The conscious oneness: Islamic economics and finance

Abstract

The foundation of socio-scientific theory in Islam is explained in terms of its indispensable episteme of the oneness of Allah and the world-systems explained of laws, institutions, instruments and the overarching learning process of change. The understanding of Tawhid according to such a dynamic conception between the divine law. the world-systems and the hereafter, is explained as the domain of conscious oneness. Thereby the episteme of conscious oneness, understood as the active worldview of Tawhid, is established as the foundation of the scientific 'everything'. This is the universe that Tawhid explains uniquely and universally. Within this overarching praxis the field of Islamic economics and finance is studied in the light of the Tawhidi episteme both in contrasting idea with mainstream economics and prevalent understanding and practice of Islamic economics and finance in the literature. A substantive new contribution is originated by this paper.