Review of the Literature and Survey of
Islamic Economics:
Islamic Faith's Elements :
Only Allah, the Worlds' Creator, Sustainer, and Provider of All Food, is deserving of praise. I ask God to
keep me safe from the evil in my spirit and the negative effects of my actions. May God guide us to
wisdom and insight, enlighten our way, and keep us from straying and endangering ourselves and
others.
Wealth and poverty are both equally difficult conditions to live in. This specifically indicates that
pursuing riches (for its own reason) is improper for a Muslim. Goals and deeds of persons of faith are
clearly distinguished from those of non-believers by their belief that life on Earth is only a test, acquiring
(material) riches during this life is a delusion (Q3:185, Q57:20), and true success is found on the Day of
Judgment.
Challenges for Our Project:
Through a chosen literature review, this study seeks to explain "Islamic Economics" to a Western (or
Western educated) audience. This project faces a number of difficult challenges. We now identify some
of the more significant ones in the hopes that a sympathetic reader may be able to avoid them after
being given a map.
Islam is a broad way of life; all actions in the personal, social, economic, and political arenas must be
focused on appeasing God. Western philosophy, in contrast, changed from a comparable unified vision
in the sixteenth century to a dualist one that characterises current Western thought. The secularisation
of political philosophy, according to Tawney (1926) in Religion and the Rise of Capitalism, was the most
significant of the intellectual shifts that brought about the modern era.
A holistic viewpoint will be unsettling to a Western audience used to keeping economics and religion in
separate boxes. The readers of this essay are the paper's apparent audience, but the author's true target
audience is God. This is made clear in the first portion of the study to draw attention to the peculiar
worldview that forms the basis of Islamic Economics.
Western social science methodology:
The concept that all knowledge should be established by observations and reason has its roots in
Western culture's rejection of God and religion. Although this positivist or empiricism philosophy has
been demonstrated to be insufficient to explain the current structures of scientific knowledge (The
Structure of Scientific Revolutions by T. S. Kuhn, 1970), it has had a significant impact on how social
Islamic Economics:
Islamic Faith's Elements :
Only Allah, the Worlds' Creator, Sustainer, and Provider of All Food, is deserving of praise. I ask God to
keep me safe from the evil in my spirit and the negative effects of my actions. May God guide us to
wisdom and insight, enlighten our way, and keep us from straying and endangering ourselves and
others.
Wealth and poverty are both equally difficult conditions to live in. This specifically indicates that
pursuing riches (for its own reason) is improper for a Muslim. Goals and deeds of persons of faith are
clearly distinguished from those of non-believers by their belief that life on Earth is only a test, acquiring
(material) riches during this life is a delusion (Q3:185, Q57:20), and true success is found on the Day of
Judgment.
Challenges for Our Project:
Through a chosen literature review, this study seeks to explain "Islamic Economics" to a Western (or
Western educated) audience. This project faces a number of difficult challenges. We now identify some
of the more significant ones in the hopes that a sympathetic reader may be able to avoid them after
being given a map.
Islam is a broad way of life; all actions in the personal, social, economic, and political arenas must be
focused on appeasing God. Western philosophy, in contrast, changed from a comparable unified vision
in the sixteenth century to a dualist one that characterises current Western thought. The secularisation
of political philosophy, according to Tawney (1926) in Religion and the Rise of Capitalism, was the most
significant of the intellectual shifts that brought about the modern era.
A holistic viewpoint will be unsettling to a Western audience used to keeping economics and religion in
separate boxes. The readers of this essay are the paper's apparent audience, but the author's true target
audience is God. This is made clear in the first portion of the study to draw attention to the peculiar
worldview that forms the basis of Islamic Economics.
Western social science methodology:
The concept that all knowledge should be established by observations and reason has its roots in
Western culture's rejection of God and religion. Although this positivist or empiricism philosophy has
been demonstrated to be insufficient to explain the current structures of scientific knowledge (The
Structure of Scientific Revolutions by T. S. Kuhn, 1970), it has had a significant impact on how social
