A Critical Review of Philosophy of Economics: An Islamic Approach

Document Type : Scholary


1 Department of Jurisprudence and Principles of Islamic Law, Faculty of Theology, College of Farabi, University of Tehran, Qom, Iran

2 Department of Islamic Law, Faculty of Judicial Law, University of Judicial Sciences and Administrative Services, Tehran, Iran



As the outcome of human endeavors, the human knowledge is not free from mistake and error. The more the human moves in the path of science, the more the unavoidable events might happen, events that lead to mistakes with numerous grave consequences. As humanities are concentrated on the human, they are more prone to mistakes. The reason is that the topic of these sciences has the highest complexity. Just like other disciplines of humanities, economics is not free from mistakes. As a comprehensive plan for the guidance of the human in various aspects and backgrounds, the sacred religion of Islam expresses facts from various perspectives the consideration of which would be useful for the worldly and otherworldly lives of the human. One of the advantages that Islam offers is the expression of precious points that, if noted by economists, can be thought provoking and helpful for them and can be useful in decreasing the mistakes in studies related to economics. The study at hand focused on some critical thoughts about the philosophy of economics based on Islamic viewpoints. It was carried out via a descriptive-analytical method using library research data to explicate the criticisms against the philosophy of economics expressed from the religious outlook.


The noble Qur’ān.      
Akerlof, G.A. (1970), «The market for lemons: Quality uncertainty and the market mechanism». Quarterly Journal of Economics, No. 84, 488-500.
Albert, T.C. (2003), E-business marketing. Upper Saddle River, Prentic Hall.
Brinson, D. (2001), Analyzing e-commerce and internet law. Upper Saddle River, Prentic Hall.
a Chapra M.U. (2009), «The global financial crisis: Can Islamic finance help?». Issues in the International Financial Crisis from an Islamic Perspective, 11-18.
Drucker, P. (2002), Managing in the next society. New York, Tuman Tally Books.
El-Gamal, M. (2001), «An economic explication of the prohibition of Gharar in classical Islamic jurisprudence». Islamic Economic Studies, vol. 8, No. 2, 29-58
Ghanīnizhād, M. (1997), An introduction to the epistemology of economics. Tehran, Institute for Research on Planning and Development.
Gibbons, R. (1992), Game theory for applied economists. New Jersey, Princeton University Press.
Hādawīnīa, A.A. (2003), Economic man from the viewpoint of Islam. Qom, Institute of Islamic Thought and Culture.
Holden, G. (2002), Starting an online business for dummies. Indianapolis, Wiley.
John, K. & J. Williams (1985), «Dividends, Dilution, and Taxes: A signaling equilibrium». The Journal of Finance, vol. 40, No. 4, 1053–1069.
Khurshīd, A. (1999), Studies on Islamic economics (1st ed.). Translated by M. J. Mahdawī. Mashhad, Āstāni Qudsi Raḍawī.
Kulaynī, M. (1987), Al-Kāfī (4th ed.). Tehran, Dār al-Kitāb al-Islāmīyya.
Majlisī, M.B. (1984), Mir’āt al-’uqūl fī sharḥ akhbār Āl Rasūl. Tehran, Dār al-Kitāb al-Islāmīyya.
Id. (1989), Bihār al-anwār. Beirut, Mu’assisa al-Ṭab’ wa al-nashr.
Mīr Mu’izzī, Ḥ. (2006), «Islamic economics: Definition and methodology». Quarterly Journal of Economics, No. 23, 157-186.
Id. (2007), «The methodology of philosophy of Islamic economics». Quarterly Journal of Economics, No. 27, 45-65.
Muḥaddith Nūrī, Ḥ. (1988), Mustadrak al-wasā’il (1st ed.). Beirut, Mu’assisa al-albayt (s).
Murti Ma, M. (1994), «Right and wrong use of mathematics». Translated by M. Qaribāghīān, ​​Journal of Economics. No. 3, 33-50
Robston, J. (1979), Philosophy of Economics (2nd ed.). Translated by B. Mardūkhī, Tehran, Pocket Books Co.
Saddle, G. (1961), Most prominent economists’ opinions. Translated by Ḥ. Pīrnīā. Tehran,, Library of Ibn Sīnā.
Ṣadūq, M. (1986). The rewards and consequences of our deeds (2nd ed.). The Rewards of deeds and the punishment of deeds. Qom, Dār al-Sharīf al-Raḍī lil-Nashr.
Id. (1992), Man lā yaḥḍaruh al-faqīh (2nd ed.). Qom, Islamic Publications Bureau. 
Id. (1997), Al-Hidāya fī al-uṣūl wa al-furū’ (1st ed.). Qom, Institute of Imām Hādī (a). Qom.
Thirteen Muslim Scholars and Economists. (1996), Discussions on microeconomics: Islamic perspective (1st ed.). Translated by Ḥ. Ṣādiqī, Tehran, Tarbiat Modares University.
Ṭūsī, M. (1987), Tahḍīb al-aḥkām (4th ed.). Dār al-Kitāb al-Islāmīyya.
Vanslyke, G. (2003), E-business technologies: Supporting the net-enhanced organization. Chichester, John Wiley and Sons.
Vogel, F.E. & S.L. Hayes (1998), Islamic law and finance: Religion, risk and return. Alphen aan den Rijn Netherlands, Kluwer Law International.
Worswick. G.D.M. (1972), «Is progress in economics possible?». Journal of Economics. Vol. 82, No. 325, 73-86.