Ummah Economic Remedy: Between Islamic Economics and Islamic Political Economy

Cite this:
Mohd Rosdi, M. S. B. (2016). Ummah Economic Remedy: Between Islamic Economics and Islamic Political Economy. Journal of Business Management and Economics, 4(01), 38–46. https://doi.org/10.15520/jbme.2016.vol4.iss01.169.pp38-46
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Abstract

This article aims to find a form of holistic economy that is capable of identifying the source of problems and providing remedies for Ummah (Islamic nation) economy. The available options are Islamic economics and Islamic political economy. Islamic economics refers to economy based on Islam, while Islamic political economy refers to the interaction between Islamic economy with Islamic politics and the implication of the influence of one field on the other. Most scholars to date concentrated only on Islamic economy, not Islamic political economy. The question is, is Islamic political economy capable of providing remedies for Ummah economic problems? Is Islamic economy holistic when it is concentrated only in the production and consumption of goods and services without considering its relation to politics? This paper attempts to find the answers to these questions. Based on literature review and textual analysis, this paper firstly re-evaluates the status of Islamic economics, which does not take into account the political dimension; secondly, analyses the extent of the holisticity of Islamic political economy in comparison to Islamic economics; and thirdly, summarizes the choice between Islamic economics and Islamic political economy as a holistic field in overcoming problems and providing solutions for Ummah economy.

 

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