İsa Yılmaz


30 November -1

16:00 - Satur

İLKE Merkez Bina

Main goal of this program is to revisit the Islamic economy and politics beyond the mainstream approaches in an interdisciplinary way in the light of political economy and to present a new theoretical framework by discussing historical, social, cultural and political elements in the theorization of Islamic economics. In order to attain the goal, we offer to evaluate the Islamic economic thinking in the light of the information obtained through the texts of different disciplines. The first session of the reading program consists of 10 weeks and the number of participants are limites to 10. Same topics which have been covered during the first session of the program will be covered again in the second session; only this time disscussions will be intense and in more detailed 

Assigned Readings

Chapra, U. (1996). What is Islamic economics. Islamic Research and Training Institute, IDB Prize Winners Lecture Series No. 9. pp.1-72.

El-Askher, A. and Wilson, R. (2006). Islamic economics: A short history. Boston: Brill. [Chapter 9, pp.348-400].

Hassan, K. and Lewis, M. (2007). Handbook of Islamic banking. Northampton: Edward Elgar.

Naqvi, Syed N. H. (2003). Perspectives on Morality and Human Well-being. Leicester: The Islamic Foundation.


Week 1 

The Birth of Islamic Economy: The Role of Ontology and Epistemology in Theory 

1- Ghosh, B.N. (1995). The ontology of Islamic political economy: A metatheoretic analysis. Humanomics, 11(3), pp.13-31.
2- Naqvi, Syed N. H. (1994). Islam, economics and society. London: Kegan Paul International. [Chapter 6, pp.71-80].

3- Choudhury, M.A. (2011). Islamic economics: An epistemological enquiry. United Kingdom: Emerald Publications. [Chapter 2, pp.20-25].

4- Chapra, U. (2011). The economic problem: Can Islam play an effective role in solving it efficiently as well as equitably?. IRTI Working Paper Series, pp.1-22.

Week 2 

Methodology of Islamic Economy

1- Addas, W. (2008). Methodology of economics: Secular vs. Islamic. Malaysia: International Islamic University Malaysia Press. [Chapters 1 to 4, pp.1-72].

2- Ghazali, A. (1994). Man is the basis of the Islamic strategy for economic development. Islamic Research and Training Institute - Islamic Economics Translation Series No. 1. [Chapter 4, pp.41-55].

3- Zarqa, M.A. (1998). Methodology of Islamic economics, pp.129-140; in Kahf, M. (Ed.). Lessons in Islamic Economics vol 1. Islamic Research and Training Institute.

4- Asutay, M. (2013). Methodological Issues - Lecture Handout 6, pp.1-12.

Week 3-4: 

The Effect of Modernity and Multiple Modernities on the Theory of Islamic Economics

1- Eisenstadt, S. N. (2000). Multiple modernities. Daedalus, 129(1), pp.1-29.

2- Hallaq, W. (2009). An introduction to Islamic law. Cambridge: Cambridge University Press. [Part II Modernity and ruptures, pp.83-163].

3- Rosait, M. and Stoeckl, K. (2012). (Eds.). Multiple modernities and postsecular societies. England: Ashgate Publishing. [Chapter 1: Introduction, pp.1-17].

3- Giddens, A. (1990). The consequences of modernity. United Kingdom: Polity Press.

4- Hasanuz Zaman, S. M. (1984). Definition of Islamic economics. Journal of Research in Islamic Economics, 1(2), pp.49-50.

5- Kahf, M. (2003). Islamic economics: Notes on definition and methodology. Available at: [], pp.1-43.

Week 5-6 :

Moral Economy vs. Market Economy: 'Commodification', 'Embeddedness' and 'Civil Society' Factors

1- Polanyi, K. (1957). The great transformation. Boston: Beacon Press.

2- Booth, W.J. (1994). On the idea of the moral economy. The American Political Science Review, 88(3), pp.653-667.

3- Götz, N. (2015). Moral economy its conceptual history and analytical prospects. Journal of Global Ethics, 11(2), pp.147-162.

4- Sayer, A. (2007). Moral economy as critique. New Political Economy, 12(2), pp. 261-270.

5- Asutay, M. (2013). An Introduction to Moral Economy- Lecture Handout 3, pp.1-7.

6- Yilmaz, I. (2016). Bringing substantive morality back in: Towards an exploration in Islamic moral economy. [Publishing soon], pp.1-24.

Week 7: 

A Systemic Approach to Islamic Political Economy 

1- Asutay, M. (2007). A political economy approach to Islamic economics: Systemic understanding for an alternative economic system. Kyoto Bulletin of Islamic Area Studies, 1(2), pp.3-18.

2- Aydin, N. (2013). Redefining Islamic economics as a new economic paradigm. Islamic Economic Studies, 21(1), pp.1-34.

3- Akan, T. (2015). The paradigm of Islamic political economy: An institutionalist analysis of myth and reality. History of Economic Ideas, XXIII, pp.41-72. Available at SSRN:

Week 8: 

Islamic Economics vs. Islamic Political Economy: Neoclassical and Political Economy Approaches to Islamic Economy

1- Ghazali, A. (1994). Man is the basis of the Islamic strategy for economic development. Islamic Research and Training Institute - Islamic Economics Translation Series No. 1. [Chapter 1, pp.13-19].

2- Arif, M. (1985). Towards the Shariah paradigm of Islamic economics: The beginning of a scientific revolution. American Journal of Islamic Social Sciences, 2(1), pp.79-99.

3- Sirageldin, I. (1995). Islam, Society, and Economic Policy. The Pakistan Development Review, 34(4), pp.457-480.

Week 9:

Fiqh and Morality: Complementary Elements

1- Hallaq, W. (2009). An introduction to Islamic law. Cambridge: Cambridge University Press. [Part I Tradition and continuity, pp.1-82].

2- Auda, J. (2007). Maqasid al-Shari’ah as philosophy of Islamic law: A systems approach. London: International Institute of Islamic Thought (IIIT). [Introduction, pp.xxi-xxvii; Chapter 3, pp.56-60].

Week 10:

Reconsidering Islamic Finance Institutions in Islamic Political Economy

1- Asutay, M. (2012). Conceptualising and locating the social failure of Islamic finance: Aspirations of Islamic moral economy vs. the realities of Islamic finance. Journal of Asian and African Studies, 11(2), pp.93-113.

2- Pollard, J. and Samers, M. (2007). Islamic banking and finance: Postcolonial political economy and the decentring of economic geography. Transactions of the Institute of British Geographers, New Series, 32(3), pp.313-330.

3- Rethel, L. (2011). Whose legitimacy? Islamic finance and the global financial order. Review of International Political Economy, 18(1), pp.75-98.

4- Azarian, R. (2011). Outline of an economic sociology of Islamic banking. International Journal of Business and Social Science, 2(17), pp.258-268.

5- Ahmad, Z. Islamic banking: State of the art. pp.1-38.

6- Lapavitsas, Theorizing financialization. Work, employment and society, 25(4), pp.611-626.