This article was jointly written by Hafas Furqani from ISRA and Mohamed Aslam Haneef from IIUM. It was published in Humanomics (2012).
This article analyses the need to rethink on the criteria one should be looking into when developing a theory in Islamic economics. The authors suggest the main two criteria i.e. the integral-unity and relational unity are required criteria to test for the soundness of a theory.
Firstly is the integral-unity criteria which is to validate a theory to three importance requirements i.e. the textual, logical and factual. Meaning to say, a theory in Islamic economics should be consistent with text (revelation), logically sound and empirically proven. Hence, a theory is considered unfit once it fails to correspond to these three requirements. It makes a theory appraisal in Islamic economics is totally different from the one in conventional economics since the latter is significantly dominated by "empirical/factual truth" and denies the textual relevancy.
Secondly is the relational-unity that validate a theory in a more holistic way. The reason on why I said so is that this criteria determines a theory whether the three textual, logical and factual realms are contradicted to each other or not. Meaning to say, a theory is not sound if it can only be validated by text yet unable to be proven logically or empirically. Other than this, one should comprehend a theory should demonstrate a consistency between the developed theories and its capability of explaining the reality or solving the problems. Wisely said, a theory is suppose not only to be a written quote but to help human in solving and managing their economic problems.
This article once be put in such clear way, with a given diagram (Islamic economics theory appraisal and evaluation in a methodological unity) is very much appreciated. One is able to see clearly the idea of Tauhidic methodology of theory appraisal in Islamic economics. I believe that we need to extend this article in the way that it is being tested with relevant, factual examples, one day in syaAllah.