Harmonization of Mainstream Techniques With Maqasid-Based Methodology for Islamic Economics and Finance Research

Abstract

An extensive review of the literature reveals that the mainstream research techniques are largely reductive and rely on positive observable models with purely mathematical postulation deficient of the normative unseen aspects of research. In contrast, the Islamic approach, which is fundamentally based on the Quran and Sunnah, is value-laden and balanced, incorporating both the observable and unobservable research phenomena. Yet the research tools for Islamic eco-finance are not fully developed to undertake robust analysis. Extant research in Islamic eco-finance relies purely on conventional mainstream techniques, which do not offer avenues for the unobservable phenomena from an Islamic perspective. Such disjointed approaches to research techniques have largely been counterproductive. While several studies recognize the issues, few have put forth sound proposals for the way forward. The present study has adopted library research based on a literature survey and contents analysis to examine the extent of the harmonization of mainstream techniques with Maqasid-based methodology for research in Islamic eco-finance. The study argues that it is not to the interest of research in Islamic eco-finance to reject outright everything in the conventional mainstream techniques. Rather it is a win-win situation if the potential from both techniques is harnessed to achieve harmonization based on Maqasid-based methodology.