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Research In Islamic Economics: The Missing Fard ‘Ayn Component

Research In Islamic Economics: The Missing Fard ‘Ayn Component
Mohamed Aslam Haneef
Professor, Department of Economics, International Islamic University Malaysia
January 2009

"While acknowledging the events over the last 30 years both internationally and in Malaysia, this paper wants to focus on an area that somehow has been overlooked. Despite the active interest in the area of Islamic banking and finance, one is still faced with the fact that research in Islamic economics has declined, the enthusiasm of the late 1970s and 1980s has waned, the growth rate of people still actively working in Islamic economics has declined and the second/third generation of Islamic economists have become quite a rare breed. This is why this 3rd Islamic Economics Congress and the effort by the organizers to focus on strategic areas for the future of the ummah are greatly welcome. The paper will try to argue that we must devote sufficient resources, both financial and human, to do research in what is called the ‘missing fard ‘ayn’ component in Islamic economics, banking and finance, i.e. the foundations or usul of Islamic economics"

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