Essay about Problems of Research in Islamic Economics.

Problems of Research in Islamic Economics

- By Prof. Dr . Nevzat Yalcintas

Every time a seminar on the " Complications of Research in Islamic Economics" was included in the " First Twelve-monthly Programme of Research Activities of Islamic Research and Training Start (IRTI)", in 1982 (1403H), being a programme item, it was intended to provide the college students, specialists as well as the researchers in Islamic economics an opportunity to get together and discuss the problems on this newly delivered discipline; discover the problem areas and try to reveal possible alternatives. It has considered a bit more period than expected for this seminar to appear. However , it ought to be a way to obtain satisfaction to all concerned that such a seminar is actually really going on and providing the opportunity to discuss relevant academic issues. We expect in the convenience of this sort of academic exercise for every branch of scientific understanding. When we ingest consideration the dynamic nature of Islamic economics; seen in recent years, plus the progress of implementation of Islamic guidelines in the economic life of Muslim countries, the importance of educational gatherings through this particular domain becomes essential. Like different branches of social sciences, research activities are the main sources pertaining to the development of Islamic economics being a distinct subset of economic research. В No question research in neuro-scientific economics, fund and financial, as in the situation of various other social sciences, cannot be antiestablishment from existing socio-economic structure, institutional structure, already designed policies and prevailing choices of the society. These interrelated factors define not only the scope however the very character of exploration. В On the other hand, exploration in Islamic economics offers another aspect distinct from other value- natural social sciences. Islam has its own set of ideals. Islam involves the entire lifestyle of the individual; that comprises principles, commandments and prohibitions which usually guide the believers in their everyday life and regulate relations between them. In financial life too, Islam lies down rules to be then individuals and societies. В The principles, that happen to be meant to immediate economic activities, are mainly sources of Islam and can be seen in the sound procedures of Islamic societies in past times. These concepts are Lucid and easy to distinguish but an financial theory, in the framework of Islam, and in the modern feeling of the term, has but to evolve. We can easily observe that Islamic monetary research is even now in its infancy. Yet , numerous analysts and several educational institutions happen to be actively mixed up in domain of Islamic economics and its research works. From this initial amount of development of Islamic economics, a general review of their research concerns may be quite thought invoking corrective and fruitful. Having this in mind, as a target, we will endeavour, in this newspaper briefly, to touch upon the following aspects of research challenges in Islamic economics: В I- Historical BackgroundII - Conceptual DimensionsIII- Instructing Problems (As a direct manifestation of research) IV-Institutional ContributionsV-Future ProspectsIn brief, in this background paper, we could trying to provide an overall picture and speedy glance of those five essential aspects of exploration problems in Islamic economics. Separate documents, dealing with many of these issues in greater details are also shown in this conference, seminar. В I- TRADITIONAL BACKGROUNDВ 1. The heritage of Islamic literature, especially the first works from the first three centuries of Hijrah, is full of ideas and perceptions about Islamic economics and the economy of Islam. It provides the seed products and early on precursors of modem exploration. In fact any kind of study from the history of Islamic economic believed is bound to be incomplete except if it gives credited attention to the specialized works of Abu Ubaid, Abu Yusuf, Muhammad bin Ing Hasan, and other great support beams of Islamic thinking of that era,...

Sources: preparing of bibliographies, crawls and glossaries in Islamic economics, bank and financial. 2 . Basic research: aiming at making theoretical input to Islamic economics and related facets of jurisprudence. a few. Applied analysis: aiming at suggesting solutions to economic problems particularly in the Islamic region. To date Research Label of IRTI features realized forty one Research Projects in these three websites. Fourteen even more are happening.  On the other hand, one of the most important aims of the External Research Section is to cope with the advertising and confidence programme, which can be designed to motivate and engender academic activities considered very important to the Bank along with IRTI. Additionally, it aims at mobilizing intellectual possibilities of the Islamic Ummah. Exterior Research Section has established close cooperation with universities and similar corporations. The section organizes classes in the IDB headquarters and invites distinguished scholars.  The Dissemination Section looks after the translation of researches, their very own publications and distribution.  The Training Division or IRTI organizes seminars and training programmes about important subjects relevant to IRTI and the Bank. So far, the division provides conducted seminars on " Management and Development of Awqaf Properties", " Management of Zakah within a Modern Muslim Society", " The Financial Resources of a Modern day Muslim Society" and " Developing a Approach to Islamic Economic Instruments".  The newly founded information Centre has started collecting relevant info on different facets of the Islamic economies.  (c) International Institute of Islamic Economics (IIIE) International Islamic University, Islamabad, Pakistan The IIIE came into existence subsequent an change to the Islamic University, Islamabad Ordinance, 1980. The IIIE is composed of three unique but inter-related functional agencies entrusted with specific targets:  1. Institution of Economics: it is essentially a instructing oriented organization aiming at teaching and studying economics, Islamic economics and related disciplines at undergraduate, graduate, tragique and content doctoral amounts. 2 . Exploration Centre: it aims at performing and endorsing research on theoretical issues in Islamic economics as well as on practical problems facing the economies with the Muslim countries. 3. Resource Centre: it aims to serve as a data traditional bank for scholars, researchers and policy creators in the areas of Islamic economics and economic popular features of the Islamic countries. Kulliyah of Economics,. International ' Islamic University or college (IIIU), Malaysia The Kulliyah (College) of Economics came into existence while using inception of IIU upon 16th July, 1983. It is an integrated educating unit offering a four-year undergraduate programme in economics in general Shari 'ah platform of the IIU. By its teaching programmes the Kulliyah aims to generate graduates, who have are well equipped with required technical skills mixed with Islamic spiritual values so that they can margen meaningful part in contemporary society after graduating. (e) Division of Islamic Economics, Vorbeter Mohammad Trash can Saud Islamic University, Riyadh Established in 1399H-1400H/1979-80, basically a teaching section,  it aims at the following goals: 1 . Installing students with necessary expertise in Islamic economics to get engaged in various aspects of economic and management works inside the society. 2 . Training experts in Islamic economics who are able to combine technical economic knowledge with Islamic Jurisprudence, so that they can take responsibility of portion and educating Islamic economics. This is especially important as the leaders and peoples from the Islamic world are seeking Islamic economic methods to the ever-increasing problems of recent times. (f) Islamic Economics Research Bureau, (IERB) Dhaka, Bangladesh IERB was established by a number of Islamic thinkers and intellectuals in Bangladesh in 1976. The Bureau is a nonprofit private analysis institution. It is principally designed to undertake study on several branches of Islamic economics in order to develop the same as another academic discipline forming a theoretical bottom for providing solutions to the acute monetary problems that the earth is facing today.  Specifically its aims are summarized as follows: 1 ) To undertake studies in Islamic economics. installment payments on your To perform and support schemes to write down, translate and publish catalogs in Islamic economics. a few. To hold meetings, seminars and symposia in Islamic economics. 4. To produce a group of experts in Islamic economic system. five. To promote co-operation and cooperation with other identical organizations and institutions on the globe. As far as its achievements inside the short course of it is existence have concerns, it has released two books in English and 1 book in Bengali, organised two seminars and printed their process. It posts a quarterly research log on Islamic economics named Thoughts on Economics.  4. Moreover to these organizations, an International Association for Islamic Economics began in Come july 1st 1984. The principal objective from the Association should be to strive for the reconstruction of economics via an Islamic perspective. The Association will be active in the domains of research, teaching, publication and promo of Islamic economics.  5. Other businesses are deeply committed to endorsing research in Islamic economics such as the International Association of Islamic Banking institutions, Cairo, Company of Insurance plan Studies in Islamabad, Study Units of Islamic Banking companies, the Intercontinental Institute of Islamic Bank and Economics in Cairo, and the newly established Hub of Studies and Research in Islamic Economics in France. In addition, one should keep in mind the long-lasting impact of the role played out by the International Institute of Islamic Financial and Economics, which was in Kibris.  The common challenges generally experienced by all institutes of Islamic economics can be defined:          1. Academics problems 2 . Management problems 3. Economical problems four. Qualified Staff members problems five. Coordination problemsSince these danger is dealt with consist of papers through this symposium, we only mention them in order to emphasize their very own magnitude and importance.  V - FORESEEABLE FUTURE PROSPECTS OF RESEARCH IN ISLAMIC ECONOMICS 1. A cursory glance at the literature of Islamic economics shows that beneficial and significant work has been done in the past twenty years about crucial concerns. Nevertheless, it should not bring about any complacency since much more remains to get done. In the event Islamic economics has to offer a brand new paradigm of economics, it'll have to stretches its range, tread in new areas and offer fresh and controllable prescriptions for the monetary ills of our times and societies. Consequently the question: What future way further progress of study in Islamic economics usually takes? It is not generally easy to present any definite answer to such a question, nevertheless , it is possible to offer more signals in a few locations where we need to concentrate our interest.  (a) Method:  Contemporary articles on Islamic economics have been criticized on a lawn that they generally adopt neo-classical techniques of economic examination. The experts have not yet offered any alternative technique of research. Nevertheless, we have a need to take a hard and essential look at modern and existing methods of economics analysis and the suitability to the requirements of Islamic economics. In this interconnection, there is a unique need to seriously examine the assumption:; behind certain basic concepts, such as pricing, earnings, entrepreneur, optimization, distribution, and so forth Such principles must not be unqualifiedly accepted in Islamic economics.. (b) Micro-Economics:  Much of what has become written about Islamic economics has used a macro view of Islamic overall economy. However , it is generally acknowledged in all quarters that micro- economics supplies the foundation natural stone upon which the edifice of macro- economics is built. However have been a lot of attempts to theorize how an individual buyer behaves in Islamic economy, not much have been done to analyze the theory of production and producers, and theory of markets in the Islamic structure. Construction of any micro- economic theory within the Islamic limitations might be the most challenging job before the Islamic economists. (c) Macro-economic Models:  There have been several attempts to come up with macro economic models of Islamic economy, yet most of these efforts have been performed at the aggregate level. In future, it may be useful to disaggregate the standard model in various groups, study the inter-relationship between various sectors and exercise the general balance conditions pertaining to the Islamic economy. (d) Development Theory:  Theory of economic expansion in the Islamic perspective presumes more importance in view of the very fact that most of the present day Muslim countries are growing countries. Even though some economists have previously written on the subject on Islam and creation, an Islamic Theory of Development can be yet to emerge. Concerns of development in the Muslim world are too complex and too complicated. Hence, this is certainly an area of Islamic economics, which should get much focus. (e) Islamic Finance and Banking:  Although considerable amount of function has already been done in the areas of Islamic fund and bank, significant issues, still continue to be unresolved. In Islamic banking, there is a difficulty of initial credit to certain areas and actions in which the rule of profit-sharing is not easy to make use of. Similarly, Islamic banks require some kind of monetary instruments by which they can invest short-term the liquid funds. This is also linked with the typical problem of development of Islamic financial devices and secondary markets. Those and other related issues will need analysis and elaboration. 2 . Universities can easily playa very beneficial role inside the development of Islamic economics. The discipline of economics is in debt for much to professional economic analysts and school departments because of its growth and refinement. Same can happen to Islamic economics. It really is promising to note that Islamic economics is now taught at various Universities in Pakistan, Malaysia, the Middle East and somewhere else. The surge of full-blown departments of Islamic economics would result in a multiplier effect in the growth of Islamic economics. A few Western Universities, which are currently accepting subject matter of Islamic economics pertaining to doctoral composition, may be convinced to establish special chairs of Islamic economics.  So significantly Islamic economics is mostly being taught in the Faculties of Shari 'ah apart from a few schools. Efforts needs to be made that Islamic economics should be educated in Teachers of Economics. The economics curricula of Muslim Universities may be customized and adjusted to accommodate Islamic Economics. There is a need to embark on research work upon teaching of Islamic economics. If possible, a separate seminar of economics teachers ought to be organized to go over the issues concerning it.  3. Besides universities, analysis institutions, may also playa significant role inside the development of the subject. As some of them have been already stated in this daily news, there are a number of such establishments. However , we have a great need of assistance and coordination in these attempts so that replication and spend of solutions could be averted.  4. Nevertheless how focus in research on Islamic economics should be determined?  No doubt, to date market causes and free of charge will of researchers have been allocating the study efforts. Given the selection of Islamic world you don't need to to intervene in this method. However , some guidance could possibly be provided for the issue of priority areas of research by simply various analysis conferences, that are held from time to time. It may be a good idea to hold symposium of the present type every two years to examine the improvement of research in Islamic economics attained during the period. CONCLUSIONS Islamic economics, as it was already pointed out, is a new dynamic discipline of knowledge. Hence, this bears every one of the advantages and disadvantages of being new. We certainly have tried, through this background daily news to identify, the main problem areas of this new self-control in the field of analysis and to assess them. Without doubt that concerns do not incorporate only what has been pointed out here, you will find certainly others. But we believe that those problems described through this paper are very important. They may be summarized as follows:  (a) Conceptual differences in Islamic economics. These kinds of come mainly from getting pregnant different theoretical aspects of Islamic economics and its relations with other branches of Islamic studies. (b) Reluctance on the part of Schools and other educating institutions to determine chairs and courses in Islamic economics and undertake research work in an organized and regular fashion. (c) Institutional difficulties, that happen to be mainly managerial, financial, manpower-wise and more significant ones, lack of academic liberty in several instances. (d) Challenges in execution: Islamic economic policies began to be implemented in certain Muslim countries in some groups of financial life. This implementation contains a favourable impact on research actions. At the same time, additionally, it brings in fresh problems which await solution. These problems and other may be solved together with the development of exploration activities and advancing their very own academic level. This level, certainly, depends, before all the other factors around the qualifications of researchers themselves. A researcher working in Islamic economics should have, I believe, the following academic requirements in order to be able to contribute in this new discipline:         (i) Audio, deep and up-to-date knowledge of economics;    (ii) Sound background of Shari 'ah(iii) Proficiency in Arabic to be able to use main sourcesI think, these are the standard requirements for any researcher employed in this new website. Some will dsicover it difficult and unnecessary, specifically for the third certification. But those who find themselves serious about study will enjoy it. We have as well to bear in mind that no crucial step in Islamic studies may be realized with no sufficient knowledge of Arabic. As seen in this paper, the ties of Islamic economics with other branches of Islamics are immediate and very strong. Available converted sources simply cannot entirely fulfill the need.  Like in every scientific discipline and particularly a new branch of sociable sciences, one of the dangerous developments is easy producing and conjecture. Islamic economics also may not be exempted from this tendency. Only a well proven, serious exploration environment can easily prevent this kind of tendency and protect this against the juvenile sickness of the new self-discipline.  Solving concerns of exploration in Islamic economics needs good will, patience and a continual hard work from the college students, researchers as well as the specialized systems.  *Prof. Dr . Nevzat Yalcintas is the Head of Exploration Division of the Islamic Research and Schooling Institute with the Islamic Advancement Bank. This individual acknowledges the contributions of his fellow workers Dr . Hasmat Basar, Doctor Monzer Kahf, Dr . Ausaf Ahmad and Tariqullah Khan in the planning of this paper Comments 1 - Dr . Bassam Al-SaketI think, Teacher Nevzat is actually paper is usually, neatly arranged and cautiously prepared. This merits recognized of our honest gratitude to Professor Yalcintas. However , I would really prefer to make the pursuing remarks regarding the content and context of the paper.  1. Although the traditional background expounded on page several and its following pages cover salient incidents in the good Islamic economic research, simply no allusion to the great Arabic thinker, Ibn Khaldun, who paved the way to get the leaders of monetary thought, was included. If only it had been integrated in the first paragraph, of page several.  2. I would also like to draw the writer 's awareness of the necessity of having included in the newspaper other Islamic financial procedures (besides the Zakah Premium) such as Jizya, Kharaj and the Kaffarat under Paragraph three or more of web page 4.  3. While truly and deeply appreciating the writer 's attempt to highlight the characteristics of study in Islamic economics, presented on web pages 4 and 5 of the Paper, I would really prefer to raise the next question: Would it be to be inferred from these characteristics that the past research in Islamic economics was less associated with the basic Islamic sources (like the Quran and the Sunna) than it is currently, or was it, or else, subjected to a good deal of objectivity? four. Concerning the second part of the Newspaper, dealing with " Conceptual Dimensions” (pp. 7-13), I accept the disagreement, Paragraph 3, page on the lookout for, describing research in Islamic economics not merely as confident but also normative, as well as to quote the original text, " In Islamic economics, we do not deal just with just how, but we all also cope with the aught". It must be asserted, however , the fact that Postulates contended by Islamic economics are in reality derived from the religious precepts that Muslims uphold. That follows consequently , that these evidence need no screening whatsoever, which Islamic economics must be viewed as dealing with a well described line of living. This does not suggest; however , it offers a rigid theory, but rather a great ideology which will accepts, materialistic practices simply by way of establishing them to Islamic principles.  Commenting on the technique of analysis in Islamic economics, because presented on page 11, I will like to remark that the economic theories of such study can be constructed on the deductive method. The deductive method, requires a deep and penetrating knowledge of each of the data which can be to be researched, and also of both the Islamic Shari 'ah and the critical sources thereof (Usul). The deductive technique is, accordingly, more cost-saving than the other, known as the inductive, or maybe the method of Record analysis. Both deductive and inductive strategies are employed in economic study, not only the deductive method, as believed on page eleven of the Newspaper under the title of " The Islamic economic theory".  The Conventional paper would have ought to made mention of the the efforts, which if exerted, will shed some light upon the " degree of corroboration" the specialist might report for his assertion that it must be an Islamic theory of economics that he is aiming to expound instead of an Islamic doctrine, ?nternet site find it required to call it.  5. Reference to the institutes that have been established to get the study of Islamic economics and then for research, the paper would have had better provided further specifics about quantity and quality (i. e. details about the number of graduates and their trascendencia as well as teachers). This last item is really important because one of the main problems we all suffer from is the shortage of well- trained course instructors an issue that this researcher him self emphasized on page 15 nevertheless soon and strangely enough contradicted once on the same web page he made mention of the the problem with the shortage of possibilities open to professional economists which in turn limits and in many cases threatens the future of instruction in Islamic economics.  6. The Researcher as well pointed out the inadequacy of the teaching materials prescribed intended for instruction in Islamic economics. Such insufficiency, I believe, could reflect adversely on the discipline of research, since studies the major way to obtain instructional and educational material.  7. I believe the particular one of the significant problems of research in Islamic economics is the weak linkage and affinity that institutions of Islamic exploration and teaching have towards one another about both the levels of Seminars and exchange of views and Information. Mcdougal has, additionally, referred to the weak coordination among the institutions that give teaching in Islamic economics.  8. To make sure that viewers, concerned organizations, universities, research workers and Islamic banks get access to the materials of Islamic economics, due attention has to be paid to the activities of printing, distribution and advertisements. As things are, publication is limited and spread is more thus. The need arises intended for publishing economical information in prices easy for the scholars, researchers along with bookshops.  9. The Specialist has thankfully listed the institutions that give instructions and undertake exploration in Islamic economics. He has also listed the aims which these institutions make an effort to achieve. In my belief, the list of targets must include research in regards to locating factors behind economic inability and low income within the Muslim states as well as its gradation. In other words, research must address on its own to policy making with a view to-alleviate agony, suffering and injustice.  10. Taking into consideration the reality most countries of the Islamic World remain developing and that quite a number included in this are least developed, We second the researcher's suggestion for further exploration to establish a great Islamic concept and paradigm of advancement in the near future.  11. I do reveal the author is anxiety in the need for additional research in Islamic financial. While acknowledging that Market and monetary projects in the Muslim says require long- term financing, and that profit- sharing will help alleviate the financing trouble, I nonetheless find that short- term funding has not however been discussed by Islamic economists because adequately since it should be. The problem lies in fluidity available at a lot of Islamic finance institutions.  12. The author has stated some American universities have got started to set up chairs for Islamic economics, and this individual sees this kind of, as a step up the right direction, therefore must be encouraged. May I request whether encouragement should not be extended at the same time for the endeavour of bringing teachers of Islamic economics and conventional economics together in seminars, organised on selective basis, so that both parties may possibly jointly research various areas of Islam along with Islamic economics, and then created certain fundamentals and procedures that may be useful for the application of Shari 'ah and Islamic economics? Such an effort could be valuable, provided that " ifta" (Last resort deliverance of Islamic legal opinion) are prevented, and results arrived at will be referred to Shari 'ah scholars.  13. The author has held silent as on the subject that while several Western educating institutions have allowed to undertake research in Islamic economics, generally speaking educational and teaching institutions inside the Islamic countries have, alternatively, are hesitating to reserve staff chairs or to put together curricula pertaining to Islamic economic instruction.  14. The author in addition has made a hint at the not enough academic flexibility pertaining to specific fields of research in institutes which provide instructions in Islamic economics. What does the publisher specifically imply? One miracles how section Four with the Paper has missed to include Al Albait Foundation among the list of institutions that do contribute and may even still lead to research in Islamic economics. Such an addition can easily be produced (on webpage 24, pertaining to example).  5. Under the previous section of the investigation, and more especially under results on page up to 29, the author has listed the qualifications which will a specialist in Islamic economics must carry. To I should like to add and also to emphasize the necessity of the investigator 's having full hope in Islam and an excellent aptitude to establish a sense of trustfulness and credibility in people around him. The lack of hope and trustworthiness shall cause serious danger to Islam itself.  16. Last, although not least, I would personally have enjoyed to find with this Paper a lot of allusions to or rather a lot of estimates of the funds allocated by specific Islamic says for the financing of research in Islamic economics in their financial constraints. It is an important requisite towards which I should certainly like to pull the attention in the participants to, they will constantly exert work to correct this unfortunate disregard of financial support, and to urge official regulators to designate funds for search- financing in their budgets. It might be proper to inquire the Islamic banks, a whole lot necessarily supposed to cater for the Islamic community 's developing needs, to complete something to remedy things.  Finally I do focus on my admiration for the efforts exerted in this Paper.  2 - Dr . Abed Kharabsheh This subject is very important not just in me, also for all those specialized in economics. That stuff seriously this daily news adds to each of our stock of knowledge and there is no doubt, that the article writer knows very well the problems facing: research in Islamic economics through his experience since head in the research label of IRTI.  The Writer provides summarized things taken by those who claim to know the most about finance, research institutions, and schools to develop this new important dynamic academic willpower. In addition this individual presents and analyzes the key problems of research in Islamic economics.  The primary Problems discussed by the article writer are the following:  (a) - Conceptual differences in Islamic economics, resulting from conceiving different theoretical aspects of Islamic economics and its particular relations with other branches of Islamic studies. (b) -- Reluctance for universities and other institutions to ascertain chairs and undertake research work in an organized and regular manner. (c) - Institutional difficulties, that happen to be mainly bureaucratic, financial, gentleman power-wise, and lack of educational freedom. (d) - Problems in implementation, Islamic economic policies were now being implemented in certain Muslim countries in some groups of economical life. This kind of implementation contains a favorable effect on research actions. At the same time, in addition, it brings in new problems which in turn avail solutions.  The Copy writer mentions the following academic requirements for economists who want to play a role in research in Islamic economics:  (a) - Sound, deep and up-to-date knowledge of economics; (b) -- Solid background of Shari 'ah; (c) - Effectiveness in Persia to be able to employ primary sources. I want to in addition list, readiness, patience, feeling the challenge of other ideologies the individual researcher and right environment of as requirements of analysis.  In addition to the problems reviewed directly or indirectly by writer, i want to summarize some others as follows:  1. Application of Islam as a total and complete lifestyle.  2. Islamization of all social sciences. Including sociology, economics psychology, education... etc . Complications of analysis in Islamic economics cannot be solved unless of course other domains of cultural sciences are usually dealt with properly because of the inter-relationship between these kinds of fields of social sciences.  3. Many Muslim economists lack information about Islam or perhaps believe strongly in other ideologies. Such students are not likely to undertake exploration in Islamic economics.  4. Inspite of the importance of these existing efforts of research in Islamic economics and growing Islamic organizations, the benefits will very likely be highly limited until these researches and institutions are used effectively by Muslim societies in the field of education and formulation of policies.  5. Existing exploration in Islamic economics is concentrated heavily within the Islamic marketplace. Little initiatives have been made to develop theories consistent with Islamic economic system.  6. Most Shari 'ah scholars lack familiarity with economics and a lot economists shortage solid history of shari 'ah. Therefore , research in Islamic economics will continue to move slowly and gradually, unless successful and sincere efforts are designed to overcome this matter.  7. Monetary theory comes from the actual behaviour of the exclusive and community institutions. So , to develop ideas and conditional tools, Islamic institutions have to be established.  This helps economists testing the credibility of their theories and develop fresh ones after some time.  Finally, to resolve such challenges, steps should be taken to present Islamic concepts in all domains of field of expertise in economics. More steps should be consumed in matters; just like rebuilding the scope and methodology of economics in line with shari 'ah; preparing textual content books in Islamic economics for different numbers of education; organizing a special publication in Fiqh for economic analysts; establishing more cooperation and coordination amongst economists instructing Islamic economics, establishing a rigorous programme in Fiqh for economists; introducing an intensive program in economics for shari 'ah college students. In most essential areas study in Islamic economics must be carried out collectively by those who claim to know the most about finance and shari 'ah students.  Discussions Dr. Izzat El Sheikh:  The concerns raised inside the paper show the lack of sound planning of no matter what efforts we all make in the developing societies. Since interests in the exploration in Islamic economics made an appearance suddenly, zero pre- planning was done to avoid these kinds of problems. Regarding the daily news in question is concerned, it did not refer to the experience of Al Azhar University from this field. In the event the researcher got studied this kind of experience he may have identified answers for those questions elevated in his newspaper. In 1961, a law was enacted to formulate education in AI- Azhar University. Hence, combined clinical and Islamic faculties. Function of Commerce, Medicine and Engineering had been established and Islamic studies were launched as compulsory subjects at a rate of 30 % of all distinct courses by these Function. Thus students of AI- Azhar in these Faculties combines Islamic and scientific education in the specialty he studies.  There are two styles of education in Egypt: Al- Azhar education, which starts with educating, from the outset Islamic courses; just like Fiqh, Tafsir, Islamic background, Quran and Hadith. This type of education gives qualified bordures of teachers to teach at various function of Al-Azhar University. The second type is definitely the ordinary secondary education.  We are still at the same time of forming the required cadres in the Faculty of Trade for research in the field of Islamic economics. The graduates with this faculty are most often a promising group to undertake such a task. We now have started a postgraduate programme leading to MUM and Ph level. D. Until now thirty-five Ph. D and M. A thesises in different branches of Islamic economics, accounting and administration have been completely written. Additionally, when we set up a diploma branch in Islamic economics and banking we insisted within the supervision of two college students: one deals with scientific elements (economics, operations or accounting) and the additional (from Al-Azhar scholars) handles the areas of Fiqh. We also established a Center intended for Islamic Industrial Research and Studies wherever research is staying undertaken by simply cadres well acquainted with Islamic and seglar studies. Doctor Rafiq El-Islam Molla:  I would like to discuss important problems raised equally by the previous speaker and the presenter in the paper with regards to problems encountered by the Islamic economic experts, these are: not enough institutional support for research and instructing, lack of qualified staff and lack of Islamic economy- intended for absorbing the graduates in Islamic economics.  I have zero experience or perhaps authority to comment on issues except insufficient qualified personnel, to undertake teaching and analysis activities, specifically in the conventional universities. Our experiences in Sokoto University may help other folks who have an interest in introducing Islamic economics. We have Islamized the teaching programmes of economics which is carried out under the social science faculty. In doing so we noticed that Islamizing only the economics program is not enough, it has to be linked to Islamization of other branches of interpersonal sciences. Consequently , we tried to Islamise all the social scientific research and business study programmes. We discovered this really useful to provide inter- disciplinary training to the students also to meet the problem of staff shortages. We certainly have under-taken a programme of staff training, with the co-operation and co-ordination of several institutions in which economic students are available, for example the Islamic Advancement Bank, Jeddah, and the Worldwide Islamic School, Malaysia. Give thanks to God brothers are interested. With good sympathy of the friends this self-discipline is growing. I do believe, the staff problem can be solved by gathering resources that way.  On the void of integration of those programmes inside the conventional economics departments, I think that those who have are engaged with the subject like the Islamic Development Lender could offer support, encouragement and motivation, for its introduction in Nigeria. Up to now, we have been capable of encourage two more universities. Now three of us are attempting to introduce this kind of programme.  With regard for the economy for absorbing the staff, I think that we have not any control except hoping for Islamic resurgence as it is going on around the world, and I i am extremely positive that Muslim countries can eventually come out with Islamic economics. Unless we get the Islamic financial systems, we should not bother about the absorbtion of our teachers. The teachers themselves can rather compel the societies to follow the Islamic economical principles.  Yousef Al- Adem:  I have two feedback; the first is regarding those scholars who had written on Islamic economics: Mohammad Al-Ghazali, Mahmoud Abus- Tu 'd and Sayyid Qutb. Al Ghazali 's two books; " Islam and Socialist Doctrines" and " Islam and Economic Conditions" are the best written intended for university students.  The second comment is about the prerequisites of research in Islamic economics. Researchers are supposed to be thoroughly acquainted in Arabic, Shari 'ah and Economics. Dr . Bassam Al-Saket 's pitch is praise- worthy to incorporate the element of faith in Islamic believed, and I would want to add piety, since the initially four conditions might can be found in some orientalists too.  Abdul- Latif As- Subaihi Dr. Bassam Al-Saket pointed out that the objective for knowledge in Islam is a great ideological one particular, not materialistic or economic. Man, is actually a social staying, and when he makes money you should be spent for the sake of great and jihad. It is not pertaining to hoarding and mere pleasure while denying others their very own rights as the case in capitalism. The economic complications in the Muslim World, known by our respected friends, came as a result of maladministration and bad planning, not as a result of some deficit in the Islamic doctrines or perhaps ideals which can be not utilized. Rather, we apply foreign economic hypotheses without testing their validity for the Muslim communities. Those American economic devices are free via human beliefs such as: brotherhood, mercy, justice etc . Therefore, the monetary theories previously applied inside the Muslim Community being based upon the objective of earning profits and simple self- enjoyment, lack of whim and value. But in Islam, the economy is based on interpersonal security wherever man make money for himself and the other folks.  Dr. Mahmoud Rashdan:  It seems to myself that a few of the problems or perhaps obstacles to research in the field of Islamic economics are the same as the difficulties of clinical research in the Muslim Universe in general. The Muslim world is underdeveloped in all fields of legitimate scientific research. However , I actually claim that what has been achieved in the field of exploration in Islamic economics during the last twenty years surpasses its version in other domains of knowledge in the Muslim Community. This is because a lot of those who believe research in the other areas of knowledge in the Muslim Globe do import and imitate the works of others. Consequently, I am rather hopeful because Islamic economics outshines other sociable sciences as far as scientific studies concerned.  The other issue which the investigator overlooked may be the political hurdle. In many Arabic and Muslim universities, those in charge of the departments of Islamic economics are designated according to a few political things to consider. They are definitely not intimated to Islamic economics. In many cases, they can be against the progress this discipline of knowledge and impede virtually any possibility to attempt research in it. We all call on the choice makers to refrain from hiring those who have nor faith in Islamic economics nor in Islam in the totality. This could be a serious and sincere motion to support research in Islamic economics.



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