Examining the Meta-Principles of Modern Economics and their Implications for Islamic Banking and Finance

The foundational principles of modern neoclassical economics, as of other disciplines of the social sciences, have been influenced by the overall trajectory of post-enlightenment, secular, humanistic thought and its epistemological roots such as rationalism, methodological individualism, and the assumed supremacy of the scientific method as a way of evaluating all forms of knowledge. This paper contends that an Islamic economics and finance bereft of analyzing and addressing these principles has inadvertently reinforced the very same problematic structures it originally intended to replace.​

Keywords: Economics; epistemology; Islamic Finance; Islamic Economics; post-enlightenment thought; scientific rationalism.

Journal of Islamic Sciences, Vol. 11 (Winter 2013) No. 2​

Yusuf Jha 

Yusuf Jha is a Chartered Sharia Auditor and Advisor formally certified by the Accounting and Auditing Organization for Islamic Financial Institutions, currently working for Abu Dhabi Islamic Bank as a Manager in charge for Sharia Consultation and Documentation. Having received formal training in Islamic wills and inheritance tax and investment planning in the UK, he is qualified as a UK Chartered Independent Financial Advisor