Philosophy Of Islamic Law: Islamic Assessment Answer
Internal Code: IAH181
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Task:
Question 1: Moral economy
1) Identify the methodological differences between Islamic moral economy and positive economics and empirical positivism. In your answer also discuss how Islam and economics are related by referring to the observed relationship between fiqh and ethical foundations of Islamic moral economy. In referring to ethical foundations relate your answer to maqasid al-Shari’ah as an essential part of the methodological framework.
Question: 2 ”WAQF
8) What social welfare institutions are offered by Islamic political economy? Critically discuss the role of awqaf system in responding to the development needs in the Muslim world. In your discussion in the first section, refer to the concept of infaq (Tip: please use economic analysis not fiqhi approach).
Question 3
9) Critically discuss the observed divergence between the aspirations of Islamic moral economy and the realities of Islamic banks and financial institutions. Identify the sources of the observed ‘social failure’.
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