Monday, February 16, 2015

The theory of consumer behavior (18)

Muslim scholars from different background of studies have been trying to propose their idea and thought to define Islamic economics.
Hence the foundation of Islamic economics is based on their own methods.
This development to some extent shows that Islamic economics has been recognized as one of the subjects that get serious attention by Muslim scholars throughout the world.
The author distinguish two methodologies which are commonly used by scholar:
o   firstly the elaboration of the Islamic economic system
o   and secondly the revision of conventional economics theories.
The elaboration of Islamic economic system required economists to explore basic sources of:
o   Islamic Jurisprudence
o   Quran and Sunnah
surveying several texts and rationality.
to be continued...

Source: Islamic Science University of Malaysia

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