The concept of scarcity and its influence on the definitions of Islamic economics: A critical perspective

Wahabalbari Ahmed (Corresponding / Lead Author), Wahabalbari Ahmed* (Corresponding / Lead Author), Norzarina Mohd-Zaharim (Corresponding / Lead Author), Zakaria Bahari (Corresponding / Lead Author)

*Corresponding author for this work

    Research output: Contribution to journalArticlepeer-review

    Abstract

    Abstract

    Purpose – The aim of this paper is to reconcile the diverging opinions among Islamic economists toward the concept of scarcity and to present a holistic model of scarcity and abundance from a Qur’anic
    perspective.

    Design/methodology/approach – Analyses of both interviews and texts were performed. The
    method in studying scarcity from Islamic perspective consisted of semi-structured interview with five experts in the field of Islamic economics and development.

    Findings – One major implication of this study is that the concept of scarcity as it is postulated by mainstream economics tends to clash with the Islamic worldview, as it does not have any reference in Islam. Scarcity can act as a phenomenon in economic activities but not as the defining concept in Islamic
    economics.

    Practical implications – Practically, this paper will contribute to the making of the first lecture of
    the course of Islamic economics.
    Social implications – Socially, this paper will contribute to the process of transforming the science of
    economics and Islamic economics for a sustainable tomorrow.

    Originality/value – This paper is a fundamental paper that addresses some aspects from critical realism and transcendental idealism into the making of Islamic economics. Not only that the discussion on the concept of scarcity in Islamic economics is limited and seems to be lacking; in addition, this paper
    offers a critical discussion on the validity of the concept of scarcity in economics from a critical perspective.

    Keywords Critical realism, Islamic economics, Scarcity, Abundance, Heterodox economics, Qur’an
    Paper type Conceptual paper
    Original languageEnglish
    JournalHumanomics
    Volume31
    Issue number2
    Publication statusPublished (VoR) - 2015

    Fingerprint

    Dive into the research topics of 'The concept of scarcity and its influence on the definitions of Islamic economics: A critical perspective'. Together they form a unique fingerprint.

    Cite this