Islamic economics’ methodology and Fiqh

Abstract

Islamic economics is the new face of the discipline of economics cleansed from remnants of homo economicus and ethics-empty utilitarianism. The basic difference between an Islamic economic system and other economic systems is that Islamic economics has more detailed guidelines and specific articulation of economic issues. Due diligence requires one to put things in their proper perspective by showing the foundations of Islamic economic thoughts and actions. The principles of honesty, trustworthiness, punctuality, respectfulness, fulfilment of promises are general universal values in all societies and cultures, Islamic and otherwise. The methodological approach of studying the Islamic economic system can be sub-divided into theoretical and empirical structures. The Islamic economic system envisions the government not only as having a positive impact on the economic activities of private units but also as an active economic player in the society. One way of approaching the Islamic economic system is through the dynamics of the market structure. © 2020 selection and editorial matter, Necmettin Kizilkaya.