Islamic Economics and Finance for a Sustainable Humane Economy: Whither Homo Islamicus?

Abstract

Proponents of Islamic economics and finance are motivated by their strong belief that the disciplines have a lot to offer. However, the academia, industry and policymakers have yet to show wide acceptance to the disciplines’ core ideals. This is surprising since among the heterodox schools of economic thought, Islamic economics does show the character of a valid integrated social science. This unfulfilled potential scenario requires the address of critical issues. Recently, a lively debate has appeared on the topic of economic agent. The focus is on the relevance of homo Islamicus in sustaining the body of knowledge itself. Thus, this article argues for the rightful place and emphasis for homo Islamicus within the overall framework of Islamic economics. The discipline’s foundation and doctrinal aspects must uphold the homo Islamicus concept. In policy design formulations, the Islamic economists are then inspired by homo Islamicus since they would be assisting towards the gradual evolution of its behavioural norms. Interestingly, this task-driven placement for homo Islamicus’ conceptual types fits well with the list of tasks for the Islamic economists. So, harmony among the discipline’s proponents would be promoted when the relevance of homo Islamicus is not questioned anymore. This methodological stance could attain wide applicability as it does not negate the usability of other economic agent concepts for modelling exercise on economic realities under study by the Islamic economists. Therefore, Islamic economics and finance disciplines could be the backbone for a sustainable humane economy.