Mehmet Asutay


Islamic finance’s re-emergence in modern times in the form of Islamic economics is due to the economic development and financial failures; and therefore, around s1960s, founding fathers aimed at developing an authentic understanding to develop a moral economy frame through embeddedness. It implies that economy and finance have to be integrated and also be the outcome of value system, and also financing has to be embedded into the real economy. Hence, economic and non-economic factors should determine economy and financing; suggesting to develop an operational moral economy. Thus, the authenticity search relates to the normative dimension of Islamic economics in developing a norm based embedded economy; authenticated by such principles of Islam. This paper aims to identify that Islamic economics as a moral economy through which it is claimed that it constitutes an emergence economics as part of evolutionary economics by proposing a system in the form of a process, but at the same time producing a product, that is Islamic banking and finance. The paper hence aims to identify the systemic nature of Islamic moral economy but also describes Islamic banking and finance as an emergent pattern and practice, which does not share any longer the systemic and emergence Islamic moral economy’s claims of moral economy. Therefore, this paper suggests that while Islamic banking and finance can be considered as an emergent pattern and practice with its own process, the observed dichotomy refers to ‘convergence’ over emergence economics, namely Islamic moral economy.
Munculnya kembali keuangan Islam di era modern dalam bentuk ilmu ekonomi Islam disebabkan oleh perkembangan ekonomi dan kegagalan sektor finansial; maka pada tahun 1960-an, para pendirinya berupaya untuk mengembangkan pemahaman otentik untuk mengembangkan kerangka ekonomi moral melalui penyertaan. Penyertaan menyiratkan bahwa ekonomi dan keuangan haruslah terintegrasi dan juga menjadi hasil dari sistem nilai; dan pembiayaan harus diikutsertakan ke dalam rekonomi riil; maka faktor-faktor ekonomi dan non-ekonomi harus menentukan ekonomi dan pembiayaan; mendukung untuk mengembangkan suatu operasional ekonomi moral. Dengan demikian, pencarian otentisitas berkaitan dengan dimensi normatif ekonomi Islam dalam mengembangkan suatu norma yang berdasarkan penyertaan ekonomi, diotentifikasikan oleh prinsip-prinsip yang ada dalam Islam. Makalah ini bertujuan untuk mengidentifikasi bahwa ekonomi Islam sebagai suatu ekonomi moral melalui yang diklaim membentuk suatu kebangkitan ilmu ekonomi sebagai bagian dari evolusi ilmu ekonomi dengan mengajukan sebuah sistem dalam pembentukan prosesnya, tetapi pada saat yang sama menghasilkan suatu produk, yaitu perbankan dan keuangan Islam. Lebih lanjut, makalah ini bertujuan untuk mengidentifikasi sifat sistemik moral ekonomi Islam, tetapi juga menggambarkan perbankan dan keuangan Islam sebagai pola yang muncul dan dipraktikkan, yang tidak berbagi lagi secara sistemik dan munculnya klaim moral ekonomi Islam untuk ekonomi moral. Oleh karena itu, makalah ini menyarankan bahwa sementara perbankan dan keuangan Islam dapat dianggap sebagai pola yang muncul dan dipraktikkan dengan proses sendiri, dikotomi yang diamati mengacu kepada 'convergence' dari pada ‘emergence’ ekonomi, yaitu moral ekonomi Islam.


Islamic economics; moral economy; systemic approach; embeddedness; everyday practice; emergence; emergent pattern

Full Text:



Arnold, Thomas Clay. (2001). Rethinking Moral Economy. Paper presented at the American Political Science Association.

Behdad, Sohrab. (1994). A Disputed Utopia: Islamic Economics in Revolutionary Iran. Comparative studies in society and history, 36(04), 775-813.

Booth, William James. (1994). On the Idea of the Moral Economy. American Political Science Review, 88(03), 653-667.

Harvey, Mark, Ramlogan, Ronnie, & Randles, Sally. (2007). Working with and Beyond Polanyian Perspectives. Karl Polanyi: New Perspectives on the Place of the Economy in Society, 1-22.

Nagaoka, Shinsuke. (2009). Reconsidering Mudaraba Contracts in Islamic Finance: What Is the Economic Wisdom (Hikma) of Partnership-Based Instruments?

Polanyi, Karl. (1944). The Great Transformation: Economic and Political Origins of Our Time. Rinehart, New York.

Polanyi, Karl. (1957). Societies and Economic Systems.

Polanyi, Karl. (1960). On the Comparative Treatment of Economic Institutions in Antiquity with Illustrations from Athens, Mycenae, and Alalakh. City invincible, 329-350.

Polanyi, Karl. (1968). Archaic Economic Institutions: Cowrie Money. Primitive, Archaic, and Modern Economies: Essays of Karl Polanyi, 280-305.

Polanyi, Karl, Arensberg, Conrad Maynadier, & Pearson, Harry W. (1957). Trade and Market in the Early Empires: Economies in History and Theory (Vol. 89): Free Press Glencoe, IL.

Putnam, Hilary. (2003). For Ethics and Economics without the Dichotomies. Review of political economy, 15(3), 395-412.

Sayer, Andrew. (2007). Moral Economy as Critique. New Political Economy, 12(2), 261-270.

Scott, James C. (1976). The Moral Economy of the Peasant: Subsistence and Rebellion in Southeast Asia. Yale UP (New Haven).

Sen, Amartya. (1978). On the Labour Theory of Value: Some Methodological Issues. Cambridge Journal of Economics, 2(2), 175-190.

Sen, Amartya. (1980). Description as Choice. Oxford Economic Papers, 32(3), 353-369.

Wilson, Rodney. (2007). Islamic Finance in Europe. RSCAS Policy Papers No. 2007/02, Robert Schuman Centre for Advanced Studies, European University Institute.


Copyright (c) 2016 SHARE Jurnal Ekonomi dan Keuangan Islam

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Welcome to Share Journal of Islamic Economics and Finance Open Journal System. Thank you very much for Visiting.