Online ISSN: 2515-8260

Author : Asmarudin, Imam

The New Direction of Islamic Economics: Review of Masudul Alam Choudhury's Thought

Achmad Irwan Hamzani; Imawan Sugiharto; Kanti Rahayu; Toni Haryadi; Imam Asmarudin; Havis Aravik; Nur Khasanah

European Journal of Molecular & Clinical Medicine, 2020, Volume 7, Issue 3, Pages 4097-4107

Islamic economic development is increasingly massif. More and more new theories about the Islamic economy developed by Islamic economists. One of them is Masudul Alam Choudhury. This study discusses the new direction of Islamic economics and its contribution to contemporary economic development initiated by Masudul Alam Choudhury. This research uses the philosophical approach and qualitative data analyst. The results of this study show that the main problem of Islamic economics is still stuck in the doctrine of neo-classical and neo-liberal that squeezes in the form of the methodology used. It is necessary to rebuild the main principles of the Islamic economy; tawhid and brotherhood. Tauhid became the beginning and end of all economic practices. Brotherhood is the real goal. The principle of work and productivity is raised by having to work as part of worship. The principle of distribution income as part of a productive transformation to increase people's income and welfare. The economic and financial dimension is not only empirical but moral to be “homo Islamicus” is not “homo economicus”. Aspects of Islamic economic methodology as a study that is never completed. Choudhury offers the “Shuratic Process” methodology, which is the process of uniting views on a problem that occurs in human life. Choudhury conceptualizes Islamic political economy through the application of the paradigm of tauhid in the political economy so that it can display alternative thinking from various conventional economic models today. Islamic economic policy is oriented towards the elimination of usury, implementation of profit-share, and institutionalization of zakat, as well as the prohibition of israf. The direction of the Islamic economy will be bright and could be an alternative to the contemporary economy.