This paper examines the nature of economic principle in Islam. Two types of economic principles are identified. The first type refers to the economic laws derived from revelation based sources namely the Qur'an, sunnah, ijtihad and ijma'. The second type refers to economic laws derived from reasoning and experience. The former is the economic system and latter is economic theory. Both forms of …
Modern science requires that dialectic between induction and deduction should take place so that development of knowledge and its promotion may be acquired. In modern sciences in other words, such dialectic constitutes the very condition for the creation and invention of new theories, discoveries and fields of knowledge. This paper is trying to argue that as a science, figh in one way or anoth…