METHODOLOGY OF ISLAMIC ECONOMICS: OVERVIEW OF PRESENT STATE AND FUTURE DIRECTION

Abstract

This paper argues that research and publications in the area of methodology  of Islamic economics is very significant for a meaningful development of the  discipline. Although the discussion on methodology of Islamic economics  in contemporary Islamic economics literature is rather limited, this paper  reviews the works of selected scholars who have attempted to present works on  ‘methodology’ and their approach to the process of theory building in Islamic  economics. The paper then presents some implications of these views based  on the position that methodology investigates the criteria, rationalizations,  arguments and justifications used in theory appraisal as well as evaluating the  reliability of theories, this paper concludes that greater resources, both human  and financial, need to be channeled to developing uI?l al-iqtiI?d, a fundamental,  but vastly, neglected area of research in contemporary Islamic economics.

JEL Classification: B41, B49, B59, Z12

Key words: Methodology, Islamic economics,uI?l al-iqtiI?d.