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By Zafar Iqbal, Mervyn K. Lewis

Zafar Iqbal and Mervyn ok. Lewis fill the distance in Western literature on governance concerns from the point of view of Islamic economics. Islamic and Western viewpoints are in comparison, and a scientific research of key components in governance from an Islamic perspective is supplied. the amount attracts on classical Islam and modern resources to supply a finished Islamic governance framework to distinction with the Western place.

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Extra resources for An Islamic Perspective on Governance (New Horizons in Money and Finance)

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How to get these two streams to begin to interact in the spirit of discovering the truth, and actualizing it, is a major challenge for Muslim countries. THE WESTERN PERSPECTIVE The roots of the modern Western scholarship on social sciences stretch back to Greek thought and its emphasis among other things on the study of being or existence (ontology), knowing (epistemology), and acting as a person (ethics). Interest in these divisions of philosophy was reignited in the fifteenth and sixteenth centuries when increased dynamism in trade and commerce undermined a hierarchical feudal-cum-religious order and gradually transformed Europe into a society with a more individualistic and secular outlook.

The support for ijma comes from the Holy Qur an (for example, 42:38) and ahadith. Ijma has played a pivotal role in the development and advancement of the body of Islamic law. In fact, a major portion of the Islamic law consists of the consensus of jurists’ opinions (which is the case in the finance area). The ijtihad–ijma process The essence of the ijtihad–ijma process lies in the natural growth of ideas and expansion of knowledge in the life of a community. As Kamali (1998, p. 171) explains, it begins with the personal ijtihad of a competent Muslim advancing an opinion on a particular issue not explicitly addressed in the Holy Qur an and the sunnah.

In fact, anything not given in sense experience is not to be counted as reality (positivism). Third, the human mind (knower) while fantasizing or thinking spontaneously is guided gently by ‘resemblance’, by temporal and spatial ‘contiguity’ and by ‘causation’. However, while making inferences, it is guided, rather less gently, by causation (David Hume’s (1711–76) analysis of causality). Causation is the conjunction of two events that happen to be contiguous in time and space: the one that is prior in time is labelled the cause while the one that happens later is the effect.

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