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Foundational challenges in the construction of an Islamic economics discipline

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Hafas Furqani
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The emergence of Islamic finance as a system of thought and practice is timely in the midst of world crisis and the uncertain proposals for solving it. It is hoped that Islamic finance could offer a coherent perspective for understanding real economic problems as well as a genuine alternative to the very foundations of how finance should be managed to actualize human prosperity. It is widely expected that Islamic finance will continuously evolve into a more sophisticated form and structure in the next decade. Some, however, question whether the development is moving on the right track to realize the hopes pinned on it at the time of its initial establishment. This embarks from the differences in understanding the raison d?etre of Islamic finance emergence and hence approach taken in developing the industry. In this paper we argue that Islamic finance should be directed to provide for meaningful development in thetwenty-first century, Islamic finance must realize its full potential as a system, not merely a stopgap means of surviving the crisis. It must go beyond that to provide the guidelines for managing a good economy, stimulating growth and development, realizing socio-economic justice and promoting employment and stability. It cannot limit itself to merely offering economic and financial practices that satisfy the minimum standard of legal requirements.
Hafas Furqani
added 2 research items
This paper examines the dynamic interactions between Islamic banking and economic growth of Malaysia by employing the Cointegration test and Vector Error Model (VECM) to see whether the financial system influences growth and growth transforms the operation of the financial system in the long-run. We use time series data of total Islamic bank financing (IBFinancing) and real GDP per capita (RGDP), fixed investment (GFCF), and trade activities (TRADE) to represent real economic sectors. We found that in the short-run only fixed investment that granger cause Islamic bank to develop for 1997:1-2005:4. Where as in the long-run, there is evidence of a bidirectional relationship between Islamic bank and fixed investment and there is evidence to support 'demand following' hypothesis of GDP and Islamic bank, where increase in GDP causes Islamic banking to develop and not vice versa.
p> Methodology in science philosophy study is usually discussed in the epistemological discussions which discuss nature, source, concept and theory of knowledge. Methodological discourse, therefore, follows the development of science phylosophy and epistemology discourse. However, there are differences in discussion focus and scope between epistemology and methodology. In epistemology, we study theory of knowledge, its nature and scope, while in methodology we study how to appraise a theory and evaluate it by scientific justification. As a new discipline, methodological discussion in Islamic economics is very important to develop the foundations of the discipline. A solid methodology would help to develop Islamic economics from its own sources of knowledge and use its own philosophical foundations. This paper aims to observe the relationship of Islamic epistemology and methodology of Islamic economics, the nature of Islamic economic methodology and its significance in developing Islamic economics. </p
Hafas Furqani
added 2 research items
There is a growing trend in the Muslim world to restructure modern knowledge and discipline in line with Islamic epistemological principles. Islamic economics, in particular, receives wide attention among scholars. Islamic economics is currently moving from a mere discourse on economics in Islamic perspective towards becoming a distinct discipline marked by a complete body of knowledge, clear subject matter, methodology/methodologies to appraise theories and continuous growing of knowledge. At the practical level, the universities all around the world are offering various subjects on Islamic economics and finance. There are significant attempts have been made to structure new framework of economics curriculum by incorporating various discipline of Islamic economics. The paper attempts to observe and survey the Islamization of knowledge program at the International Islamic University Malaysia and IAIN Ar-Raniry Banda Aceh Indonesia. A comparative analysis of the teachings and syllabus of Islamic economics, banking, and finance in both universities will be made. Some recommendations on the structure and program of Islamic economics at IAIN Ar-Raniry which is going to be officiated as Islamic University will also be outlined. =========================================== Saat ini sedang berkembang tren di dunia muslim untuk merestrukturisasi pengetahuan modern dan disiplin sesuai dengan prinsip epistemologis Islam. Ekonomi Islam, khususnya, mendapatkan perhatian luas di kalangan ilmuwan. Ekonomi Islam saat ini bergerak dari sekadar wacana tentang ekonomi dalam perspektif Islam menjadi disiplin yang berbeda ditandai dengan tubuh pengetahuan yang lengkap, materi pelajaran yang jelas, metodologi untuk menilai teori dan pengetahuan yang tumbuh secara terus-menerus. Pada tingkat praktis, saat ini universitas di seluruh dunia saat ini menawarkan berbagai mata pelajaran ekonomi dan keuangan Islam. Ada upaya-upaya signifikan yang telah dilakukan untuk membangun kerangka kerja baru kurikulum ekonomi dengan memasukkan berbagai disiplin ilmu ekonomi Islam. Makalah ini mencoba untuk mengamati dan menyurvei Islamisasi program pengetahuan pada International Islamic University Malaysia dan IAIN Ar-Raniry Banda Aceh Indonesia. Sebuah analisis komparatif pada ajaran-ajaran dan silabus ekonomi Islam, perbankan dan keuangan di kedua universitas akan dibuat. Beberapa rekomendasi tentang struktur dan program ekonomi Islam di IAIN Ar-Raniry yang akan diresmikan sebagai Universitas Islam juga akan diuraikan.