THE APPROACH OF FIQH TO ISLAMIC ECONOMIC SYSTEM: THE ROLE OF MUSLIM SCHOLARS

Abstract

The use of fiqh in Islamic economic system is as old as creation of human beings. This paper aims to discuss the application of fiqh to economic system from view-lens of meaning of religion, Islam as a religion, evolution of economics, contributions of Muslim and non-Muslim scholars to “Family Tree of Economics”, place of Muslim scholars in the family tree of mainstream economics. The paper concludes by showcasing the importance of fiqh on economic system and the reason why Muslim and non-Muslims are embracing Islamic economic system through Islamic economic system, viz-a-viz: Islamic banking system, Islamic takaful and Islamic capital market.