Dilemmas of Islamic Economics

Abstract

Islamic economics is not a social science yet. It is a work in progress. Islamic economists differ on methodology for developing Islamic economic thought into a social science. They face several dilemmas surrounding religion, Islamic law, conventional economics, contents of Islamic economics, current practice of Islamic finance and zakah, etc. Until fog clears around these dilemmas the objective of developing Islamic economics as a social science will remain unaccomplished. The paper discusses 11 dilemmas and suggests possible way forward. It aims at providing a platform for discussing and developing the Islamic economic thought into a social science.