Abstract
This paper argues that the project of the Islamization of
Knowledge (IoK) has overlooked the role of a neoliberal politicoeconomic order in the knowledge production along with the relation
between knowledge and the market established by economic liberalization. So the resulting discourse perhaps inadequately explains the
incapacity of contemporary application of Islamic economics and
finance to provide a viable alternative to western economic systems,
let alone solve socioeconomic problems in Muslim countries. This
paper will attempt to cover this inadequacy by explaining the relation
between mind, knowledge and market as theorized by Hayek, along
with Foucault’s perspective power-knowledge nexus. The Hayek’s
and Foucault’s perspective on the relation between state, market,
mind and knowledge creates an interesting challenge for IoK because
it is not only the issue of reconciliation of the spheres of knowledge,
rather free unhampered flow of market is also presumably necessary
for the growth of human mind and consequently human knowledge
as argued by Hayek and Foucault. The neoliberal-state allows free
unhampered flow of the market, subsequently creating knowledge in
pursuit of continuous capital accumulation. Production of knowledge,
therefore, becomes a mechanism to maintain the hegemony of the
neoliberal-state and market, while establishing authority of capital
on ontological position of man and society. In this context any
intervention in the process of IoK under religious obligation is not
just an epistemological, rather a moral impossibility within capitalist
discourse. The relationship between the neoliberal-state, market
and production of knowledge will enable the scholars of Islamic
economics and finance to reassess their strategies pertaining to IoK
Omar Javaid , Wahab Suri. (2020) The Possibility or Impossibility of Islamization of Knowledge in a Neoliberal Market Order, Journal of Islamic Business and Management, Volume 10, Issue 1.
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