This subject provides understanding to the students the philosophical basis and epistemology of Islamic economics, as well as its methodology. It discusses the concepts of worldview, scarcity, rationality and ethics in Islam on the basis of four major sources of Islamic jurisprudence such as he Qur’an, the Sunnah, Ijma’ and Qiyas. Other modes of ijtihad are also mentioned in brief to provide more understanding about their comparison. Islamic legal maxims or qawa’id fiqhiyyah also deserve discussion to know their position in the Islamic sources and methodology.
Skill Level: Beginner