Reviving the Islamic economic system through shariah-based public policy

Abstract Purpose – The paper aims to revive the Islamic economic system discourse given the increasing interest in the moral economy agenda. Design/methodology/approach – Proponents of Islamic economics theorise that the Islamic system presents the ideal form of a socio-economic order. However,...

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Main Author:	Mohd Yusop, Mohd Mahyudi
Format:	Article
Language:	English
Published:	Emerald Group Publishing 2015
Subjects:	HB71 Economics as a science HX806 Utopias. The ideal state
Online Access:	http://irep.iium.edu.my/46507/ http://irep.iium.edu.my/46507/ http://irep.iium.edu.my/46507/1/mahyudi_%282015%29_-_reviving_IES.pdf

id	iium-46507
recordtype	eprints
spelling	iium-465072018-06-25T00:38:52Z http://irep.iium.edu.my/46507/ Reviving the Islamic economic system through shariah-based public policy Mohd Yusop, Mohd Mahyudi HB71 Economics as a science HX806 Utopias. The ideal state Abstract Purpose – The paper aims to revive the Islamic economic system discourse given the increasing interest in the moral economy agenda. Design/methodology/approach – Proponents of Islamic economics theorise that the Islamic system presents the ideal form of a socio-economic order. However, the reported huge gap between theoretical construct and real activities seems to support the critics’ claim that it is a mere utopian state that directly challenges the viability of the Islamic economy idea. Findings – The fact of the matter is that homo economicus is overpowering homo Islamicus despite the presupposed position of homo Islamicus as the mainstay of Islamic economics. Research limitations/implications – To manifest the Islamic economic system notion further, it is argued that a shariah-based values infusion policy (VIP) needs to be formulated to actualise the predominance of homo Islamicus. Practical implications – Owing to the overarching and holistic nature of the proposed public policy, the operations of individuals, firms and state agencies should have the tendency to reflect the expected behaviour of homo Islamicus better than the present state of affairs. Social implications – The success of the VIP would include the enhancement of social integration and cohesion. Originality/value – The link between moral economy, homo Islamicus and public policy is clearly established. Thus, this research guides policy makers in promoting the Islamic economic system as a universally-aspired moral economy project. Keywords Moral economy, Comparative economic systems, Homo economicus, Homo Islamicus, Islamic countries, Shariah-based public policy Paper type Conceptual paper Emerald Group Publishing 2015-11 Article PeerReviewed application/pdf en http://irep.iium.edu.my/46507/1/mahyudi_%282015%29_-_reviving_IES.pdf Mohd Yusop, Mohd Mahyudi (2015) Reviving the Islamic economic system through shariah-based public policy. Humanomics, 31 (4). pp. 415-429. ISSN 0828-8666 http://dx.doi.org/10.1108/H-06-2015-0037
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HB71 Economics as a science HX806 Utopias. The ideal state
spellingShingle	HB71 Economics as a science HX806 Utopias. The ideal state Mohd Yusop, Mohd Mahyudi Reviving the Islamic economic system through shariah-based public policy
description	Abstract Purpose – The paper aims to revive the Islamic economic system discourse given the increasing interest in the moral economy agenda. Design/methodology/approach – Proponents of Islamic economics theorise that the Islamic system presents the ideal form of a socio-economic order. However, the reported huge gap between theoretical construct and real activities seems to support the critics’ claim that it is a mere utopian state that directly challenges the viability of the Islamic economy idea. Findings – The fact of the matter is that homo economicus is overpowering homo Islamicus despite the presupposed position of homo Islamicus as the mainstay of Islamic economics. Research limitations/implications – To manifest the Islamic economic system notion further, it is argued that a shariah-based values infusion policy (VIP) needs to be formulated to actualise the predominance of homo Islamicus. Practical implications – Owing to the overarching and holistic nature of the proposed public policy, the operations of individuals, firms and state agencies should have the tendency to reflect the expected behaviour of homo Islamicus better than the present state of affairs. Social implications – The success of the VIP would include the enhancement of social integration and cohesion. Originality/value – The link between moral economy, homo Islamicus and public policy is clearly established. Thus, this research guides policy makers in promoting the Islamic economic system as a universally-aspired moral economy project. Keywords Moral economy, Comparative economic systems, Homo economicus, Homo Islamicus, Islamic countries, Shariah-based public policy Paper type Conceptual paper
format	Article
author	Mohd Yusop, Mohd Mahyudi
author_facet	Mohd Yusop, Mohd Mahyudi
author_sort	Mohd Yusop, Mohd Mahyudi
title	Reviving the Islamic economic system through shariah-based public policy
title_short	Reviving the Islamic economic system through shariah-based public policy
title_full	Reviving the Islamic economic system through shariah-based public policy
title_fullStr	Reviving the Islamic economic system through shariah-based public policy
title_full_unstemmed	Reviving the Islamic economic system through shariah-based public policy
title_sort	reviving the islamic economic system through shariah-based public policy
publisher	Emerald Group Publishing
publishDate	2015
url	http://irep.iium.edu.my/46507/ http://irep.iium.edu.my/46507/ http://irep.iium.edu.my/46507/1/mahyudi_%282015%29_-_reviving_IES.pdf
first_indexed	2023-09-18T21:06:13Z
last_indexed	2023-09-18T21:06:13Z
_version_	1777410951359758336

Reviving the Islamic economic system through shariah-based public policy

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