The theory of consumer behavior (19)

This approach leads to the acknowledgment that:

Islamic economics is more concerned with normative statement of ‘what ought to be’ rather that positive statement of ‘what is’.

Monzer Kahf (2003: 40) states that:

“the approach to discovering the Islamic economic system is similar to the approach to discovering the theories and general rules of fiqh”.

The examples of rules that can be taken from Quran and Sunnah are:

ü the prohibiton of interest (riba)(2: 275)

ü and the prescription of zakat (9: 60).

The second methodology of studying Islamic economic is trough revision of conventional economics theories.

This task requires Muslim economics scholars:

ü to identify incorrect concept of conventional economics that is not in line with Islamic teachings;

ü and adding the good values derive from its sources.

to be continued...

Source: Islamic Science University of Malaysia