thereby led to the Ummah’s disintegration; to examine how the interrelationships between growth and democracy can promote unity by creating a civil society through higher human development; and to examine the Organization of the Islamic Conference’s (OIC) role in strengthening unity among diverse Muslim communities.
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Maliah Sulaiman, Siti Alawiah Siraj, and Shahul Hameed Mohamed Ibrahim
The embezzlement of funds from religious organizations, particularly in western church institutions, is becoming more common. Such scandals have raised concerns about their internal control systems. Despite the lack of any reported financial scandals in mosques, there is a growing concern as to whether they experience the same deficiencies as other religious institutions do. Our study examines the internal control procedures related to the receiving income and disbursing funds in West Malaysia’s state mosques. A questionnaire survey and informal interviews were used to collect the data. The results indicate that these mosques have a strong internal control systemvis-à-vis these two activities. This study also reveals that their practice of several basic control activities (e.g., segregating duties, recording financial transactions, and authorizing particular activities) is satisfactory. Though this is an exploratory study, the results may provide a benchmark for further studies examining internal control practices in religious organizations.
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Stuart J. Borsch, Austin: University of Texas Press, 2005. 195 pages.
In this cross-regional comparative study, Stuart Borsch marshals medieval economic data to address why, following the Black Death, “Egypt’s centralized and urban landholding system was unable to adapt to massive depopulation, while England’s localized and rural landholding system had fully recovered by the year 1500” (dust jacket). After making a quick dispatch of antiquated theories and flawed research, he introduces new findings on medieval Egypt’s sharp financial downturn in contrast to England’s economic stabilization and upswing.
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Timur Kuran, Princeton and Oxford: Princeton University Press, 2004. 194 pages.
In this brilliant contribution, Timur Kuran weaves six chapters into a sound critique of the assumptions and practices of Islamic economics. In essence, he attacks the very foundation of Islamic economics, the prohibition of interest, and then extends his critique to whether Islam’s traditional redistributive instruments in achieving contemporary economic goal is feasible. The author’s intention is not simply to critique Islamic economics, but to bring the ideas espoused by the discipline into the realm of mainstream social sciences and encourage serious scholarly consideration. The first two chapters summarize the basic tenets of Islamic economics while grounding the discipline in two central claims: that existing economic systems have failed and that Islamic history proves the Islamic system’s superiority over others. Kuran dismisses the latter by revealing that modern economic problems had historical counterparts, that many concepts and methods utilized by Islamic economists originated outside the Islamic world, and that applying ancient solutions to present problems is an inadequate approach.
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