TRISAKTI RESEARCH CENTER

 Binary economics is the expression of a new universal paradigm or new understanding of reality that creates a new economics, a new politics, a new justice and a new morality.

[1] It addresses the big environmental issues. Without the new universal paradigm - which is relevant to all societies including modern Islam - there will be no peace, nor an end to colonialism and racism.

 In its economics aspect, binary economics is a market economics whose markets work for everybody. Furthermore, it upholds private property but private property (and the associated income) for everybody.[2] A summary might be "a justice which creates efficiency and an efficiency which creates justice."[3]

An alternative summary is "the use of national bank-issued interest-free loans, administered by the banking system, for the development and spreading of various forms of productive (and the associated consuming) capacity thereby creating a balance of supply and demand with producers and consumers being the same people (as required by Say’s Theorem) and forwarding social and economic justice."

Jadwal Perkuliahan Program Master dan Doktor Islamic Economics and Finance Universitas Trisakti.

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Prof. Dr. Masudul Alam Choudhury, RESEARCH ACCOMPLISHMENT 2000-2008

PRINCIPAL AND ORIGINAL CONTRIBUTIONS

Political Economy and Socio-Scientific World-System, Epistemological Problems of Economic Theory, Institutions and Policy with special focus on Islamic Political Economy and World-Systems: theory and application in the areas of ethico-economics and Islamic political economy and world-system concerning economic development, international economics, money and capital markets, comparative economic systems, institutional economics, epistemological and ontological foundations, sustainable development paradigm, economic models, socio-scientific issues, interactions between social, institutional and economic issues in the framework of world-system studies.Selengkapnya..

To appear in Islamic Economics and Finance in the Midst of Global Financial Crisis,
edited By Abdul Ghafar Ismail & Masudul Alam Choudhury

CHAPTER 19
THE PEDADOGICAL METHODOLOGY OF THE TAWHIDI EPISTEMOLOGY IN ISLAMIC ECONOMICS, FINANCE AND WORLD-SYSTEM STUDIES

Masudul Alam Choudhury*

Abstract

This paper summarizes the methodological background of the epistemology of unity of knowledge and its induction into and construction of the unified world-system of 'everything'. Islamic economics and finance are taken up as specific examples in this world-system. The paper argues with rigorous content that this epistemological achievement is not possible in the present state of intellection in Islamic economics, finance, society and science as understood by Islamic minds immersed in subservience to occidental worldview. Contrarily, the feat of the Tawhidi epistemology can be possible only by the invoking of the divine law of oneness of Allah (Tawhid), as explained through the Signs of Allah, in the order and scheme of 'everything'. In this regard the methodological foundations have been articulated and examples presented. The practical and empirical viability of the Tawhidi methodological worldview is given. Pedagogical modules for bringing the Tawhidi methodological worldview to the forefront of scholarship, teaching, research and its adoption by practitioners in the institutional setting are presented.

To appear in Islamic Economics and Finance in the Midst of Global Financial Crisis,
edited By Abdul Ghafar Ismail & Masudul Alam Choudhury

CHAPTER 19
THE PEDADOGICAL METHODOLOGY OF THE TAWHIDI EPISTEMOLOGY IN ISLAMIC ECONOMICS, FINANCE AND WORLD-SYSTEM STUDIES

Masudul Alam Choudhury*

Abstract

This paper summarizes the methodological background of the epistemology of unity of knowledge and its induction into and construction of the unified world-system of 'everything'. Islamic economics and finance are taken up as specific examples in this world-system. The paper argues with rigorous content that this epistemological achievement is not possible in the present state of intellection in Islamic economics, finance, society and science as understood by Islamic minds immersed in subservience to occidental worldview. Contrarily, the feat of the Tawhidi epistemology can be possible only by the invoking of the divine law of oneness of Allah (Tawhid), as explained through the Signs of Allah, in the order and scheme of 'everything'. In this regard the methodological foundations have been articulated and examples presented. The practical and empirical viability of the Tawhidi methodological worldview is given. Pedagogical modules for bringing the Tawhidi methodological worldview to the forefront of scholarship, teaching, research and its adoption by practitioners in the institutional setting are presented.

Published in Middle East Business and Economic Review, 20:1, June 2008 (38-51)

ISLAMIC ECONOMICS AND FINANCE – A FIASCO

Professor Masudul Alam Choudhury
Sultan Qaboos University, Muscat, Sultanate of Oman

ABSTRACT

The history of Islamic economic thinking and its application to Islamic finance has turned up in fiasco over the last thirty years. This area of thinking, once started as a reaction to confined criticism of mainstream economics, did not carry the discourse far enough to establish the true foundation upon which the Islamic worldview rests. The epistemic worldview of oneness of God and that of the divine law could not be understood in its substantive conceptual and applied contexts. Thus the very foundation of Islamic thinking and application to everything, particularized to Islamic economics and finance as a special case, never took shape and form. A much aspired for revolutionary unfolding of Islamic thinking never came about. Within the same purview of a failed experiment, Islamic banking and other financial institutions operated in the name of Islamic economics and finance. But they cut a sorry figure when it came to the application of the principle of unity of the divine law in the practical facets of a participatory socioeconomic order. Even the principal Islamic financing instruments have been abandoned. Instead, secondary financing instruments remain questionable in accordance with the purpose of the Shari’ah (Islamic Law, Maqasid as-Shari’ah). Yet these are mostly  practiced. This paper provides a revolutionary new worldview for the Islamic ‘everything’. Within this theory the Islamic banking, economics and finance are remodeled and the prevalent theory and practice seriously questioned.

Keywords: Islamic economics and finance, epistemological foundations of Islamic thought, Islamic banking and social contribution.

Akuntansi adalah sistem informasi. Ia memberikan informasi melalui angka angka kuantitatif. Akunatnsi adalah alat ukur atau measurement. Diharapkan angka kuantitatif inilah yang menjadi dasar atau media untuk melihat kinerja suatu lembaga yang dilaporkannya. Angka ini bisa menggamarkan kondisi keuangan dari lembaga yang dilaporkan. Informasi ini dapat menjadi dasar dalam proses pengambilan keputusan. Pengambilan keputusan akan semakin tepat jika infomasi yang disajikan akurat dan juga relevan. Tanpa akurasi dan relevansi maka dapat dikhawatirkan keputusan yang diambil akan meleset. Kata orang GIGO, garbage in garbage out, data sampah yang masuk maka keputusan sampah lah yang keluar.

Kendatipun secara de facto kita sudah melihat entitas bisnis syariah telah berdiri dan
telah menggunakan akuntansi syariah masih ada anggapan bahwa akuntansi Syariah itu
hanya mengada ada. Mereka menilai kalaupun ada sama saja dengan akuntansi
konvensional atau akuntansi kapitalis yang kita kenal kalaupun berbeda hanya dalam
tingkat istilah ataupun dalam hal penekanan pada etikanya. Oleh karena itu kita tidak
perlu repot cukup mengisi akuntansi kapitalis itu dengan nilai nilai Islam. Apakah
demikian?

Islam sebagai “way of life” yang mengatur semua segi kehidupan juga memiliki filosofi
dan konsep ekonomi yang sesuai dengan tuntunan Allah dan dipraktikkan oleh Nabi
Muhammad SAW beserta para sahabatnya. Output dari penerapan ekonomi berdasarkan
tuntunan Allah SWT ini telah membuktikan lahirnya masyarakat madani yang marhamah
material dan spritual. Sehingga Quran menyebutnya sebagai “khoiro ummat, atau
ummatan washatan” . Apakah kita masih bisa mewujudkan masyarakat seperti ini?