Heterodox Islamic Economics: The emergence of an ethico-economic theory, 1st Edition (Hardback) book cover

Heterodox Islamic Economics

The emergence of an ethico-economic theory, 1st Edition

By Masudul Alam Choudhury, Ishaq Bhatti


184 pages | 16 B/W Illus.

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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.

Table of Contents

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

About the Authors

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.

About the Series

Routledge Frontiers of Political Economy

In recent years, there has been widespread criticism of mainstream economics. This has taken many forms, from methodological critiques of its excessive formalism, to concern about its failure to connect with many of the most pressing social issues. This series provides a forum for research which is developing alternative forms of economic analysis. Reclaiming the traditional 'political economy' title, it refrains from emphasising any single school of thought, but instead attempts to foster greater diversity within economics.

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