The Philosophy of Islamic Economics: its Aspects of Significance, Ways of Formation, Mission, and Oncoming Issues

Discussion about the significance of “Islamic economics” and its nature has turned into one of the basic concerns of Muslim thinkers for more than three decades. This discussion is under the influence of different viewpoints about the way of interaction between Islam and modernity. Application of each viewpoint to economics leads to a certain kind of interaction between Islamic thought and economics. The main hypothesis of this paper is that Islamic economics being in its pre-science phase and lack of consensus on its conceptual and affirmative fundamentals and methodology necessitates the formation of Islamic economics within the theory of Islamic civilizationalism. The research method is analytical. The results show that developing the philosophy of Islamic science and applying it to economics is superior to islamization of the philosophy of Islamic science and direct and indirect methods of creating the science of Islamic economics. Hence, the mission of the philosophy of Islamic economics is to provide the fundamentals of Islamic economics and forming its methodology, using Islamic philosophy in its different domains. Issues such as the way of interaction between school, system and the science of Islamic economics, theorization method and evaluating the theories, evaluating modern economic institutions, causality, socialism or individualism, and philosophy of history are the main issues of the philosophy of Islamic economics.