Tawhidi Epistemic Theory of Abolition of Interest and Charity as Productive Spending

The continued relevance of the Tawhidi methodological worldview in respect of the Tawhidi epistemic IIE(θ(ε))-model of IPS is now opened up to specific socio-scientific fields of discourse. The field now studied is Islamic political economy more than simply Islamic economics and finance. Rather, Islamic political economy brings out the important issues of the ethical endogenous role of selected variables that play critical role of polity-market endogenous interrelations within the framework of the wellbeing objective criterion, as was and continues to be substantially defined and explained. In this framework of polity-market ethical linkages caused by the Tawhidi IIE(θ(ε))-model of IPS, the same dynamics is enacted by the shura-tasbih consultation and guidance. This causes all factors of the wellbeing function to be endogenously interrelated. Thereby, important special areas of Islamic political economy, and more so the study of the generalized evolutionary equilibriums, have been opened. Specific areas of study are the wellbeing related intertemporal financial valuation model. This methodological approach is contrary to the static atemporal case of the same financial issues. In this latter case, the replacement of the rate of interest by the productivity rate of the real economy is not possible given the ambivalence of the market process and contingency pricing with the Tawhidi epistemic worldview of unity of knowledge as reflecting the principle of pervasive complementarities. Within these critical Tawhidi methodological approaches, substantive departure in the context of the Qur’an and sunnah has been wrongly introduced in shari’ah-compliance by the Islamic scholars; that is incorrect. The mistake in such critical studies we have made regarding important issues of the qur’anic socio-scientific worldview in methodological orientation is not caused by any incorrect importance of shari’ah as the way to understand the essential law of the Qur’an. That is Tawhid as the unity of knowledge and its embedding in the generality and issue of the metaverse world-systems.