1st Edition

Heterodox Islamic Economics The emergence of an ethico-economic theory

    184 Pages 16 B/W Illustrations
    by Routledge

    196 Pages 16 B/W Illustrations
    by Routledge

    The fields of morality and ethics have been left out significantly from socio-scientific study in general and in economics and finance in particular. Yet this book argues that in this age of post-modernist analytical inquiry, the study of morality and ethics is an epistemological requirement. This book illustrates the delimiting nature of mainstream economic reasoning in treating morality and ethics and highlights the potential contribution of analytical monotheism, as typified by the Islamic concept of Tahwid.

    The principal purpose of this book is to undertake an introductory exploration of the critical area of comparative economic thought in order to place the nature and emergence of ethico-economic theory in its proper context. It is ultimately argued that such a post-orthodoxy revolutionary methodological worldview can be presented by Islamic political economy, Islamic economics and finance.

    Foreword by Professor Sayuti Hasibuan


    Chapter 1: The Way Forward

    Chapter 2: Contrasting Economic Epistemology

    With And Without Heteronomy

    Appendix: Event, Continuity, and Continuum

    Chapter 3: Filters of Heterodox Economic Thought

    Chapter 4: The Epistemic Methodology of Heterodox Islamic

    Financial Economics and Its Consequences

    Chapter 5: Is There Possibility For Heterodox Islamic

    Economics? (A Post-Orthodoxy Criticism)

    Chapter 6: Critical Realism and Islamic Socio-Scientific

    Reasoning In the Episteme of Monotheistic

    Unity of Knowledge

    Chapter 7: Empirical Evaluation of Islamic Financing Instruments across Evolutionary Learning Trend Governed By Monotheistic Methodology of Unity of Knowledge

    Chapter 8: The Qur’anic Phenomenological Model Of System

    (Application to Human Resource Contra Human Capital Theory)

    Chapter 9: Conclusion: From Meta-Science to Ethico-Economics


    Masudul Alam Choudhury is Professor of Islamic Economics and Finance, Faculty of Economics, Trisakti University, Jakarta, Indonesia. Presently he is Visiting Professor in the Department of Shari’ah and Economics,Academyof Islamic Studies, University of Malaya, Kuala Lumpur, Malaysia.

    Ishaq Bhatti is Reader, Islamic Finance Program, LaTrobe University, Melbourne, Australia.