Whither Islamic economics

Muslims who debate interest-free banking try to take an apologetic approach and try to justify Islamic banking using western economic standards. That is, many Muslims aim to make interest-free banking feasible in western eyes and economically superior by capitalist standards. This approach is incorrect in two ways. First, it misleadingly implies that interest-free banking is mostly all there is to Islamic economics, and thus presents Islamic banking as only another alternative to conventional banking. Second and more importantly, this approach puts the cart before the horse because the study of interest-free banking should take place within the theoretical framework of Islamic economics. The philosophy of Islamic economics -- just like the philosophy of the Islamic political system, Islamic science, or Islamic art -- should take precedence over the development of institutions to implement that philosophy. It is only after we understand the Islamic attitude toward economics and t