chapter  2
16 Pages

The Philosophy of Knowledge in Islam

This chapter investigates the current status of intellection in Islamic economics and finance and current practice by Islamic banks to discover whether this field as it has developed in contemporary times has any epistemological basis that can provide a revolutionary contribution to academia. It argues that while the intellectual discipline of economics has been investigating the possibility of a heterodox school, Islamic financial economics, as it stands today, has failed to contribute any such challenging dimension. Among the kinds of heterodox developments in the field of economics, markedly Marxism, post-Keynesianism, deontological economics, and the ontological project of economics by Tony Lawson and his group, there has arisen the field of Islamic financial economics. The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service.