Reconstruction of Islamic Economic Theory: From Revelation to Methodology

Abstract

The study aims to rediscover the original source (Al Qur’an) of Islamic economic theory in context of the influence of mainstream theories on contemporary Islamic economics studies. This study reveals the original axiomatic foundations of the Islamic system with defined characteristics and features as the source of Qur’anomic or economic theory. Moreover, a methodology is proposed to reconstruct the Islamic economic theory in four phases including; the classification of Al Quran verses pertinent to economic affairs, exegesis-based understanding of theories, chronology, and micro-macro socio-economic context. The novelty of this study is the combination of the science of exegesis and economics. The findings of this study are expected to differentiate pure Islamic economics studies from those influenced by secular economic thinking.