Abstract:

This study aims to examine the implications of methodological individualism assumption of neoclassical economics in the literature of modern Islamic economics studies. Although it is assumed that the introduction of homoIslamicus against the assumption of homoeconomicus distinguishes Islamic economics from conventional economics, both concepts, in fact, are based on methodological individualism and hence follow the same methodology. The adoption of methodologically individualist approach, which is based on individual and limit itself with individual, by Islamic economists through the concept of homoIslamicus makes a restraining impact on developing an authentic and alternative Islamic economic system. On the contrary, this study also keeps its reservations against methodological holism, which is not atomist but neglects human wellbeing and dignity under the guise of social welfare and development. This study, beyond these two extremes, suggests an Islamic economics methodology based on Islamic morality. By utilizing Polanyi’s embeddedness concept and Bourdieu’s field theory, it aims to contribute on developing an Islamic economics methodology based on morality beyond individualist and holist approaches.

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