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Revisiting the Independency of Islamic Economics

Many scholars criticize that Islamic economics has emerged merely as a sub-discipline of ‘Western’ economics rather than an independent discipline of science. It is further argued that Islamic banking and finance, the major field in Islamic economics discipline, has developed in a way such that the ‘truly Islamic’ spirit is neglected in its various aspects. Today, as Islamic banking and finance achieved a remarkable success around the globe, it is worth to re-evaluate its development as a body of knowledge. Employing explanatory approach based on economic methodology analysis and the Stigler’s community model of science, the paper suggests that Islamic banking and finance as a discipline of science and an industrial practice has mainly evolved by simultaneously reviving the methodology sourced from the classical Islamic literature, modifying or replicating the ‘promising’ conventional economics models and using them within the Islamic paradigm. As the result, it has not developed into an independent science and to some extent converged toward conventional economics. It is believed that such a convergence and ‘failure’ occurs mainly due to methodological problem that ignore the Islamic principles within the Islamic worldview framework. Ultimately, these suggest the importance of developing the science by using methodologies consistent with the Islamic worldview and exploring the Islamic sources of knowledge that fully reflect the true Islamic spirits.