IKAM’s 6th Islamic Economics Workshop held at Istanbul University

Saturday, April 14, 2018

Research Center for Islamic Economics (IKAM) in collaboration with Scientific Studies Association (ILEM) and, Turkish Entrepreneurship and Business Ethics Association (IGIAD) organized 6th Islamic Economics Workshop, which was hosted by Istanbul University from 6 to 8 April, 2018. The theme of this year’s workshop was “Methodology of Islamic Economics.” In the opening session of the workshop on Friday April 6, 2018, Islamic Economics Awards were also presented following the inaugural speeches and a panel discussion. Experienced voices from around the world presented their works addressing the issue of methodology of Islamic Economics in 8 different sessions each of which was moderated by a chair.

Within the framework of the topic of methodology, papers were presented, and evaluations and discussions were made for three consecutive days and the economists gathered under the auspices of IKAM reasserted the pertinence of revising contemporary methodology towards understanding Islamic Economics.

Besides prominent names from Turkey, this year 12 top academicians from 10 different countries contributed to the discussions and debates. Presented papers encompassed issues including; flawed assumptions of conventional economics, philosophical foundations of Islamic Economics methodology, Fiqh ul Iqtisad, role of fiqh in deriving appropriate methodology, axiomatization of economic theory and historical context of works on methodology of Islamic Economics.

The workshop started with an inaugural panel discussion on the first day, Friday April 6, 2018. Panel Discussion was held under the theme "Current Issues and Methodology of Islamic Economics" at the Istanbul University Congress and Culture Center. Necmettin Kizilkaya, Member of the Executive Board of IKAM modertated the session while discussants included Arif Ersoy from Istanbul Sabahattin Zaim University, Asad Zaman, from Pakistan Institute of Development Economics(PIDE), Masudul Alam Choudhury from University of Malaya, Monzer Kahf from Hamad Bin Khalifa University and Temel Hazirouglu from Albaraka Türk.

METHODOLOGY IN ISLAMIC ECONOMICS

The session follwoing the inaugural day were held at the Rectorate’s Blue Hall in Istanbul University. The presentations in first session over viewed procedural debates in the Islamic Economy and reflected upon the Economics discipline with reference to the Qur'an and Sunnah. In the second session Islamic economics was discussed from the perspective of philosophy.

The third session of the workshop focused on the amnesia in contemporary Islamic Economic studies about using history as a source of Islamic economic methodology. The fourth session focused on the attention given to methodology in contemporary Islamic economic studies and the views on the impact of rationalist thinking on Islamic economics.

In the fifth session, which took place on the second day of the workshop, 8th April, the integration of Islamic economics with society was discussed. In the sixth session dilemmas faced by discipline were discussed followed by an overview of studies done on the topic of methodology to date. The last session was a presentation on the relation between Orientalism and Islamic economics.

In the 6th Islamic Economy Workshop, held for three days, one panel and eight sessions, academics expressed that Islamic economics is a social science and that it is a unique economic system, the methodology of Islamic Economics as a social science should integrate the commandments from divine sources of knowledge into the study of the economic problem of man. The participants also reiterated that the studies regarding methodology of Islamic Economics should be increased and focal importance would be devoted to the issue of methodology. Additionally methodology should be devised considering that the addressee of Islamic Economics is whole mankind and not just Muslims

The works from previous five workshops have been published under 5 separate titles. Following this tradition we look forward to publishing the works presented at the 6th Islamic economics workshop shortly.