The contemporary field of economics is widely regarded as having its origins in ancient oikonomia, which literally translates to “household management.” The scope of oikonomia underwent expansion, accompanied by a shift in its connotation during the 1600s, marking its transition into a domain of political economy with a focus on economic issues pertaining to the state. Subsequent to a series of developments, the meaning and content of political economy underwent a transformation in the 1900s, evolving into the scientific discipline of economics. The advent of the Industrial Revolution and the subsequent development of capitalism have profoundly influenced the evolution of economics, leading to a paradigm shift where economic principles became the predominant factor in determining all aspects of society. Economics is currently defined as a science more closely aligned with the physical sciences than with the social sciences, emphasizing the management of scarce resources in the face of unlimited wants. Its methodological approach is positivist and empirical. In Eastern contexts, the term “oikonomia” was translated as “ilm-i tedbir-i menzil” while the term “iqtisad” was preferred for the translation of “economics.” However, the development of a comprehensive body of ideas, theories, practices, and policies has remained underdeveloped. This lacuna has contributed to the emergence of alternative conceptualizations, such as Islamic economics, which have sought to address these gaps.