Methodology of Islamic economics

Abstract

The word methodology has several usages. Here, we shall use it to denote its two uses. First, it is the subject that fixed targets for economics to achieve and supervises the discipline from outside to see how far those targets have been achieved with the passage of time. In this sense, methodology is a branch of the theory of knowledge with philosophical import. In this sense, the discussions on methodology in Islamic economics are fruitless and misleading. Second, methodology as a part of economics helps design research and its supervision. In this sense, the methods used in Islamic economics are unduly loaded with Western approach and techniques and call for reform. The controversy and confusion on the issues involved has been lingering for long but has of late assumed disquieting proportions. The paper discusses the subject in the light of the prevalent puritan versus pragmatic approach to the study of Islamic economics. Indeed, their confrontation threatens the very survival of the subject as a distinct academic discipline. The paper suggests a way out of the predicament evaluating the efficacy of the rising concerns and focus on the subject.