Toseef Azid, Zafar Kayani, Osamah Hussien Rawashdeh and Nasim Shah Shirazi
This paper aims to discuss the methodology of mainstream Islamic economics and also gives an alternative approach which is yet not very much taught in the different academic…
Abstract
Purpose
This paper aims to discuss the methodology of mainstream Islamic economics and also gives an alternative approach which is yet not very much taught in the different academic institutions, i.e. Tawhidi methodology. From the curriculum of the different academic institutions and also from the literature, it is observed that mainstream Islamic economics is the imitation of the conventional economics and mainly neoclassical economics. Maqasid-i-Shari’ah is not matching with the Tawhidi one.
Design/methodology/approach
It is based on the self-observations of the authors where they taught during their academic career.
Findings
This study found that the mainstream Islamic economics could not be able to solve the local and global issues because it is the replica of the conventional economics only there are some injunctions of Shari’ah.
Research limitations/implications
This study gives the guideline to the student of Islamic economics that how they will be able to understand the methodology of Islamic economics and finance.
Practical implications
It provides the guidance to the academicians and policymakers, especially those belonging to the Muslim countries.
Social implications
It also provides the glimpses to the social scientist about the solutions of the social and economic issues at the local and global levels.
Originality/value
It is an original effort.