chapter  8
15 Pages

The Role of Zakah in the Mainstream Economic Model: Masudul Alam Choudhury and Kabir Hassan

ByMASUDUL ALAM CHOUDHURY AND KABIR HASSAN

A contrasting approach to modeling the general equilibrium model of the Islamic financial economy is presented between the usual Islamic mainstream economic approach and the Tawhidi epistemological approach. The Keynesian model of general equilibrium is used to explore the contrasting views. The chapter establishes the fundamental critique that has been presented throughout this work: Islamic financial economics in its mainstream context has failed to contribute any fresh learning to the world. The mainstream approach of Islamic financial economics has led to opposing worldviews between the Tawhidi methodological worldview and the Islamic mainstream model.