Reconstructing the Philosophy of Sharia Economics: New Insights from Ontology, Epistemology, and Axiology Perspectives

Abstract

This paper presents a philosophical reconstruction of Islamic economics by examining its ontological, epistemological, and axiological foundations. The study is motivated by the growing concern that contemporary Islamic economic practices often replicate conventional models with superficial modifications, resulting in conceptual inconsistencies and detachment from the Islamic worldview. The primary aim of this research is to realign Islamic economics with its metaphysical roots, particularly the principles of tawhid (Divine Unity) and Maqasid al-Shariah (objectives of Islamic law), which serve as both moral compass and evaluative framework. Employing a qualitative method through interpretative document analysis, this paper synthesizes insights from classical scholars such as Ibn Khaldun and Al-Ghazali, as well as contemporary thinkers including Al-Attas, Chapra, and Al-Faruqi. The findings highlight significant gaps in current Islamic economic discourse, particularly in philosophical coherence, epistemological integration, and ethical orientation. The study argues for a paradigm shift toward a spiritually anchored, value-driven economic framework capable of addressing contemporary challenges such as inequality, ecological degradation, and financialization. In doing so, this paper contributes to the ongoing effort to construct a more authentic, holistic, and sustainable model of Islamic economics that is both theoretically sound and practically relevant in the modern world.