When we say that political economy means a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. A question may arise how we could approach it with a philosophical study? For the philosophy is how to justify your believe then we may ask what, how, and why political economy. The matter will be more complicated when we add to the study a religiosity of philosophy of political economy to Islamic teaching in which to some scholars it is not a philosophy but it is religion.
The declared purpose of Islamic economics is to identify and establish an economic order that conforms to Islamic scripture and traditions. On the other side, the first task of the Islamic political system is to eliminate all forms of oppression within economic relationships and to lay the ground for the establishment of a just system of distribution of economic resources. However, the source of the injustice is neither social settings
nor the means of production, but rather human nature itself, the inner instincts of self-love that drive man to secure survival for himself only. Such an instinct is essential for the survival of human life on earth. How could we philosophize these two disciplines by relating the both to Islam? This paper intends to focus on remarking the philosophy of Islamic political economy as an introduction to its huge implementation in the real life of human beings especially Muslims.
Source: Journal of Islamic Studies and Culture
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