An Introduction to the Pillars and the Hard-core of Islamic Economics

To introduce the structure of a science, the first step is to define and explain its underlying institutional framework. This framework will then strengthen the pillars of the science in question. The same applies in theorizing Islamic economic thoughts. The next necessary step is to expose the well established rationales upon which the theories of Islamic economics are based. It is equally important to consider and analyze the rationales with those of the conventional economics.In this article while emphasizing the origin of the ontological and deontological principles governing the Islamic economic theories, we introduce the three main Pillars of such theories: Pillar 1 stands for presumptions based on Islamic economic metaphysics; Pillar 2 stands for value judgments based on Islamic Shari’ah; and Pillar 3 stands for the recognition of some positive relations between moral value and value-based dimensions of Islam and economic phenomena.