Islamic Economics: An Agenda for Intellectual and Institutional Reform

10 Pages Posted: 10 Oct 2019

See all articles by Mabid Ali Al-Jarhi

Mabid Ali Al-Jarhi

International Center for Islamic Economics and Finance, Ankara Social Sciences Universsity; International Center for Education in Islamic Finance, INCEIF,

Date Written: 2019

Abstract

This article agrees with Reardon (2019), that economics finds itself in a predicament caused by the neoclassical school. The dominance of neoclassical economics and its lack of response to calls for reform has been endemic. Reform must include both the neoclassical analysis as well as the system of market capitalism it strives to defend. This paper briefly discusses both aspects of reform. It introduces the new school of analytical Islamic economics and its agenda to reform both the discipline and the economic system. The paper enumerates several advantages of Islamic economics to the economics discipline itself as well as the economy, in addition to bringing together intellectuals and scholars of economics, both from East and West, in a more communicative and inclusive group. In addition, the article makes some proposals towards opening the doors in-between the different schools of thought for positive as well as enriching intellectual interactions.

Keywords: Islamic economics, Neoclassical economics, Economic reform, Price searching models, Competitive search, Redistribution, Monetary policy, Financial markets

JEL Classification: A2, B59, P41, Y8

Suggested Citation

Al-Jarhi, Mabid Ali and Al-Jarhi, Mabid Ali, Islamic Economics: An Agenda for Intellectual and Institutional Reform (2019). Journal of King Abdulaziz University: Islamic Economics, Vol. 32, No. 2, 2019, Available at SSRN: https://ssrn.com/abstract=3466598

Mabid Ali Al-Jarhi (Contact Author)

International Center for Education in Islamic Finance, INCEIF, ( email )

Kuala Lumpur
Malaysia

International Center for Islamic Economics and Finance, Ankara Social Sciences Universsity ( email )

Hacı Bayram Mahallesi, 06030,
Hükümet Cd. No:2, 06050 Altındağ
Ankara, 06050
Turkey

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