Evolution of quantitative and mathematical economics researches in Islamic economics

Purpose The purpose of this work is to analyze the applications of mathematical and quantitative economics in Islamic economics. Islamic economics just like conventional economics is confronted with the challenge of how best to adopt mathematical and quantitative economics to suit its purpose. Since the 1970s, Islamic economists have tried to use mathematical and quantitative economics in building theories and conducting of empirical research. The paper reviewed seminal contributions in Islamic economics that made use of mathematical and quantitative techniques of analysis. Design/methodology/approach The approach followed for this work involves intensive literature review, analysis of contents and historical analysis. The paper followed the methodology of history of economic thoughts, among others. Findings The weaknesses of the area of research and the ways forward were pointed out. In addition, the work discusses methodology of research in Islamic economics; pointing out that Islamic economics is shaped by its ethical foundations. The work has put forward important recommendations that will help the future development of the field. Originality/value To the best of the author’s knowledge, this paper is first of its kind that looks at mathematical and quantitative Islamic economics from the perspective of history of economic thought.