The Realism of Islamic Economics: Abbas Mirakhor's Methodological Structure of Islamic Economics

Abstract

This study aims to explore and elaborate the structure of the Islamic economic methodology of Abbas Mirakhor. For this, the study applies an inter-textual approach to Abbas Mirakhor's works which are closely related to the methodology of Islamic economics. In addition, pairwise comparisons with texts that elaborate on the methodology of economics were also carried out, to see the genealogical structure of the methodology offered by Abbas Mirakhor. In essence, this study is able to identify the unique structure of the Islamic economic methodology introduced by Abbas Mirakhor which lies in two aspects. First is the intensification of the use of hermeneutics to produce substantive postulates of Islamic economics from sources of Islamic meta-framework (Quran, Hadith and Turats); while second, making substantive postulates as the foundation in verifying or falsifying economic experience. In conclusion, Abbas Mirakhor is considered as the bearer of Islamic economic realism.