ABSTRACT
This chapter attempts to identify the dominant method employed in the development of modern Islamic economic studies. In this context, the relationship between modern Islamic economic studies and the dominant mode of knowledge production in the Islamic world since the 19th century will be analysed. The main argument of this chapter is that Islamic economic studies developed as a result of literal interpretations of the main sources of Islam and that these interpretations pervaded the ways in which knowledge was being produced during the modern era, and essentially that throughout this process Islamic economic studies has lacked a methodology. The main reason for this is the failure of Islamic economic studies to observe continuity and consistency with Islamic thought. Subsequent to grounding my claim, I will analyse the conclusions arrived at in academic writings. Finally, a suggestion towards achieving continuity will be presented at the end of the study.
