Usul Al-Iqtisad approach in developing the foundations of Islamic economics discipline

This chapter highlights some philosophical aspects of Islamic economics by exploring the foundational/methodological issues related to Islamic economics. Islamic epistemological tradition recognizes various sources of knowledge from where we can derive our Islamic economic theory. The Islamic economics conceptual scheme is the general body of scientific nomenclature that constitutes a discipline with its distinctive goals, basic premises, and objects and methods of inquiry to be employed by Islamic economists. Usul al-Iqtisad attempts to address the challenge to develop the foundations of Islamic economics as a discipline with its distinctive features, subject matter, methodology, theory and body of knowledge. A serious effort to build a strong philosophical foundation that will form the basis for the operational framework of Islamic economics as a distinct and independent discipline is needed. As a new discipline in contemporary Islamic scholarship, many have wondered about the origin and the roots of Islamic economic ideas in contemporary times.