chapter  2
24 Pages

From the ontology of tawhid to Islamic social finance

Conceptualization and application
ByMasudul Alam Choudhury, Ari Pratiwi, Mohammad Shahadat Hossain

This chapter aims at conceptualizing the empirical development of Islamic social finance as an expression of the ontological law of unity (tawhid) of knowledge in Islam.

To this objective, Part I of the chapter formulates the conceptual nature of the wellbeing function for socio-economic actors by its embedding of the moral and ethical learning variables signifying participatory organic unity between the variables. That is to say the organic unity of inter-variable causality is invoked as the underlying dynamics of evolutionary learning in the midst of organic unity of being and becoming of forms and inter-variable relations. In accordance with this epistemic approach, Part II translates the abstraction of the wellbeing function into its quantitative analysis by means of statistical data on the selected variables of Islamic profit-sharing and charitable financing. The Islamic law of unity of knowledge called tawhid overarches both Part I and Part II to explain the central role of participatory organic unity of being and becoming between the variables signifying the good things of life as the foundational mark of tawhidi unity of knowledge and its application.