The Essence of Faith-Based Economics: The Islamic Economic Thought

Abstract

This chapter delves deep into the knowledge crisis within Islamic economics. It highlights the challenge arising from the uncritical acceptance of conventional economic ideas by many Muslim economists. This uncritical approach has created a fundamental conflict between conventional economic principles and Islamic economics, a conflict that has not been adequately recognised. Attempting to reconcile these contradictory bodies of knowledge has proven unsuccessful and has hindered the development of a genuine Islamic economic theory. By critically addressing this crisis, this chapter paves the way for potential solutions and a more coherent future for Islamic economics.