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E k o n o m i S y a r i a h T e r k i n i
6. System The sixth deficiency of the mainstream Islamic economics relates to the
question on how far the realization of Islamic economics has actually strengthened the Islamic economic system. In fact, the earlier espousal of
the Islamic framework, redefinition of concepts, and adoption of Islamic research methodology actually aims to ensure a strengthening of the
Islamic system. This is based on the observation that the execution of Islamic economic theories and policies seem to have not been adequately
strengthened the Islamic system. In contrary, the endeavors of Islamic economists in actuality have been
directly or indirectly strengthening the western ethno-centric system because of their western ethno-centric framework and undefined concepts,
as well as because of the adoption of the conventional research methodology. For instance, zakat and awqaf have been said to be able to
alleviate poverty, but the concept and theoretical framework of poverty themselves have not been deconstructed. Entrenched in them are still those
of the western-ethno centric concepts and theoretical framework. In consequence, the alleviation of poverty through zakat and awqaf are
confined to profit-oriented capitalistic commercialization, hence strengthening capitalism instead of the Islamic system.
It is therefore probably not unfair to conclude that Islamic economics so far has not been able to establish a strong economic system, let alone in
prescribing solutions to economic problems such has been raised by western economists themselves. Perkins 2006 for instance has exposed
the problems of the maneuvering of the first world’s economic hit men
10
. There is also the issue of `
false economy’ as has been exposed by Beattie 2010
11
, that leads certain countries to decide their path to be found later
10
According to Perkins 2006, the economic hit men are “highly paid professionals who cheat countries around the globe out of trillions of dollars. Their tools include fraudulent
financial reports, rigged elections, payoffs, extortion, sex, and murder”. In the words of Perkins who himself was an economic hit man, they systematically “convince developing
countries to accept enormous loans and to funnel that money to U.S. corporations. The American government and international aid agencies then requested the “pound of flesh’,
including access to natural resources, military cooperation, and political support”.
11
Amongst other things that Beattie 2010 deliberates are how and why in the `false economy’ countries and societies and economies got to where they are today – what made
cities they way they are; why corruption destroyed some nations but not others; why the economy that
fed the Roman empire is now the world’s biggest importer of grain.
K o n f e r e n s i I n t e r n a s i o n a l
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on that it is wrong. Also there is a challenge of a rather more open and tactical economy as put forward by Harford 2011 which suggests that in
order to build up a rich and rapidly growing country, one has to fight scarcity power and corruption, correct externalities, maximize information,
get the incentives right, engage with other countries, and most of all, embrace markets. The Islamic economics so far has not been seen
addressing such an issue as yet. In short, a revisit to the impact of Islamic economics on the establishment
of an Islamic economic system vis-à-vis the dominant liberal capitalist system is necessary. There is a huge room for attention and action in this
area.
7. Society Another deficiency, the seventh, pertains to the establishment of Islamic
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