An earlier & longer version of a draft of this paper, with title “Islamic Approaches to Fundamental Economic Problems,” is available from http://ssrn.com/abstract=2231398 Because Islam focuses on success in the hereafter, while economics focuses on maximizing pleasures of this world, the two...

We provide a detailed discussion of current methodology of economics and its emergence from secular roots in Europe. The foundational principles of this methodology, which is based on logical positivism, are in conflict with Islam. We then sketch some alternative methodologies which would be...

We argue that ways of thinking about poverty changed dramatically due to the Great Transformation in Europe which created a market society. These ways spread to the rest of world due to the colonization and global conquest of Europe. The market society requires a labor market which de-humanizes...

The paper quotes leading Islamic Economists who are saying that the field of Islamic Economics has gone astray, and abandoned the original vision and mission of the founders. In this article we argue that the main reason for the current crisis is that most Muslim economists have accepted too...

There is a huge number of definitions of Islamic Economics available in the literature. The vast majority take existing definitions from the western literature and modify them to incorporate an Islamic angle. This leads to the widespread belief that Islamic Economics is a variant or a branch of...