A Note on Islamic Economics

1. A Note on Islamic Economics See also Mohsin Khan and Abbas Mirakhor: ―Islam and the Economic System,‖ Review of Islamic Economics, Vol. 2, No. 1, 1992 (pp 1 – 30). 7 Professor Ali Khan has emphasized this point in a number of his articles. See M. Ali Khan Review: JKAU: Islamic Economics, Vol.3, 1991, (pp. 97-177), ―... what I am trying to emphasize is that we, as scholars, need to make explicit, the order of the language we use ..... we would be better served if we are clear as to domain of discourse we work in, clear as to which body or style of knowledge we address.‖ For his Review in the Journal of Economic Studies, Vol. 20, No. 3, 1993 (pp. 51-69) and (p. 111). He also points to the need to discuss issues from ... ―differing vantage points from which to grope toward the subject of Islamic Economics ..... I would submit that we keep firmly at the back of our minds the fact that political economy is a mutant of moral philosophy and that in an avoidance of a static conception of the subject, we engage in wide-ranging conversations, much as the Apostle himself did in his lifetime‖ (p. 116). See also his paper ―On Trust as a Commodity and on the Grammar of Trust‖ in Journal of Banking and Finance 26, 2002 (pp. 1719-1766), in which he points to the epistemological dimensions of language. See also Professor Rashid who echoes the sentiments of Professor Ali Khan; ―An Agenda for Muslim Economists: A Historico-Inductive Approach,‖ Journal of King Abdul Aziz University, Vol. 3, 1991 (pp. 45-55), and suggests insights can be gained from studying economics in its relations to its Christian values. For the Old Testament views on issue of justice, morality, and economic order see Meir Tamari With All Your Possessions: Jewish Ethics and Economic Life, the Free Press, New York, 1987. 8 See his ―Review‖ in JKAU, Vol. 3, 1991 (pp. 97-177). Perhaps a simple example could help illustrate. One of the most important ontological terms, which serves as a cornerstone of the behavior of man, is the notion of Khilafa (áaÓN) or vice regency, a Quranic concept employed by most writers on Islamic economics. The recent debate on the proper understanding of what this term means points to the difficulty of ‗minding one‘s language,‘ as repeatedly emphasized by Professor Ali Khan. On the discussion regarding the concept of "áØ«≪N" see: 1991, 1 Ω 2 ´ »EÓ°SE‟G OÉ°üàB‟G çƒëH á≪› "?¬°VQCG „ ˆG øY áØ«≪N ¿É°ùF ¢VQC‟G „ ˆG øY áØ«≪N ¿É°ùFE‟G ¿EG" : ∫É≤J ¿CG ì°üJ πG "±Óîà°S‟GH áAÓÿG . (90-69 ¢U) 1992, 2 Ω 1 ´ »EÓ°SE‟G OÉ°üàB‟G çƒëH á≪ Could economists working in the field reach a consensus that this very important principle be defined in terms of agency? Could they also agree then on the domain of this agency? 9 See a definition of ‗ethos‘ by Herms in note 4 above. See Dr. Chapra‘s book The Future of Economics as ell as a paper by Professor 10 Abdel-Rahman Yosri Ahmed, presented in the recent Roundtable, for a survey of literature on Islamic economics. 31