The Methodology of Islamic economics and finance and its pedagogy

Abstract

1. The nature of questions addressed in the field of scientific inquiry: morality, ethics and economics - from the times of Physiocracy to Keynes and beyond. What kinds of questions need to be asked and addressed? The relevance of scientific methodology in addressing the impending questions - the place of epistemology. What is epistemology and phenomenology as the scientific study of consciousness. 2. The nature of questions addressed in Islamic economics and finance - the mainstream economic lineage; the absence of scientific revolution; the absence of ummatic development; the absence of epistemology and phenomenology as the Islamic scientific study of consciousness Malek Ben Nabi and the mujtahid legacy a survey of Islamic economics and study by methodology, application and instruments. What is the near future potential of Islamic economics in addressing the impending questions of human predicament. Why cannot Islamic economics and finance provide a solution to the present-days financial and economic predicament? - beyond the notions of 'shari'ah compliance', 'asset-backed financing'; 'riba-free financing', and the problem of Islamic financing esp. secondary financing instruments and 'sukuk'. The developmental problems of Islamic banking paradigm. 3. The epistemological and phenomenological formalism of the Islamic worldview: The embedded symbiotic nature of Islamic economics and finance The greater worldview of the shari'ah beyond 'shari'ah compliance'. Tawhid and the world-system as the worldview of the universal 'everything' - structure and formalism. 4. Thus the new structure of Islamic economics and finance within the Tawhidi worldview and its formalism: Take back the issue of present-days financial and economic crisis and its attention under the Tawhidi worldview methodology. Pedagogy and practice - from intellection to Islamic banks and development planning. Towards a global scientific revolution under Tawhidi worldview and the world-system.