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Reviving The Promise Of Islamic Economics

Year 2017, , 79 - 90, 01.11.2017
https://doi.org/10.25272/j.2149-8407.2017.3.3.07

Abstract

First generation Islamic economics promised to create a system with just and equitable economic outcomes, which would be far superior to capitalism and communism. Historical circumstances led the second generation to forget this promise, and to consider Islamic Economics as a minor variant of capitalism. The second generation has been trying to create a sharī‘ah compliant system, where the form is Islamic but the spirit is capitalistic. We need to go back to the roots, and build a genuine Islamic system in form and spirit which is sharī‘ah based, rather than sharī‘ah compliant. By doing this, the third generation can revive the promise of Islamic Economics and create a model economic system which fulfills the promise of the first generation.

References

  • Ahmad, Abu Umar Faruq, Noor Mohammad Osmani, A.K.M. Shahed, and Fazlul Karim. “Shari’ah Maxims and their Implication on Modern Financial Transactions.” Journal of Islamic Economics, Banking and Finance 6, no. 3 (2010): 75- 104. Building a Science of Economics for the Real World: Hearing before the Subcommittee on Investigations and Oversight, Committee on Science and Technology, House of Representatives, 111th Congress, 2 (2010). Dabashi, Hamid. Brown Skin, White Masks. London: Pluto Press, 201 1. Fanon, Frantz. The Wretched of The Earth. New York: Grove Press, 1963. Friedman, Milton. “The Social Responsibility of Business is to Increase its Profi ts.” In Corporate Ethics and Corporate Governance, edited by Walther Ch. Zimmerli, Klaus Richter, Markus Holzinger, 173-8. New York: Springer Berlin Heidelberg, 2007. Hodgson, Geoffrey M. “Conceptualizing Capitalism: How the Misuse the Key Concepts Impede Our Understanding of Modern Economies.” Books and Ideas, 7 May 2015. http2//www.booksandideas.net/Conceptualizing-Capitalism.html Keynes, John Maynard. Essays in Persuasion. New York: W.W. Norton, 1931. Krugman, Paul. “How Did Economists Get it so Wrong?” The New York Times Magazine, September 2, 2009. Macaulay, Thomas Babington, and G.M. Young. Speeches by Lord Macaulay, With His Minute on Indian Education. London: Oxford University Press, H. Milford, 1935. Pierce, Andrew. “The Queen Asks Why No One Saw the Credit Crunch Coming?” The Telegraph, November 5, 2008, The Royal Family. Shaw, George Bernard. The Author’s Apology from Mrs. Warren ’s Profession. New York: Brentano’s, 1905. Tawney, Richard Henry. Religion and the Rise of Capitalism: A Historical Study. New York: Harcourt, Brace & Co., 1926. Weber, Max. The Protestant Ethic and the Spirit of Capitalism. Translated by T. Parsons. London: Allen, Unwin & Co., 1930. Zaman, Asad. “Origins of Western Social Science.” Journal of Islamic Economics, Banking and Finance 5, no. 2 (2009): 9-22. -“The Rise and Fall of the Market Economy.” Review of Islamic Economics 14, no. 2 (2010): 123-55. -“The Normative Foundations of Scarcity.” Real-World Economics Review, no. 61 (2012): 22-39. -“Logical Positivist Methodology and Islamic Economics.” International Journal of Economics, Management and Accounting 21, no. 2 (2013): 1-18. -“Re-Defining Islamic Economics.” In lslamic Economics: Basic Concepts, New Thinking and Future Directions, edited by Taha Eğri and Necmettin Kizilkaya, 58-76. Newcastle: Cambridge Scholars Publishing, 2014. -“Deification of Science and Its Disastrous Consequences.” International Journal of Pluralism in Economics Education 6, no. 2 (2015a): 181-97. -“Islam Versus Economics.” In Handbook on Islam and Economic Life, edited by Kabir Hassan and Mervyn Lewis, 45-70. Cheltenham: Edward Elgar Press, 2015b. -“Building Genuine Islamic Financial Institutions.” Journal of Islamic Economics Banking and Finance 11, no. 2 (2015c): 13-32.

Çeviri: İslam Ekonomisi Umudunun Yeniden Doğuşu

Year 2017, , 79 - 90, 01.11.2017
https://doi.org/10.25272/j.2149-8407.2017.3.3.07

Abstract

İlk kuşak İslam iktisatçıları, kapitalizm ve komünizmin ötesinde adil bir ekonomik düzen oluşturmayı 

umut ediyordu. Tarihsel koşullar, ikinci kuşağın bu umutları hatırdan çıkarmasına ve İslam 

ekonomisini kapitalizmin bir uzantısı olarak görmesine yol açtı. İkinci kuşak, şeklin İslami fakat özün 

kapitalist olduğu şeriata uyumlu bir sistem inşa etmeyi denedi. Şeriata uyumlu olmasından ziyade şeriat 

temelli yani şekilde ve özde gerçek İslami sistem kurulması için meselenin köklerine gidilmesi 

gerekmektedir. Üçüncü kuşak bunu yaparak, İslam ekonomisi umudunu yeniden canlandırabilir ve ilk 

kuşağın umut ettiği ekonomik sistem modelini oluşturabilir

References

  • Ahmad, Abu Umar Faruq, Noor Mohammad Osmani, A.K.M. Shahed, and Fazlul Karim. “Shari’ah Maxims and their Implication on Modern Financial Transactions.” Journal of Islamic Economics, Banking and Finance 6, no. 3 (2010): 75- 104. Building a Science of Economics for the Real World: Hearing before the Subcommittee on Investigations and Oversight, Committee on Science and Technology, House of Representatives, 111th Congress, 2 (2010). Dabashi, Hamid. Brown Skin, White Masks. London: Pluto Press, 201 1. Fanon, Frantz. The Wretched of The Earth. New York: Grove Press, 1963. Friedman, Milton. “The Social Responsibility of Business is to Increase its Profi ts.” In Corporate Ethics and Corporate Governance, edited by Walther Ch. Zimmerli, Klaus Richter, Markus Holzinger, 173-8. New York: Springer Berlin Heidelberg, 2007. Hodgson, Geoffrey M. “Conceptualizing Capitalism: How the Misuse the Key Concepts Impede Our Understanding of Modern Economies.” Books and Ideas, 7 May 2015. http2//www.booksandideas.net/Conceptualizing-Capitalism.html Keynes, John Maynard. Essays in Persuasion. New York: W.W. Norton, 1931. Krugman, Paul. “How Did Economists Get it so Wrong?” The New York Times Magazine, September 2, 2009. Macaulay, Thomas Babington, and G.M. Young. Speeches by Lord Macaulay, With His Minute on Indian Education. London: Oxford University Press, H. Milford, 1935. Pierce, Andrew. “The Queen Asks Why No One Saw the Credit Crunch Coming?” The Telegraph, November 5, 2008, The Royal Family. Shaw, George Bernard. The Author’s Apology from Mrs. Warren ’s Profession. New York: Brentano’s, 1905. Tawney, Richard Henry. Religion and the Rise of Capitalism: A Historical Study. New York: Harcourt, Brace & Co., 1926. Weber, Max. The Protestant Ethic and the Spirit of Capitalism. Translated by T. Parsons. London: Allen, Unwin & Co., 1930. Zaman, Asad. “Origins of Western Social Science.” Journal of Islamic Economics, Banking and Finance 5, no. 2 (2009): 9-22. -“The Rise and Fall of the Market Economy.” Review of Islamic Economics 14, no. 2 (2010): 123-55. -“The Normative Foundations of Scarcity.” Real-World Economics Review, no. 61 (2012): 22-39. -“Logical Positivist Methodology and Islamic Economics.” International Journal of Economics, Management and Accounting 21, no. 2 (2013): 1-18. -“Re-Defining Islamic Economics.” In lslamic Economics: Basic Concepts, New Thinking and Future Directions, edited by Taha Eğri and Necmettin Kizilkaya, 58-76. Newcastle: Cambridge Scholars Publishing, 2014. -“Deification of Science and Its Disastrous Consequences.” International Journal of Pluralism in Economics Education 6, no. 2 (2015a): 181-97. -“Islam Versus Economics.” In Handbook on Islam and Economic Life, edited by Kabir Hassan and Mervyn Lewis, 45-70. Cheltenham: Edward Elgar Press, 2015b. -“Building Genuine Islamic Financial Institutions.” Journal of Islamic Economics Banking and Finance 11, no. 2 (2015c): 13-32.
There are 1 citations in total.

Details

Primary Language English
Journal Section Translation
Authors

Ali Can Yenice

Abdullah Talha Genç

Publication Date November 1, 2017
Published in Issue Year 2017

Cite

APA Yenice, A. C., & Genç, A. T. (2017). Reviving The Promise Of Islamic Economics. International Journal of Islamic Economics and Finance Studies, 3(3), 79-90. https://doi.org/10.25272/j.2149-8407.2017.3.3.07

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