Islamic Economics as a Science


This paper departs from the debate about the existence of Islamic economics as a discipline. Some argue that the Islamic economy can not be regarded as a discipline, but others claim that Islamic economics can be seen as a discipline. Results of the analysis in this paper concludes that the Islamic economy can be categorized as a science because science indicators and elements have been met by Islamic economics. Islamic economics has met the three elements of the philosophy of science, that is ontology, epistemology, and axiology. In its history , Islamic economics has met the stage for the birth of a discipline, that is at the problematic stage of Islamic economic thought is still integrated by other disciplines, especially the field of study of fiqh, the disciplinary stage of Islamic economic thought began to be written specifically by Muslim economists and no longer integrated by other fields of study, while at the naming stage concept that emerged was the Islamic Economic and Sharia Economic, which in Arabic is often referred to as Iqtishadiyya.
Keyword: Economics, Science of Economics, and Islamic Economics


A.    Preliminary
Discourse on Islamic economics (or usually also termed economic Sharia) is actual and interesting theme for further action. This is because the Islamic economy is still seen as a “new face” in the realm of thought of Muslims, but showed a phenomenal development. Since several centuries, the question of Muslims dwell only about fiqh and political issues. While the issue of Islamic economic thought emerged around the middle of the 20th century AD. Perhaps, this is the reason why the issue of Islamic economics that still feels strange in the ears of Muslims.

In today’s developments, Islamic economics has gained serious attention from various circles in Indonesia, both intellectuals and society. This is evidenced by the splendor of the discourse on these issues. There are two compelling reasons why Islamic economics become attractive theme now. First, Islamic economics is seen as the “new stuff”, which in the history of Islam was forgotten. Second, the presence of economic institutions are built on the foundation of Islam has grown so phenomenal: in a very short time (around 10-15 years) have established hundreds or even thousands of economic institutions and Islamic financial institutions. Third, the current economic system, the economic system of capitalist and socialist economic system is seen to have weakness, especially in the balance between individual interest and the public interest.

Islamic economic studies seems to have colored the thinking of Muslims, though still limited to certain circles. Development of Islamic economics as a discipline has been initiated, and even, in some universities of Islamic Economics has been used as a study program, either Islamic Higher Education (IHE) nor General College. However, although of thought and even the application of Islamic economics has undergone a significant development, but is still found an assumption that Islamic economics can not be used as a discipline. Even more extreme, there is an assumption that Islamic economics can not be used as a well-established discipline, because it is just shades of values and norms.

However, in the midst of developments that so phenomenal, in the scientific and academic study comes the big question: whether the Islamic economy can be viewed as a science?, Which could then be implemented in a discipline. This question, according to the author, need to be answered and explained that Islamic economics today can be seen as a discipline. On this basis that, the paper is then written.

In his discussion, before answering to the point, in the beginning of writing will be described in advance what is meant by science itself. After that, it will then be described about economics. And, in the end will be explained about the existence of Islamic economics. With the systematics like this, it is expected there is clarity on the position of Islamic economics as a science.

B.    Purposing Science

According to Rosenthal, defines something or object of knowledge is tantamount to involve themselves in intellectual endeavor. He is an undertaking which is highly appreciated by all streams of Islamic thought except by a handful of individuals. However, this exception is not directed at efforts importance of defining a term or concept, but rather the excessive emphasis on logic which is considered the only discipline on issues of definition. 

Linguistically, `ilm is taken from the word `alama which means signs or instructions, by which something or someone can be recognized. In connection with this, `ilm in Islam often be equated with ayaa, so that science in Islam comes from the Qur’an which consists of the verses. Whereas in English commonly called science, which is synonym with episteme in Greek language.  Accordingly, then in the philosophy of science, differentiated between knowledge with science. The difference lies in the scope: science is a part of the knowledge.

Science is knowledge that has certain characteristics. In other words, science is the collection of knowledge which systematic through the scientific method. Many definitions of science put forward by scientists. As a general reference, the following will be presented several definitions of the science. Simply put, “The Pocket Oxford English Dictionary” as quoted by M. A. Mannan said that science can be defined as “knowledge formulated systematically” or “a venue of knowledge which an organized about the physical world, both animate and inanimate”.  Meanwhile, according to S. Jujun Suriasumantri, knowledge is essentially what all dikatahui about a particular object.  Whereas, according to Mulyadi Kartanegara, science is any organized knowledge. 

From the some of these definitions, it can be understood that the essence of science is the partial of knowledge has the characteristics, signs, specific requirement, that is systematic, rational, empirical, universal, objective, measurable, open, and cumulative. However, according to Mulyadi Kartanegara, the object of science is not necessarily always an empirical because reality is not only empirical even which wider the non-empirical. 

C.    Purposing Science of Economics

Economics is a field of study that talks about how humans perform the various ways of organizing production and consumption activities.  Consistent with this notion,  Eduian Mansfield defines economy with the study of human behavior in relation to the utilization of productive resources are scarce to produce goods and services and distribute them for consumption.  In these two definitions can be understood that science of economic is positioned as a field of study (or courses) that could be the economy has seen as a discipline. Moreover, from this definition can be captured on the substance of science of economic, that the human effort in coordinating the activities of consumption and production. This implies that human economic activity became the main subject of study in science of economic. This notion is reinforced by David C. Colander stating that economics is the study of how humans coordinate the wants and desires, giving decision-making mechanisms, social traditions, and political realities of the society. 

A little bit different with that the understanding, Lord Robbins explained that the main focus is the economics of human behavior in relation to the achievement of the selection issues that contain the necessary resources.  With this understanding, further reinforce that economics is part of the social sciences, because human behavior as the object of its study. It is then stated by Mc Kenzie and Tullock that science of economic is science which studying of patterns of human behavior. 

Regardless of the definitions, Dawan Rahardjo ascertains some elements matter of concern to economists, that is: (1) the activities carried out by a person and the community in the production, distribution or exchange, and consumption, (2) fullfilment for goods and services or the necessities of life, (3) the need to choose an alternative, both in determining a variety of purposes, and the use of resources, which contain a variety of alternatives, and (4) the presence of resources that needs to be limited. 

From the description above, it can be understood that science of economic essentially is science that studies human behavior. Such behavior includes aspects of production, distribution, and consumption. These aspects are then coordinated so that human needs can be met by way of wile variety of resources, both human resources and natural resources.

D.    Science of Islamic Economics

Based on the meaning of science and science of economics at the above, it can be assumed that Islamic economics can be viewed as a knowledge. This is evidenced by the abundance of information on Islamic economics. Has many definitions, objects and scope of the study and discussion of Islamic economics that has been put forward. In fact, information about Islamic economics has presented material about macroeconomics and microeconomics in the Islamic perspective. It can be seen in the literature of Islamic economics, that number has reached hundreds or even thousands of titles.

The next issue, whether it is knowledge of Islamic economics has systematically formulated?, So it could be categorized as a science. In early Islamic tradition started writing, the problem of Islamic economics has not been written specifically and systematically. The substance of Islamic economic poured in fiqh literature, especially fiqh al-mu`âmala and fiqh al-siyâsâ (al-mâliya). Islamic Economics as outlined in the fiqh al-mu`âmala an Islamic economic interactions that regulate economic activity among individuals with individuals, individuals and business entities, or between business entities and business entities. While Islamic economics as outlined in the fiqh al-siyâsâ (al-mâliya) is when the economy seen as a product ruling policy. At this time, the Islamic economy can not be regarded as a science, because the writing and the discussion has not been systematically formulated. Therefore, the Islamic economy at this time can only be expressed as a set of knowledge.

Writing and discussion of the economy could be systematically Islam has started since the era of post-Shafi’i scholars. This is because there is an assumption that is written and discussed fiqh scholars madhhab is the problem in a comprehensive sense. Literature written in it is madhhab scholars have not found specific discussion about iqtishâd (economics). Writing and discussion of Islamic economics is assumed to arise in the taqlîd period, which in târîkh tasyrî` emerged around the middle of the 7th century H. In aspektual, was thinking about Islamic economics had emerged during the madhhab scholars. For example, the Islamic economic thought proposed by Zayd bin Ali (80-120 AH), Abu Yusuf (112-182 H), and Abu `Ubayd al-Qashim Ibn Sallam (157-224 H). Writing and discussion of Islamic economics is more comprehensively appeared in the era of Ibn Taymiyya, that around the middle of the 7th century H. 

If so, then what is meant by Islamic economics? According to M. A. Mannan, Islamic economics is a social science that studies the economic problems of the people who were inspired by Islamic values.  From this definition it is understood that Islamic economics is part of the social sciences, a substance extracted from the economic behavior of human beings, especially Muslims. However, even if Islamic economics it is dug out of the economic behavior of people, it can not be separated from the guidance of Islamic values. This means that all economic behavior of people it is then accommodated as a source of Islamic economics where economic behavior is contrary to the Qur’an and al-Sunna. Almost interchange with this understanding, Hasanuz Zaman interpreting Islamic economics to the science and application of command and rules of Sharia which prevents injustice in obtaining material resources as a means of satisfying human desires, thus enabling him to fulfill his duty to God and society.  While Akram Khan defines Islamic economics with a study of how people try to obtain happiness (fala) by way of utilizing the resources on earth based on the cooperation and participation.  Consistent with this notion, Muhammad Arif defines Islamic economics to the science which studies behavior of Muslims in organizing resources as a mandate to obtain happiness (fala).  This notion seems to accommodate the understanding of economics put forward by Western economists. Compare, for example, this understanding with the understanding science of economics which presented by Paul A. Samuelson and William D. Nordhaus above. Therefore, the core of economics is an attempt to organize resources to achieve one goal, which is happiness. Besides Islamic economics is seen as a science because it has been compiled systematically, it also has fulfilled the elements of a science. In the perspective of philosophy of science, a discipline it is must satisfy three elements, that is ontology (about what?), Epistimologi (how?), And axiology (about what for?). According Jujun S. Suriasumantri, science is made up of three elements, that is the elements of substance, information elements, and elements of the methodology.  Element substance known to the subject (material and formal) or subject matter a discipline. While the elements of an information content of speech understanding and explanation that are abstract about the substance of the elements, both of which can be observed (observable) and measured (measurrable) and that can not be observed and measured. Moreover, the elements of the methodology is a way of working that “tinkering” elements of the substance and information elements using the way of thinking and a certain way of working, which is generally known as the scientific method, and then developed into a method of research.

For elements of ontology seem to have been met by Islamic economics Islamic economics have given the matter much discussed and even stated in various posts. In fact, lately Islamic economics material has been written systematically, which is sometimes adapted to a systematic discussion of systematic discussion of conventional economics, which had previously been progressing.

In relation to the methodology of Islamic economics, need to be clarified first that Islamic economics can be positioned as normative economics and positive economics. Normative economics means that Islamic economics question about how it should be something that, while significant positive economics Islamic economics also questioned about the economic issues that arise in the life of society (Islam). In connection with that, then there are two main methodologies that can be developed in Islamic economics, the deductive method and the inductive method.  Deductive method–the istinbathi method, is used in the science of Islamic economics normative, whereas the inductive method–the istiqra’i method, is used in science of Islamic economics positive. Deductive method means how to lose value and economic norms which embodied in al-Quran and al-Sunna in the economic order of the people, whereas the inductive method means people make generalizations economic activity which is then connected to the al-Quran and al-Sunna.

Accordingly, the development of Islamic economics as a science can be used two methods, that is deductive and inductive methods. Deductive method is used to understand the economic substance contained in the Qur’an, al-Sunnah, and the opinions of jurists. While the inductive method is used to make generalizations from a variety of economic events that occurred among Muslims. The second method, today, it is possible to do given the Muslims have started to realize the values and norms of Islamic economics, such as banking, insurance, and financial institutions and other Islamic economic practices.

According to Monzer Kahf, a deductive method was originally developed by Islamic jurists (fuqaha). This method can be used on modern Islamic economics to show the principles of the Islamic system and its legal framework in consultation with the sources of Islam, that is the Qur’an and al-Sunnah. While the method of induction (retrospective) is widely used by contemporary Muslim writers by formulating an alternative solution to solve the economic problems of contemporary people to get back to the al-Quran and al-Sunnah to seek support for these solutions and test with regard Hints of God. 

In element of axiological, the emergence of Islamic economics is actually a logical demands. Similarly aesthetic, Islamic economy can create a harmonious life, harmony, and balance. In very broad terms, Islamic economics can be ethical demand to reduce inequality and increase prosperity. Logically, Islamic economics can be an alternative to the dichotomy between the economic capitalist economy and socialist economy, which at the same time began to be criticized weaknesses. While aesthetically, Islamic economics has spawned economic force that can maintain balance and social harmony in the harmony of life, equitable economic development and not destructive to the harmony of life and the universe. The ethical, Islamic economics is built on the foundation of maqâshid al-sharî`a, that is hifzh al-dîn, hifzh al-nafs, hifzh al-nashl, hifzh al-`aql, and hifzh al-mâl.

With this description, it is certain that Islamic economics has met the elements of a science, that is ontology, epistimologi, and axiology. By doing so, this discussion into an amplifier on the status of Islamic economics as a discipline.

E.    Islamic Economics as a Discipline

To begin this discussion, it seems necessary to first reduce Acikgence Alparslan thinking about stages of the formation of a discipline. According to Alparslan Acikgence, there is three stages to the formation of a discipline, that is:
1.    Problematic stage, is the stage where the problems studied subjects randomized studies and scattered without restrictions on certain areas of study. This stage takes place in a long time.
2.    Disciplinary stage, is the stage in which people who have agreed to discuss the scientific tradition of the materials and methods of discussion are determined in accordance with their respective fields.
3.    Naming stage, is stage giving the name of the material and methods that have been formulated in the second stage. 
In the first stage, that is problematic in the early stage has been on going economic developments of Islam, where the Islamic economy partially reviewed and discussed the subject of discussion and into other disciplines. Islamic economics frequently mentioned partially in the field of fiqh, especially in fiqh al-mu `amala and al-fiqh al-maliyya siyasa. At this stage, the discussion of Islamic economics is often integrated with a discussion of Islamic law, particularly fiqh al-mu `amala. Even, the assumption that the economy had emerged Islam identical to fiqh al-mu `amala. 

Islamic economics entered the discussion in the book al-Umm and al-I `tisham work of al-Shafi` i, al-mudawwana al-kubra ‘by Imam Malik, and other books of fiqh. When linked with tarikh al-tashri` (history of Islamic law), it is possible that this period took place in the period mujtahid imam. Currently fiqh issue is the main focus of interest, so it is difficult to find literature that specifically discuss the Islamic economy.

In the second stage, the disciplinary stage, people who have agreed to discuss the scientific tradition materials and methods in accordance with the specific discussion of each field. Specialization of Islamic economic has become the main feature at this stage. Discussion of Islamic economics is no longer discussed in an integrated manner with other disciplines, such as fiqh al-mu `amala and al-fiqh al-maliyya siyasa; However, Islamic economics is presented in depth and independently.

In this phase writing started appearing that specifically talk about the substance of Islamic economics. For example, Abu Yusuf (d. 182 H) wrote al-Kharaj, al-Syaibani (d. 198 H) wrote al-Kasb, Abu Ubayd (d. 224 H) wrote al-Amwal, and Yahya ibn Umar (d. 289 H) wrote al-Ahkam al-Suq. Islamic economic thought is then further developed by Muslim intellectuals in the Middle Ages, such as Ibn Hazm (d. 1064 H), Nizam al-Mulk (d. 1093 AH), Ibn Taymiyya (d. 1328 AH), and Ibn Khaldun (w . H. 1404).

Today, writing and discussion of the specifics of Islamic economics and specialized in such a way that with very high intensity. Popular figure at this stage is Muhammad Baqir al-Sadr, M. Umer Chapra, M. A. Mannan, Nejatullah Siddiqi, Timur Kuran and Muhammad Arif. Muhammad Baqir al-Sadr wrote a monumental book, the book is Iqtishaduna (our economy), which tried to make the new theories by deducing Islamic economics of al-Quran and al-Sunna, and discard theories that emerged in the economy conventional. In the next development, the thought of Muhammad Baqir al-Sadr was attended by Abbas Mirakhor, Baqir al-Hasani, and Kadim al-Sadr, who went on to become its own madhhab in the stream of Islamic economics thought.

M. Umer Chapra has written a book that can describe the nature of Islamic economics, the book is the Future of Economic: an Islamic Perspective. M. A. Mannan wrote the book Islamic Economic: Theory and Practice which very monumental about Islamic economics given the discussion includes aspects of ontology, epistiomologi, and axiology. While Nejatullah Siddiqi writes book Islamic Economic Though: Recent Works on History of Economic Thought in Islam, a Survey, Reading in Islamic Thought. Third thinker explains that developing Islamic economics does not mean wiping out the theories generated by conventional economists. Theories that can be accommodated as long as not contrary to Islamic principles contained in the Qur’an and al-Sunna.

In addition to the literature that has been stated above , of course, still many books other Islamic economics has been written by Muslim economists . However , from some of the literature it can be understood that the Islamic economic thought can be classified into three schools of thought . First, the school of thought that tried to make the new theories by deducing Islamic economics of al – Quran and al – Sunnah , and discard theories that arise in conventional economics . The economic school of thought led by Muhammad Baqir al – Sadr . Secondly , the flow of which states that in developing Islamic economics does not mean wiping out the theories generated by conventional economists and theories that can be accommodated as long as not contrary to Islamic principles contained in the Qur’an and al – Sunnah . The flow was driven by M. Umer Chapra , M. A. Mannan , and Nejatullah Siddiqi .

Third , the flow of which states that critical analysis is not just to do with socialism and capitalism , but also against Islamic economics itself. Islam certainly true , but the economy is not necessarily true because Islam Islamic economy is the result of human interpretation of the Qur’an and al – Sunnah . This stream of thought led by Timur Kuran and Muhammad Arif.
While on the latter stages, naming stage, the stage giving the name of the materials and methods that have been formulated in the second stage. At this stage some concepts appear as the name of the discipline of Islamic economics. However, the most popular name is the Islamic economics and Sharia economy.

Formally this discipline was born in the First International Conference on Islamic Economics held in Mecca in 1976.  Discourse on Islamic economy continues, not only among Muslim academics and intellectuals, but also involve the wider community. In fact, in the 1980s the Islamic economy began to be implemented in some countries the majority of the population are Muslims.

Islamic economy is experiencing significant growth over again after the Organization of the Islamic Conference (OIC) established two special universities who study the discipline of Islamic economics. Both universities are International Islamic University of Islamabad (IIUI) in Pakistan in 1981 and the International Islamic University of Malaysia (IIUM) in Malaysia in 1983. Progress is then followed up by establishing OIC Centre for Research in Islamic Economics of King Abdulaziz University and the Islamic Research and Training Institute (IRTI) which was initiated by the Islamic Development Bank (IDB).

From the above description, it can be understood that in the history of its development, Islamic economics has been through the stages of the birth of a discipline, ranging from problematic stage, disciplinary stage to naming stage. The third stage of the economy through specifically and valid, so that the development has met the elements of scientific history.

F.    Economic Study of Islam in Indonesia

Study of Islamic economy in Indonesia is assumed to be originated in the mid-20th century. Several discussions and meetings of scientific evidence regarding the Islamic economy began to appear at this time, although not done systematically yet. Even, its study were often clashed with the legal aspects of Islamic economics. At this time the study of economics is not only focused on the observation and describe the symptoms of sheer economics, but also has put the economic life goals and provide limits on the ways that need to be taken to realize these goals. 
However, in real terms economy study of Islam in Indonesia began to grow along with the institutionalization of Islamic economy. As we know that the institutionalization of Islamic economy began to squirm in the early 1990s, the study of Islamic economy begins almost in the same year. When in 1991 established Bank Muamalat Indonesia, then at that time there appears to be an attempt establishment of Islamic banking educational institutions.

In the environment Islamic Higher Education (IHE) themselves have adopted the interests of Islamic economic institutions that emerged in Indonesia. In response to the presence of Bank Muamalat Indonesia, for example, in the environment IHE has occurred repositioning program of study. For example, in 1994 in the Faculty of Sharia in the environment there is IHE sorting majors (programs of study) Tenets / Jinayah into two, the Muamala and Jinaya-Siyasa. Study Program Muamala intentionally opened in response to the development of Islamic economy institutionalization.

Since that time, Islamic economy as a discipline started to get serious attention from various circles, especially in academia. It is based on the assumption that the development of a social institution (economy) must also be accompanied by the development of educational institutions. The balance between these two institutions will have implications for the development that is conducive to both. Islamic economic institutions will require the products Islamic economy educational institutions as potential human resources as well as educational institutions will require the institution Islamic economy Islamic economy as a process of absorption products.

In the next developments, it turns curriculum Muamalah Programs can not release products that can be utilized in Islamic economic institutions, for scientific orientation is more focused on the legal aspects rather than on economy aspects. As a result, Muamala Programs more product experts in the field of Islamic economic law than Islamic economy. With these circumstances, the consequences of Islamic economy institutions are not a lot of recruiting employees from Muamala Programs.

The next developments, in Indonesia emerging non-formal educational institution that organizes short courses which spawned products operationally adept several Islamic financial institutions or the economy. In 1999 in Jakarta standing Tazkia Institute which organizes a variety of short courses, such as courses Islamic banking, Islamic insurance, Islamic finance management, and accounting Islamic. Short Course held by non-formal education institutions that in turn gave birth to the practitioners Islamic financial institutions and the economy.

However, the needs of Islamic financial institutions and the economy it was not just a practitioner. He needs it anyway thinkers and framers of the applicative concept Islamic economy as a product Islamic financial institutions or the economy. Accordingly, the next development started thinking and develop Islamic economics in the environment institutions of formal education, especially in universities.

Therefore, towards the end of the 20th century began to appear several Islamic economics courses at several universities, especially in the Islamic Higher Education ( IHE ). However, Islamic economics courses studied in college was very varied , both in terms of the naming of the course itself and in terms of curriculum. In particular IHE establishes a course of Islamic economics as a major, but other IHE establish Islamic economics as a major course of study below. Similarly, the name of the course is used, in particular IHE establish Islamic economics as the name under which the course covers several concentrations , such as Management of Islamic Finance, Islamic Banking, Takaful and Islamic Accounting. However, the name of the courses used by other IHE directly at certain concentrations, such as the Islamic Financial Management courses, courses Islamic Banking, Takaful course, and Islamic Accounting courses.

Variations in the organization of Islamic economics programs is evident also in the curriculum are presented. In IHE that puts economics programs at the Department of Islamic Muamalah, the curriculum is still a lot of uncharged law (Sharia), but, at the IHE be a Islamic economics as an independent study program, the curriculum more charged economics. For this latter variation is still found, especially in terms of the quantity and intensity of adoption of conventional economic sciences in the curriculum.

Variations of the name of the program and curriculum studies at IHE environment this could be caused because there is no standard guidelines governing the establishment and operation of Islamic economics courses. In the background made opening and Implementation Guidelines for Islamic Economic Studies Program at the IHE mentioned that according to the background, preparedness and IHE are very diverse conditions, the implementation of Islamic economics programs are very diverse, both in terms of naming courses, competencies, learning teaching and curriculum. In addition, the diversity also appeared in setting competency standards of Islamic economics programs (Anonymous, 2005: 2-3). With this rationale, then in 2005 the Director General of Islamic Institutions issued Decree No. Dj.II/254/05 about Opening and Operation Guidelines Islamic Economic Studies Program at the Islamic University.

Another phenomenon that can be seen from Islamic economics programs developed by some of the IHE is the substance of science. The substance of Islamic economics developed seems to be a convergence of economic principles embodied in the Qur’an and al-Sunnah with conventional economics. Operationally, the economic principles that have been formulated by the scholars in fiqh al-mu `malic or al-fiqh al-mâliyah siyasah. While conventional economics adoption of Western economic theory.

This convergence of scientific models seem to provide a strong influence on the subsequent development of Islamic economics. Most noticeably influence today is the method of scientific development. There are two issues that arise as a result of this scientific model of convergence. First, there is an attempt justification of Muslim scientists on contemporary economics when there is harmony and negative judgment when it found conflict. Second, they found the dichotomy of science, that is the Islamic sciences with conventional economics.

While the second problem was more noticeable in the distribution of subjects. On the one hand universities sciences to present-Islam’s (Tafsir al-Qur’an, Hadith, Usul Fiqh, and Fiqh) and Islamic economics, while on the other hand presents a particularly conventional economics (economic statistics, mathematics economics, macroeconomics, and microeconomics). In fact, that appears at this time, Islamic economics is more emphasis on the field of economic values and ethics according to Islamic teachings.

G.    Conclusion

From the description of Islamic economics as a science above, some conclusions can be drawn as follows:
First, Islamic economics can be categorized as a science, and even, it is no longer a merely knowledge. This is because the indicators and elements of science has been fulfilled by Islamic economics. The indicators, a variety of information about Islamic economics has been scattered in the literature, and even, the knowledge has been formulated systematically.
Second, Islamic economics has met the three elements of the philosophy of science, that is ontology, epistimologi, and axiology. Ontology element relates to the substance of Islamic economics and Islamic economics of information itself as a knowledge. Elements of methodology, which generally consists of a deductive method (istibathi) and the inductive method (istiqra’i). While elements of axiology fulfilled when Islamic economics to meet the needs of the people, ie, as a solution for the completion of various economic problems of the people.
Third, the history of its development, Islamic economics has met the stage for the birth of a discipline. On the problematic stage of Islamic economic thought is integrated with other disciplines, especially the field of study of fiqh. At the disciplinary stage, the Islamic economic thought began to be written specifically by Muslim economists and no longer integrated with other fields of study. In naming stage, the concept that emerged was the Economic and Islamic sharia a Economic, which in Arabic is often referred to as Iqtishadiyya.
Fourth, the development of Islamic economic studies in Indonesia was marked by economic studies of Islam, both formal and non-formal. Formally, the study of Islamic economics discipline manifested in the form of institutionalization of Islamic economics. Some colleges have made Islamic economics as a course of study, and even science itself has be a clump, thus becoming the Faculty of Islamic Economics. Meanwhile, non-formal, Omniscient God


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