Notion of Islamic economics, although a twentieth century phenomenon, has its origins in the time of our Beloved Prophet صلى الله عليه وسلم and His Rightly Guided Caliphs as well as in the writings of Muslim scholars. Throughout the history of Muslim Economic Thinking (MET), Muslims experienced various political, economic and social threats and opportunities that formed the basis for the transformation of MET on one hand, as these threats and opportunities triggered the formation of a historical consistency in MET on the other. Regardless of time, space, context, and actors, each development revealed the different aspects of consistent stance against the transformations. Thus, consistency, transformations and disintegration, in that
sense, are vital to understand to what extent the contemporary Islamic economics literature constitutes consistency and integrity — in terms of Shari’ah legitimacy and methodology — with its roots formed by the Prophet صلى الله عليه وسلم and advanced by His Rightly Guided Caliphs, as systemized and elaborated throughout the history.