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Economic Thought, Foundational Problems of Mainstream Economics and the Alternative of Islamic Economics Omercic, Jasmin; Bin Mohamed Haneef, Mohamed Aslam; Omar Mohammed, Mustafa
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Economic thought always permeated human living. Economic thought and the development of economics as a discipline in the last few centuries made it central to the world order. However, the foundational problems that mainstream economics suffers from led to uncounted crises and issues within the same order that created it. A physicalist ontology, rationalist epistemology, axiological futility, and methodological deficiency are the problems of philosophical foundations of mainstream economics we reviewed in this paper. The methodology of this paper is qualitative and generally adopts the library research and critical content analysis methods to review and respond to identified foundational problems. Muslims islah and tajdid responses to the West and mainstream economics problems and issues found shape in Islamisation of Knowledge (IOK) and Islamic Economics (IE). The recent shift to Integration of Knowledge (IoK) universalizes the appeal and revives the zeal for IE development in light of IoK based on IOK in this paper. A thorough analysis of IOK, IoK, and IE responses to the West and mainstream economics enabled us to appraise it as the alternative and solution to the foundational problems. The paper clarified the way for future research in IE in light of IoK and directed the academia and industry towards economic reasoning based on robust foundations.

Integration of Knowledge (IoK) Methodological Reasoning of Islamic Economics (IE) as the Wisdom of Humanity: A Heterodox Economic Approach Omercic, Jasmin
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 2 (2021): IJIEF Vol 4 (2), July 2021
Publisher : Universitas Muhammadiyah Yogyakarta

The world increasingly needs an alternative approach to economic development. This paper endorses the Integration of Knowledge (IoK) approach as the wisdom of humanity through Islamic Economics (IE). A review of relevant literature through qualitative methodologies of library research, discourse and critical content analysis highlights the civilisational practices of integration, how development of economics diverged from such practices and how heterodox approaches reacted to such divergence. A section on learning the wisdom of humanity from each other emphasizes the inevitable historical civilizational integration (IoK) and exchange of knowledge. It follows with a literature review of the development of mainstream economics, how it abandoned such historical civilizational practice and its sound foundations, namely ontology, epistemology, axiology and methodology. A highlight of heterodox economics (HE) responses reveals the alternatives to the mainstream-focused positivistic approach to economics. The inadequacy of those alternatives led us to demonstrate Muslim responses and the centrality of IE as a comprehensive alternative heterodox economic approach. The analysis shows how IE grew along Islamisation of Knowledge (IOK) as two parallel and major intellectual iá¹£laá¸¥ (reform) and tajdÄ«d (renewal) movements. A brief review of the development of each shows the potential of IEâ€™s IoK methodological reasoning to revive the IoK approach in economics as the wisdom of humanity. The sound IE philosophical foundations, namely ontology, epistemology, axiology and methodology, have a major impact in that process. Thus, utilising the core IoK objective within IOK together with IE contributions shape the process of overcoming problems and issues of mainstream economics. Actionable recommendations to practitioners and academics depict how the IE approach to economics could be implemented and sustained along SDGs agenda.

Economic Thought, Foundational Problems of Mainstream Economics and the Alternative of Islamic Economics Omercic, Jasmin; Bin Mohamed Haneef, Mohamed Aslam; Omar Mohammed, Mustafa
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Economic thought always permeated human living. Economic thought and the development of economics as a discipline in the last few centuries made it central to the world order. However, the foundational problems that mainstream economics suffers from led to uncounted crises and issues within the same order that created it. A physicalist ontology, rationalist epistemology, axiological futility, and methodological deficiency are the problems of philosophical foundations of mainstream economics we reviewed in this paper. The methodology of this paper is qualitative and generally adopts the library research and critical content analysis methods to review and respond to identified foundational problems. Muslims islah and tajdid responses to the West and mainstream economics problems and issues found shape in Islamisation of Knowledge (IOK) and Islamic Economics (IE). The recent shift to Integration of Knowledge (IoK) universalizes the appeal and revives the zeal for IE development in light of IoK based on IOK in this paper. A thorough analysis of IOK, IoK, and IE responses to the West and mainstream economics enabled us to appraise it as the alternative and solution to the foundational problems. The paper clarified the way for future research in IE in light of IoK and directed the academia and industry towards economic reasoning based on robust foundations.

Integration of Knowledge (IoK) Methodological Reasoning of Islamic Economics (IE) as the Wisdom of Humanity: A Heterodox Economic Approach Omercic, Jasmin
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 2 (2021): IJIEF Vol 4 (2), July 2021
Publisher : Universitas Muhammadiyah Yogyakarta

The world increasingly needs an alternative approach to economic development. This paper endorses the Integration of Knowledge (IoK) approach as the wisdom of humanity through Islamic Economics (IE). A review of relevant literature through qualitative methodologies of library research, discourse and critical content analysis highlights the civilisational practices of integration, how development of economics diverged from such practices and how heterodox approaches reacted to such divergence. A section on learning the wisdom of humanity from each other emphasizes the inevitable historical civilizational integration (IoK) and exchange of knowledge. It follows with a literature review of the development of mainstream economics, how it abandoned such historical civilizational practice and its sound foundations, namely ontology, epistemology, axiology and methodology. A highlight of heterodox economics (HE) responses reveals the alternatives to the mainstream-focused positivistic approach to economics. The inadequacy of those alternatives led us to demonstrate Muslim responses and the centrality of IE as a comprehensive alternative heterodox economic approach. The analysis shows how IE grew along Islamisation of Knowledge (IOK) as two parallel and major intellectual iá¹£laá¸¥ (reform) and tajdÄ«d (renewal) movements. A brief review of the development of each shows the potential of IEâ€™s IoK methodological reasoning to revive the IoK approach in economics as the wisdom of humanity. The sound IE philosophical foundations, namely ontology, epistemology, axiology and methodology, have a major impact in that process. Thus, utilising the core IoK objective within IOK together with IE contributions shape the process of overcoming problems and issues of mainstream economics. Actionable recommendations to practitioners and academics depict how the IE approach to economics could be implemented and sustained along SDGs agenda.

Bridging Islamic and Conventional Finance through Integration of Knowledge (IoK): The Potential of the Third Sector Omercic, Jasmin
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.14712

Finance is integral to civilizational prosperity yet has impacted the global development of recent centuries, proved inherently inconsistent, and created multiple issues, i.e., inequalities. In this regard, Islamic finance (IF) offers solutions. Moreover, contemporary appraisals of the Integration of Knowledge (IoK) methodology represent a novel alternative to extant challenges and issues. The paper’s objectives are, therefore, to propose an IoK model of Islamic and conventional financial (CF) convergence with leverage to fintech and demonstrate the potential of the waqf sector for such convergence and its equivalent revival and reform along such methodological contours. This paper is a methodological contribution. However, library research, critical content analysis, and heterodox methods of concretization, synthesis, and transdisciplinary analytical reasoning substantiate the paper’s methodology. Islamic sources of knowledge, i.e., Qur’an, justify this study’s unorthodox methodology. A background depicts the CF problems and persistent issues that justify alternatives. It is followed by rationalizing IE development via IoK to converge IF and CF. The IoK model developed for IE development follows and is schematically demonstrated as novel findings of this paper to bridge the gap between IF and CF and leverage waqfs’ role and potential. Greater reference to waqf projects institutionalized implications for IF and integration with CF. Further, leveraging waqf and even fintech as an indicator of digitalization within the IoK model has implications for attaining the defined maqāṣid and developing IE genuinely. A conclusion summarizes and provides actionable recommendations linked with the IoK model’s objectives to reform extant IF and conventional practice based on sound Islamic philosophical foundations and maqāṣid-oriented envisioning of IE development.

Bridging Islamic and Conventional Finance through Integration of Knowledge (IoK): The Potential of the Third Sector Omercic, Jasmin
International Journal of Islamic Economics and Finance (IJIEF) Vol. 6 No. 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.14712

Finance is integral to civilizational prosperity yet has impacted the global development of recent centuries, proved inherently inconsistent, and created multiple issues, i.e., inequalities. In this regard, Islamic finance (IF) offers solutions. Moreover, contemporary appraisals of the Integration of Knowledge (IoK) methodology represent a novel alternative to extant challenges and issues. The paper’s objectives are, therefore, to propose an IoK model of Islamic and conventional financial (CF) convergence with leverage to fintech and demonstrate the potential of the waqf sector for such convergence and its equivalent revival and reform along such methodological contours. This paper is a methodological contribution. However, library research, critical content analysis, and heterodox methods of concretization, synthesis, and transdisciplinary analytical reasoning substantiate the paper’s methodology. Islamic sources of knowledge, i.e., Qur’an, justify this study’s unorthodox methodology. A background depicts the CF problems and persistent issues that justify alternatives. It is followed by rationalizing IE development via IoK to converge IF and CF. The IoK model developed for IE development follows and is schematically demonstrated as novel findings of this paper to bridge the gap between IF and CF and leverage waqfs’ role and potential. Greater reference to waqf projects institutionalized implications for IF and integration with CF. Further, leveraging waqf and even fintech as an indicator of digitalization within the IoK model has implications for attaining the defined maqāṣid and developing IE genuinely. A conclusion summarizes and provides actionable recommendations linked with the IoK model’s objectives to reform extant IF and conventional practice based on sound Islamic philosophical foundations and maqāṣid-oriented envisioning of IE development.

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