The Hard Truth of Islamic Finance

Epistemological Integration: Essentials of an Islamic Methodology is a program which seeks to construct an intellectual framework for Islamic methodology with a view to realizing practical training in the thoughtful investigation of issues related to knowledge in various fields. The book’s title affirms the distinctive types of integration that characterize Islamic methodology, including integration of sources, means, and schools of thought, as well as existing realities with desired ideals etc. This is fully consistent with human nature, as variety is fundamental to the functions people perform and skills they master. The work essentially makes the case that fundamental to any Muslim recovery is laying the foundations of sound thinking and values that integrate the two main sources of knowledge: Revelation and Reality (that is the created worlds both physical, societal and psychological) under the umbrella of Tawhid. Islamic methodology adopts that and extends human hopes to integrate efforts so that humanity can realistically achieve prosperity on earth and earn eternal happiness in the afterlife.

Economics is a social science that studies the behaviour and interactions of economic agents and analyses how economies work at the macro- and micro-levels. It studies production, distribution and consumption of goods and services, identifies economic problems and phenomena, and addresses economic questions from a positive perspective (what is) as well as a normative (how it should be) perspective. Islamic economics examines the same areas as its conventional counterpart. However, it involves the application of Sharīʿah to the different economic functions and issues. It is postulated that Islam offers a better approach compared to conventional economics in managing economic activities and solving economic and social issues.