Staff View: Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach

Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach

The world increasingly needs an alternative approach to economic development. This paper endorses the Integration of Knowledge (IoK) approach as the wisdom of humanity through Islamic Economics (IE). A review of relevant literature through qualitative methodologies of library research, discourse and...

Full description

Saved in:

Bibliographic Details
Main Author:	Omercic, Jasmin
Format:	Article
Language:	English
Published:	Universitas Muhammadiyah Yogyakarta 2021
Subjects:	BP173.75 Islam and economics BPH Islamic Economics BPH72 Economic development. Growth. Sustainable development. Sustainability HB126.4 Islamic Economics HB131 Methodology.Mathematical economics. Quantitative methods HB75 History of economics. History of economic theory
Online Access:	http://irep.iium.edu.my/102306/1/102306_Integration%20of%20knowledge%20%28IoK%29.pdf http://irep.iium.edu.my/102306/ https://journal.umy.ac.id/index.php/ijief/article/view/11658
Tags:	Add Tag No Tags, Be the first to tag this record!

id	my.iium.irep.102306
record_format	dspace
spelling	my.iium.irep.1023062022-12-29T02:58:10Z http://irep.iium.edu.my/102306/ Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach Omercic, Jasmin BP173.75 Islam and economics BPH Islamic Economics BPH72 Economic development. Growth. Sustainable development. Sustainability HB126.4 Islamic Economics HB131 Methodology.Mathematical economics. Quantitative methods HB75 History of economics. History of economic theory The world increasingly needs an alternative approach to economic development. This paper endorses the Integration of Knowledge (IoK) approach as the wisdom of humanity through Islamic Economics (IE). A review of relevant literature through qualitative methodologies of library research, discourse and critical content analysis highlights the civilisational practices of integration, how development of economics diverged from such practices and how heterodox approaches reacted to such divergence. A section on learning the wisdom of humanity from each other emphasizes the inevitable historical civilizational integration (IoK) and exchange of knowledge. It follows with a literature review of the development of mainstream economics, how it abandoned such historical civilizational practice and its sound foundations, namely ontology, epistemology, axiology and methodology. A highlight of heterodox economics (HE) responses reveals the alternatives to the mainstream-focused positivistic approach to economics. The inadequacy of those alternatives led us to demonstrate Muslim responses and the centrality of IE as a comprehensive alternative heterodox economic approach. The analysis shows how IE grew along Islamisation of Knowledge (IOK) as two parallel and major intellectual iṣlaḥ (reform) and tajdīd (renewal) movements. A brief review of the development of each shows the potential of IE’s IoK methodological reasoning to revive the IoK approach in economics as the wisdom of humanity. The sound IE philosophical foundations, namely ontology, epistemology, axiology and methodology, have a major impact in that process. Thus, utilising the core IoK objective within IOK together with IE contributions shape the process of overcoming problems and issues of mainstream economics. Actionable recommendations to practitioners and academics depict how the IE approach to economics could be implemented and sustained along SDGs agenda. Universitas Muhammadiyah Yogyakarta 2021-07 Article PeerReviewed application/pdf en http://irep.iium.edu.my/102306/1/102306_Integration%20of%20knowledge%20%28IoK%29.pdf Omercic, Jasmin (2021) Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach. International Journal of Islamic Economics and Finance (IJIEF), 4 (2). pp. 233-262. ISSN 2622-3562 E-ISSN 2622-4372 https://journal.umy.ac.id/index.php/ijief/article/view/11658 10.18196/ijief.v4i2.11658
institution	Universiti Islam Antarabangsa Malaysia
building	IIUM Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	International Islamic University Malaysia
content_source	IIUM Repository (IREP)
url_provider	http://irep.iium.edu.my/
language	English
topic	BP173.75 Islam and economics BPH Islamic Economics BPH72 Economic development. Growth. Sustainable development. Sustainability HB126.4 Islamic Economics HB131 Methodology.Mathematical economics. Quantitative methods HB75 History of economics. History of economic theory
spellingShingle	BP173.75 Islam and economics BPH Islamic Economics BPH72 Economic development. Growth. Sustainable development. Sustainability HB126.4 Islamic Economics HB131 Methodology.Mathematical economics. Quantitative methods HB75 History of economics. History of economic theory Omercic, Jasmin Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach
description	The world increasingly needs an alternative approach to economic development. This paper endorses the Integration of Knowledge (IoK) approach as the wisdom of humanity through Islamic Economics (IE). A review of relevant literature through qualitative methodologies of library research, discourse and critical content analysis highlights the civilisational practices of integration, how development of economics diverged from such practices and how heterodox approaches reacted to such divergence. A section on learning the wisdom of humanity from each other emphasizes the inevitable historical civilizational integration (IoK) and exchange of knowledge. It follows with a literature review of the development of mainstream economics, how it abandoned such historical civilizational practice and its sound foundations, namely ontology, epistemology, axiology and methodology. A highlight of heterodox economics (HE) responses reveals the alternatives to the mainstream-focused positivistic approach to economics. The inadequacy of those alternatives led us to demonstrate Muslim responses and the centrality of IE as a comprehensive alternative heterodox economic approach. The analysis shows how IE grew along Islamisation of Knowledge (IOK) as two parallel and major intellectual iṣlaḥ (reform) and tajdīd (renewal) movements. A brief review of the development of each shows the potential of IE’s IoK methodological reasoning to revive the IoK approach in economics as the wisdom of humanity. The sound IE philosophical foundations, namely ontology, epistemology, axiology and methodology, have a major impact in that process. Thus, utilising the core IoK objective within IOK together with IE contributions shape the process of overcoming problems and issues of mainstream economics. Actionable recommendations to practitioners and academics depict how the IE approach to economics could be implemented and sustained along SDGs agenda.
format	Article
author	Omercic, Jasmin
author_facet	Omercic, Jasmin
author_sort	Omercic, Jasmin
title	Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach
title_short	Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach
title_full	Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach
title_fullStr	Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach
title_full_unstemmed	Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach
title_sort	integration of knowledge (iok) methodological reasoning of islamic economics (ie) as the wisdom of humanity: a heterodox economic approach
publisher	Universitas Muhammadiyah Yogyakarta
publishDate	2021
url	http://irep.iium.edu.my/102306/1/102306_Integration%20of%20knowledge%20%28IoK%29.pdf http://irep.iium.edu.my/102306/ https://journal.umy.ac.id/index.php/ijief/article/view/11658
_version_	1753788217208864768
score	13.223943

Integration of knowledge (IoK) methodological reasoning of Islamic economics (IE) as the wisdom of humanity: a heterodox economic approach

Similar Items