Islamic Economics: An Agenda for Intellectual and Institutional Reform

This article agrees with Reardon (2019), that economics finds itself in a
predicament caused by the neoclassical school. The dominance of neoclassical
economics and its lack of response to calls for reform has been endemic. Reform must
include both the neoclassical analysis as well as the system of market capitalism it
strives to defend. This paper briefly discusses both aspects of reform. It introduces the
new school of analytical Islamic economics and its agenda to reform both the discipline
and the economic system. The paper enumerates several advantages of Islamic
economics to the economics discipline itself as well as the economy, in addition to
bringing together intellectuals and scholars of economics, both from East and West, in
a more communicative and inclusive group. In addition, the article makes some
proposals towards opening the doors in-between the different schools of thought for
positive as well as enriching intellectual interactions.