Other philosophical foundations (ontology, epistemology, axiology, methodology) are complementary to the idea in this project. What aspects would help it attain the best results? How to make it multi-confessional, and appealing to humanity as a whole? It is not the aim to appeal just to Muslims as per the term Islamic like the Islamic Finance and Banking industry does not appeal to Muslims. Hence, what may make the industry more efficient and how could other conventional, mainstream or other alternative industries help this project or benefit from it in a way to make economic thought, writing and practice more genuine and beneficial to all humanity?
Link of the project https://www.researchgate.net/project/Alternative-Economic-Thought-Developing-Islamic-Economics-through-Integration-of-Knowledge-IoK-Constructing-a-Methodological-Framework-and-Operationalised-Principles
Integrating two methodological approaches (Maqasid and Tawhidic) would be a good option. This alternative approach suggests the establishment of axioms of Islamic economics on Islamic principles, determining its social, spiritual and material objectives and applying suitable Islamic policy instruments. It would also highlight obstacles in the methodologies of both Economics and pure Fiqh related methodologies, which would help in explaining how to integrate positive and normative dimensions of Islamic economics.
Interesting idea. To me, Islamic economics and finance differs from conventional economic and finance in three main areas:
· Ownership. God almighty the Proprietor is the owner of all.
· Interest rates considered being riba (Haram). Regardless of all attempts to disguise and mask it. (Think of a practical alternative to fiat money) and,
· Loans to be made only for business purposes and interest-free (venture capital). No loans for consumption, charity, and donations (Zakat and Sadaka) only.
As another alternative for the transdisciplinary approach, you may refer to the link below, in which the theory of hybrid reform in the realm of law in Egypt based on in the 1930s.
Article Comparative Law in the Middle East and its Relation to the I...
Thank you for your attention
Regards
Mhd. Syahnan
Thank you all for the wonderful insights. I really appreciate it. How do you however see the conventional beneficial contributions fitting the development of Islamic economics, banking and finance? Much of what is going on in conventional economics, banking and finance is Islamic just that it requires greater foundations that this project aims to discover. Integrating the beneficial contributions of each aspect conventional and Islamic economics is the challenge. Some aspects of Islamic economics developed so far are problematic and very abstract. How to direct those misleading the proper way towards it.
Now what can make the industry more efficient and how could other mainstream, mainstream or other alternative industries help this project or benefit from it in ways that economic thinking, writing and practice are more genuine and beneficial to all of humanity?
I guess you aimed to refresh the initial question of mine Mr. Alfredo RAMOS Polania ..what other basis do you perceive could lead to more diversified multidisciplinary and integration of knowledge along the base of Islamisation of knowledge movement, idea, thought, concept as it has been characterized over the five-plus decades now? I perceive that there is a greater need for normative inputs besides the positive findings and along them. However, the issue arises around what other sources of the normative could and would lead to greater harmonization within multiethnic societies or communities we live in...this requires inputs from everyone willing to attain integration...Thanks.
What is your feedback on the project?What other basis of integration other than Islamisation of Knowledge foundations would make it multidisciplinary?
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