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A Note on Islamic Economics
concepts, its usefulness in solving society‘s problems is questionable. On the
other end of the spectrum, there are those who hold the view that precisely because
traditional economics grew out of a different historical-social-cultural experience
than in Muslim societies, it is incompatible with Islam. Therefore, there is nothing
useful to be gained in terms of finding solutions to problems of Muslim societies
through a marriage of Islam and economics. There is a third view that seems to
consider ‗economics‘ in what Polanyi calls its ‗substantive‘ rather than its ‗formal‘
meaning.14 This view, which seems to be aware of the limitations implied by the
‗formal‘ notion of economics, suggests that Islamic economics could well situate
itself, analytically at least, within the general field of economic enquiry. 15
8. Along with disagreements on what to name the emerging discipline is the question
of how to define it. There have been a number of definitions of Islamic economics,
but none seems to command a general consensus. Legitimate questions are
raised by scholars within Islamic economics, as has been the case in general
economics, whether the ―means-ends‖ characterization is a satisfactory anchor
for a definition of the discipline. Some writings suggest that this definition, with
minor modifications, provides an appropriate framework for defining Islamic
economics. Others, however, relying on various verses of the Quran, suggest
the unacceptability of the notion of ‗scarcity‘ in the definition. This view holds
that Allah (s.w.t.) has provided resources ―in exact measure‖ for man to carry
out his responsibilities, and that poverty emerges as a result of maldistribution
and shirking responsible behavior. There is no question that there are verses in
the Quran indicating clearly that the assumption of scarcity cannot hold in the
aggregate and that maldistribution and shirking in redistributive responsibilities
are causes of poverty. On the other hand, scarcity at micro level is acknowledged
in the Quran, with strong emphasis on the need for redistribution. 16
9. There are those who suggest that economics, in its formal ‗means-ends‘ meaning is
applicable to ―the study of any behavior since all behavior requires the expenditure
of resources.‖17 Nonetheless, it is important to acknowledge a substantial criticism
of ‗means-end‘ characterization that should be brought to bear on attempts to forge
a definition for Islamic economics that could command consensus. In this effort,
it is critical that the words of Professor Ali Khan are heeded that ―... in the phrase
Islamic economics one cannot give meaning to the noun without understanding
the adjective and that such understanding can never be final and complete for any
generation of scholars.‖ This could not and should not be interpreted that there
are no immutable propositions, principles, rules, and norms in Islam relating to
economic behavior, but that any generation‘s understanding of them should not be
assumed final. Consider the behavioral rule of prohibition of "±Gô°SEG" which, in any
generation, will depend on the relativities of the economic ground realities defined
by the conditions of each society. Therefore, what the present generation could
do is to record its understanding of the adjective and pass it on to the next. In this
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