Can you define more exactly what the main features of Homo Islamicus are? Even the concept of Homo Economicus is highly criticized by Behavioral Economics and Economic psychology because the reality shows that its main assumptions are often violated. The sociologists use the concept of Homo Reciprocans as a more realistic one but.... If you are more precise about defining your agent maybe we could have a better idea.

I donot think homo islamicus is any different from homo economicus. There is currently no evidence of Islamic Economics being superior to conventional economics.

Economic incentive which is the driving force in the capitalistic system has historically proven to be the most effective means to drive productivity.

Can this be substituted by spiritual idealism ?

Some form of idealism to substitute the economic incentive, has also been proven to be futile historically with the failure of the socialistic experiment.

Deng Xiao Ping recognized this, and China is today capitalistic in its economic system, eventhough its government system cannot be called democratic.

Human greed, if I may use this terminology from the theological point of view, is unfortunately still the most effective driver for economic activities.

Currently therefore we know of no other system, other than the capitalistic system, that can deliver, despite all of its misgivings.

In order to survive, market economies need to create and popularize certain myths. One of these is the idea that capitalist systems deliver the goods. How can this be widely believed, given massive unemployment, homelessness and hunger in the leading capitalist economy -- USA -- which is easily fully capable of eliminating these with its trillion dollar resources being spent on bailouts of rich firms and unnecessary wars? The effect of capitalism is to concentrate wealth in the hands of a small minority -- see Stiglitz -- The Effects of Inequality -- which leads to all sorts of economic evil.

The key work which shows how Market Economies emerged and their effects is Karl Polanyi: The Great Transformation. This is hard to read and also goes upto only World War 1. I have written a condensation and simplification of his basic arguments, which also include the creation of myths necessary for survival of market economies. This is in my article: The Rise and Fall of the Market Economy, available from my collection of paper in Research Gate

The answer to the original question: namely how to incorporate homo islamicus into economic theory is rather complex. First, the hypothesis that people maximize utility is wrong. This has been conclusively established, and summary of the evidence is available from my paper: The Empirical Evidence Against Utilty Maximization, available for download from SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2033641

Once we understand that BOTH homo islamicus and homo economics are normative theories and NOT descriptively accurate, it becomes possible to compare them on other grounds. Such comparisons are available in a collection of papers available from webpage entitled: Quran Versus Samuelson

https://sites.google.com/site/azamanpublications/ie/contrast

It depends on what does the term "homo economicus." Undoubtedly, there is a difference in thinking about the construction of public space. As by Max Weber explained, the public space of the modern West is based on the individual and the state. Conversely, in the Islamic world, the public space is constituted through the paradigm of the community. The Individualistic liberalism has failed its performance in the Islamic world (see the disastrous effects of structural adjustment policies imposed by the Bretton Woods Institutions: corrusione, poverty, unemployment ....). But it is in crisis in the West as well. It is significant that in the new constitutions of Islamic countries (for example, in the Egyptian Constitution) is restored paradigm Community (after the reforms "liberal" Mubarak). Perhaps we should reflect on this.

Apa yang anda tanyakan secara ekonomik dapat dimodelkan bahwa tingkat konsumsi atas barang dan jasa didasarkan pada garis simetris antara kebutuhan dasar, kemampuan daya beli dengan instrumen transaksi secara rasional, ketersediaan sumberdaya ekonomi secara terukur dan pembentukan kepuasan ada pada tingkat positif. Ini merupakan konsep operasional dari "maqashid al-Syariah" dalam membentuk rasionalisasi parameter ekonomik untuk mewujudkan kebutuhan dasar ekonomik. Perbedaan dengan neo klasik terletak pada tingkat pengukuran dan rasionalisasi tindakan.

homo islamicus' utility maximizing behaviour is constrained by the parameters of Islam, i.e. prohibition of trade of certain goods, dealing in riba, investing in/operating limited liability corporations, paying zakat on assets etc. Other than that, all transactions in Islamic economics are akin to those of free market capitalism. The major flaws of capitalism which cause its inherent propensity to increase inequality are, of course, the permissibility of interest and the limited liability corporation.

We have developed a new Islamic financial tool recently, which it might fit in this subject,

you may download the work at: https://www.researchgate.net/publication/265381743_Gambling-free_lottery_a_new_Islamic_lending_ticket

Article Gambling-free lottery, a new Islamic lending ticket

These two articles maybe helpful:

https://islamiceconomicsproject.wordpress.com/2014/04/29/islamic-economics-and-behavioral-studies-of-religious-agents/

https://islamiceconomicsproject.wordpress.com/2014/08/04/limitations-of-mainstream-consumer-theory-in-economics/