An Innovative Scheme for Classifying Literature in Islamic Economics and Finance

A ‘Classification Scheme’ is a way of organizing a large amount of information or material in a way that helps users finding the required information quickly. Classification schemes are used widely in all fields. In academics, one type of classification schemes is subject-based classifications. In the field of economics, JEL Classification Scheme (codes) is the standard for indexing the literature in economics and its allied disciplines. However for reasons discussed in this paper, this Scheme is not suitable for classifying literature in the nascent discipline of Islamic economics and finance. The paper presents a new classification scheme called in brief “KAUJIE Classification Scheme”. The paper then uses case-experiments to show how the new scheme can index the literature in this discipline in a better way as compared to JEL Classification Scheme and the benefits that the writers and researchers in this arena will attain from the use of the new Scheme.