Heterodox Islamic Economics The emergence of an ethico-economic theory

The fields of morality and ethics have been left out significantly from socio-scientific study in general and in economics and finance in particular. Yet this book argues that in this age of post-modernist analytical inquiry, the study of morality and ethics is an epistemological requirement. This book illustrates the delimiting nature of mainstream economic reasoning in treating morality and ethics and highlights the potential contribution of analytical monotheism, as typified by the Islamic concept of Tahwid. The principal purpose of this book is to undertake an introductory exploration of the critical area of comparative economic thought in order to place the nature and emergence of ethico-economic theory in its proper context. It is ultimately argued that such a post-orthodoxy revolutionary methodological worldview can be presented by Islamic political economy, Islamic economics and finance.

Foreword by Professor Sayuti Hasibuan Introduction Chapter 1: The Way Forward Chapter 2: Contrasting Economic Epistemology With And Without Heteronomy Appendix: Event, Continuity, and Continuum Chapter 3: Filters of Heterodox Economic Thought Chapter 4: The Epistemic Methodology of Heterodox Islamic Financial Economics and Its Consequences Chapter 5: Is There Possibility For Heterodox Islamic Economics? (A Post-Orthodoxy Criticism) Chapter 6: Critical Realism and Islamic Socio-Scientific Reasoning In the Episteme of Monotheistic Unity of Knowledge Chapter 7: Empirical Evaluation of Islamic Financing Instruments across Evolutionary Learning Trend Governed By Monotheistic Methodology of Unity of Knowledge Chapter 8: The Qur’anic Phenomenological Model Of System (Application to Human Resource Contra Human Capital Theory) Chapter 9: Conclusion: From Meta-Science to Ethico-Economics

Masudul Alam Choudhury is Professor of Islamic Economics and Finance, Faculty of Economics, Trisakti University, Jakarta, Indonesia. Presently he is Visiting Professor in the Department of Shari’ah and Economics,Academyof Islamic Studies, University of Malaya, Kuala Lumpur, Malaysia. Ishaq Bhatti is Reader, Islamic Finance Program, LaTrobe University, Melbourne, Australia.