Record Details

CONCEPTUALIZING ILLUSION: THEORETICAL ILLUSTRATION OF TRUTH AND FALSEHOOD IN EPISTEMOLOGICAL METHODOLOGY FOLLOWED IN ISLAMIC FINANCE

International Journal of Economics, Management and Accounting

View Archive Info
 
 
Field Value
 
Title CONCEPTUALIZING ILLUSION: THEORETICAL ILLUSTRATION OF TRUTH AND FALSEHOOD IN EPISTEMOLOGICAL METHODOLOGY FOLLOWED IN ISLAMIC FINANCE
 
Creator Alsaghir, Muhammad Abdul Rahim
 
Description This paper aims to establish the point that even the field of Islamic economics and Islamic Banking and Finance IBF, are vulnerably deficient and cannot produce valid solutions for post-colonial Muslim economies. This is due to the prevalent homoeconomicus tone in Islamic Banking & Finance IBF in the academic arena as a direct result of the cognition reality of Muslim individuals involved in IBF academic research that contributed towards its adherence to neoclassical economics. This will be approached by displaying the contrast between homoislamicus and homoeconomicus vision of the world, to understand the intrinsic malfunction of IBF and inclination towards homoeconomicus that will persistently occur unless religious homoislamicus policy is adopted while leaving lesser margin for homoeconomicus social policies. This study will pursue discourse analysis methodology with subjective positivist analysis of the Homo’s dichotomy, to apprehend the difference between them. This difference has not been realised and the homoislamicus promise of Islamic economics has not come out as a methodological difference. Then discussion will cover the behavioural norms (psychological and sociological) of researchers in the field and their contributions toward creating epistemological bubbles that cannot serve as a valid foundation for knowledge due to its fragility. This paper suggests that the field of Islamic economics is mainly found on neoclassical homoeconomicus grounds and has no potential in creating ethical Islamic financial system besides its claim of elimination of Ribā (Interest). This paper recommends that Islamic economics should reunite with Islamic fiqh rather than looking at it as an independent field.
 
Publisher Kulliyyah of Economics and Management Sciences
 
Date 2013-12-31
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/246
 
Source International Journal of Economics, Management and Accounting; Vol 21 No 2 (2013)
2462-1420
 
Language eng
 
Relation http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/246/177