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Despite a profusion of literature, efforts to develop Islamic economicsas a discipline have not brought about anticipated results.This paper argues that it is the absence of clarity on what wouldmake economics “Islamic” which impedes the development ofIslamic economics. To fill that absence, this paper proposes threeconditions under which an economics can be considered “Islamic”,and then defines the scope of Islamic economics and its methods.Finally, this paper suggests three implications which, takentogether, entail that developing Islamic economics and buildingits body of knowledge is less complicated than was feared. *This article was first published in the American Journal of Islam and Society 37, no. 1-2 (2020):103-122

Economics, as a distinct discipline started out as a branch of moral philosophy. Early in the 20th century, logical positivists argued that science is the only source of knowledge, and values are not part of science. The desire to make humanities 'scientific' led to the creation of the 'social sciences', which claimed to be objective and value-free. In fact, values are inevitably involved in the study of human societies. Hence, when the social scientists could not remove them, they buried them into the foundations. In economics, 'rational' behavior was defined to be the pursuit of pleasure, without any explicit recognition or acknowledgement of the value judgment involved. Similarly, the scarcity foundations of modern economics also conceal many value judgements. In particular, secular morality at the heart of economics makes pursuit of pleasure and profits the goal of life for all rational human beings. Once we recognize the secular moral principles on which modern economics is built, the path to creating an Islamic alternative becomes clear. An Islamic society is built on the foundations of cooperation, generosity, and social responsibility, in stark contrast to the competition, greed, and individualism which are the basis of capitalist societies. Islam has a well-developed moral philosophy to deal with economic affairs, embodied in the science of fiqh (jurisprudence) as it has developed over the centuries. By rejecting the secular morality built into the foundations of modern economics, we can create a radical alternative based on the moral foundations of Islam. The modern world offers many new challenges; environments radically different from those faced by our elders. Thus, building a revolutionary Islamic economics requires ijtihad (diligent and creative research) to use the well-developed methodology of fiqh creatively to find new solutions to the deep and complex problems currently facing humanity and the planet.

هدف هذا البحث إلى الإجابة عن سؤال رئيسي وهو ما هو دور السياسة الزكوية في علاج مشكلة التضخم؟ تم اتباع المنهج الوصفي في استعراض ماهية التضخم في الاقتصاد الإسلامي، ودور السياسات الزكوية في ضبط وضع السوق ضمن إطار فقهي مدعم بالأدلة الشرعية من الكتاب والسنة الشريفة وأقوال الفقهاء حول أهمية السياسات الزكوية لعلاج مشكلة التضخم، وتوصل البحث إلى نتائج أهمها: أن السياسات الزكوية سياسات شاملة ومتكاملة قادرة على تلبية حاجات الاقتصاد التنظيمية ومكافحة المشكلات الاقتصادية التي تواجهه كالتضخم. وأوصى البحث بتطبيق السياسة الزكوية جنبا إلى جنب مع السياسات الاقتصادية والأعداد اللازم لما يؤدي إلى نجاح تنفيذها على أرض الواقع.

This paper comments on Asad Zaman's lead paper (Zaman, 2021) in this journal and is divided into three parts. The first part summarizes very briefly my reaction to Zaman's paper, while delving deeper into areas only briefly touched by Zaman, such as the role of physics, and the importance of knowledge. Part two answers this Journal's clarion call to action, by discussing what is at stake, the importance of metrics, and the challenges and opportunities facing Islamic economics. The third part moves us forward using Zaman's endorsement of action-oriented work and actionoriented research as a steppingstone to first recognize, and then overcome the significant obstacles in implementing a viable and reconceptualized economics, one which can adequately provision for all. In this regard, a significant obstacle is juxtaposing concepts as binary opposites, e.g., cooperation versus competition, service versus profit, quantitative versus qualitative. However, these concepts could be better understood as different but having a deeper, more intricate relationship. Viewing ostensible opposites in a non-binary way as complimentary pairs is especially useful in fomenting dialogue and developing empathy (and even a humility) especially with those whom we disagree. And this is especially critical as we move forward in confronting contemporary challenges that human societies face. A lot is at stake, and we have a narrowing window with which to act.

Islamic economics started as a challenge and a fundamental critique of conventional economics, and the ambition of most Islamic economists of the first generation was the replacement of mainstream economics by a new paradigm based on or at least consistent with comprehensive Islamic worldview. It is questionable whether this goal has been achieved. A growing volume of literature with an ,,Islamic economics\" label follows the same quantitative approach and differs from mainstream only in so far as it deals with phenomena in Muslim countries, especially with aspects of Sharī,,ahcompliant banking and finance. Such studies of economic issues from an Islamic perspective are deeply rooted in conventional economics and lack the systemic or holistic dimension which is indispensable for the establishment of a new paradigm for a science of Islamic economics. Islamic economics as an autonomous discipline requires a systemic orientation, and it is conceptually inextricably linked with Islamic theology and law. However, the necessary intellectual interaction between economists and Sharī,,ah scholars is deficient. While Islamic economists had come forward with models of a financial system based on participatory modes of finance and widespread risk-sharing, many scholars of Islamic law were more concerned with the replication of conventional instruments for risk-free fixed-return transactions or with Sharī,,ahcompliant derivatives. Their efforts have moved Islamic finance closer to the conventional status quo and further away from an alternative system of financial intermediation. This did not contribute to the development of a new paradigm of Islamic economics, but this process is reversible.