Building Contemporary Islamic Economics, Banking and Finance Is Islamization of Modern Knowledge Possible and Viable?

Some Pertinent Questions - Where are we. - What have we done Some Pertinent Questions - Where are we? - What have we done? - Where do we want to go? - How to get there? - What are the challenges? - How to overcome them?

Developing Contemporary Islamic Economics and Finance   Two ‘sources’ of inputs in available to Muslims today 1.     Our Heritage and its relations to the ‘economic’ sphere a.     Qur’an b.    Hadith c.     Views of Scholars, past and present d.    History of Muslims e.     Contemporary Practices in Muslim Countries   2.     Modern Economics and Finance a.     Views of western writers, past and present b.    History of western economic thought c.     Economic history d.    Contemporary practices and policies

In addition to these two sources of inputs, we also have different methodologies of these two sources. 1.     Our heritage uses revelation, universe and reason to develop ‘knowledge’ 2.     Modern science uses reason and experience/empirical observations as their channels of developing knowledge   ** Can and should we use both sources to develop contemporary Islamic economics and finance? If No--- Why and what alternative? If Yes--- Why and How

Islamization of Knowledge- Ismail Raji al-Faruqi (1982) Preface Muslims imitate other civilizations, but never able to do even this. It succeeded in de-Islamizing the top layer of Muslim society and demoralizing the rest. Vision of Islam became clouded with the alien vision brought with the colonizers…stayed primarily through education system….dual.

pp. 1-11 The problem Backwardness of Muslims (politics, economics, religio-cultural). The main locus and core of the malaise of the ummah is the prevalent educational system. It is the breeding ground of the disease. Done injustice to Islamic education; not been able to emulate western models fully because we have not imbibed the vision fully….(good?)…..mediocrity. Islamic vision not taught to all students as western tradition is taught to high school students in the west i.e. with consistency, universality, utmost seriousness and commitment.

pp. 11-20 The task 1. Solving the problem of education… pp. 11-20 The task 1. Solving the problem of education….uniting the two systems of education based on the vision of Islam at all levels. Requires independence from political and financial considerations. 2. Instilling the Islamic vision via a. a four year compulsory study of Islamic civilization and b. through the Islamization of modern knowledge based on unity of Allah, creation, knowledge, life and humanity.

p. 18 Islamization of Modern Knowledge Master modern knowledge… p. 18 Islamization of Modern Knowledge Master modern knowledge….then, they ought to integrate the new knowledge into the corpus of the Islamic legacy by - Eliminating - Amending - Reinterpreting - Adapting Its components as the world view of Islam and its values dictate. The exact relevance of Islam to the philosophy (the method and objectives) of the discipline should be determined.

p. 20 To recast knowledge as Islam relates to it, is to Islamize it i p.20 To recast knowledge as Islam relates to it, is to Islamize it i.e. to Redefine and reorder the data Rethink the reasoning and relation of the data Reevaluate the conclusions Re-project the goals So that it can enrich the vision and serve the cause of Islam. Traditional Knowledge and its methodology cannot do it. Modern knowledge also cannot do it.

pp. 49 – 62 The Workplan The objectives of the workplan are 1 pp. 49 – 62 The Workplan The objectives of the workplan are 1. To master the modern disciplines ** must ensure that mastery of this does not include its vision. Assumes the qualifications of the one who masters this. 2. To master the Islamic legacy ** must also do something to the legacy.

3. To establish specific relevance of Islam to each area of modern knowledge ** assumes that these areas, their framework and categories are acceptable? 4. To seek ways for creative synthesis ** assumes that the synthesizer has the necessary qualifications which cover both substantive knowledge (of both sides) as well as knowledge of methodology (of both sides). 5. To launch Islamic thought which leads it to fulfillment of the divine patterns of Allah. Followed by his 12 point plan.

In later Modified Edition of IOK Workplan Before any IOK can take place, we must first master the fundamental principles of Islam and the Islamic legacy and gain proper knowledge of contemporary social and applied sciences. We must also be fully acquainted with the Islamic vision and Islamic ideological and methodological notions prior to any stage of contribution and creativity.

Prof. Al-Attas, Islam and Secularism (1978) Chapter 5- The Dewesternization of Knowledge Greatest Challenge for Muslims is the challenge of knowledge as conceived and disseminated throughout the world by western civilization. Knowledge that is infused with the character and personality of western civilization …interpretation through western worlview. Two steps 1. Isolate the elements, including key concepts which make up western culture and civilization 2. Islamization i.e. after isolation, we infuse the key concepts with Islamic elements and concepts. This is not equal to Grafting or Transplanting….done through an Islamic University

The interpretation of statements and general conclusions of science and the direction of science must be subjected to critical evaluation. ·        Critical examination of the methods of modern science ·        Of its concepts, presuppositions and symbols ·        Its empirical and rational aspects and those impinging upon values and ethics ·        Its interpretation of origins ·        Its theory of knowledge ·        Its presuppositions on the existence of an external world, of the uniformity of nature and the rationality of natural processes ·        Its theory of the universe ·        Its classification of sciences ·        Its limitations and inter-relations with one another of the sciences and its social relations