Sirat al-Mustaqim and Hikma A Qur'anic View of Socioeconomic Behavior, Economic Discourse and Method

Abstract

This paper seeks to understand the context in which the debates con­cerning Islamic economics are taking place. The author contends that in the absence of a democratic and free environment the discourses on Islamic economics are suffering from free and open discussions about the true essence of Islam and its implications in the socioeconomic arena. After discussing some of the limits of the discourses on Islamic economics, suc.h as a lack of common terminology and appropriate use of Qur'anic terms, the author advances his understanding of the Qur'anic approach to iman. The author argues that 'aql and hikrrui are the cornerstones of Islam and the two faculties that the Qur'an repeat­edly invokes in order that humanity may understand Islamic laws and principles and fulfill its mandate of Allah's vicegerency. The paper con­cludes that the straight path is essentially a rational approach and invites the discourses on Islamic economics to rely more on 'aql and hikrrui in their contemplation.