Islamic - Assessment Question

 

Assignment 2

Individual (10%)

Scholars are still working on establishing a conclusive definition of Islamic Economics.  This is not surprising given that it is a relatively newly formalized discipline.  That results in various definitions for Islamic economics, each with their own rationale.

Based on the Table given in Lecture 6,

a)    Identify the subject matter or the focus of each definition.

Due date: 25^th April 2022

 

Use this Table for answering part (a)

Definition	Focus/Subject Matter
Al-Sadr (1971)	This definition focuses on the exposition of economic life, its events, its outward signs, and the connection of those events and outward signs with the reasons and general factors which control them.  The economic doctrine expresses what society prefers to follow in managing its economic life and solving its problem.  Accordingly, Islamic economic refers to the economic doctrine observed within the complete framework of Islam, and its link with the intellectual balance on which it depends.
Arif (1985)	This definition focuses on the behavioural of a Muslim who organises the resources, which are on trust to achieve falah (success).
Chapra (1986)	This definition focuses on the allocation and distribution of resources that is in conformity with Islamic teachings without unduly curbing individual freedom or creating continued macroeconomic and ecological imbalance.
Hassanuzzaman (1991)	This definition focuses on the knowledge and application of Islamic economic functions and the rules of Shariah that prevent injustice in the acquisition and disposal of material resources to provide satisfaction of human beings and enable them to perform from their obligations to God and society.
Kahf (2003)	This definition focuses on the behaviour of men and women, individually and in their association and socialisation, in order to understand the pattern and modes of their behaviour, their motives and incentives, as well as goals and objectives, and responses and reactions, with and without being restricted to specific situations, norms, sets of moral values, or legal political or religious framework.
Khan (1985)	This definition focuses on human falah that can be achieved by organising the resources of the earth on the basis of cooperation and participation.
Mannan (1992)	This definition focuses on the economic problems of people imbued with the values of Islam.
Siddiqi (1996)	This definition focuses on how ‘the Muslim thinker’ would response to the economic challenges of their times.  They were the resource persons in the endeavour aided by the Qur’an and Sunnah as well as by reason and experience.
Zarqa (2003)	This definition focuses on the behaviour, institutions and policies related to economic life of all humans regardless their beliefs, even when such behaviour is not Shariah compatible.

 

b)    Why do you think the definitions for Islamic Economics are so diverse.

 

The definitions for Islamic Economics are so diverse for several reasons.  First, it is because economic itself is a broad concept.  The above scholars came out with their definitions according to their current situation and time.  Hence, the definitions become developed over time.  By taking the example of Hassanuzzaman (1991), he defined Islamic economics as a body of knowledge compared to Al-Sadr (1971) who defined it as an economic doctrine.  Reason for this is that Hassanuzzaman developed the definition when he worked on his academic writing.  Hence, there was a mixing of Islamic economics into the academic field. Second, it is because Islamic economics can be viewed by different perspective. The scope of Islamic economics not only limited in economic fields or Isamic belief but also it includes sociology, philosophy, psychology, and anthropology point of view which studies exactly the similar phenomena. In other words, there is no limitations that has been set to define Islamic economics.  If we look at the definition given by Arif in 1985, Islamic economics only applied to Muslims rather than all humans.  This definition is not wrong as it is also defined Islamic economics itself.  However, we know the definition of Islamic economics can be widen and not only be limited to Muslims as explained by Zarqa in 2003.  Lastly, the definition become diverse as the scholars have different perspectives and their own stance on the definition they developed. Robbins’ theory of economic has been accepted by most economic scholars nowadays. Robbins (1945) stated, any behavior shows by human demonstrates the scarcity feature belongs to the field of economics. However, if we apply this concept to define Islamic economics, it will pose the issue of reconciling concepts that are conflicting. Hence, how are we going to define Islamic economic if the definition of the scope of economics is not precisely define.