By: Dr. Abdul Wadud Nafis, Lc., M.E.I.
Islamic economics cannot be developed solely through mastery of theories, scriptural evidence, and regulatory frameworks. More importantly, it requires wisdom in applying knowledge to address the complexities of economic life. A person may theoretically understand the concepts of justice, public welfare (maslahah), the prohibition of usury (riba), and profit-sharing principles, yet still lack the ability to make appropriate decisions when confronted with real economic challenges. This is where the concept of Beyond Knowing becomes significant: moving beyond merely knowing toward the ability to understand, evaluate, and make decisions wisely.
- Tacit Knowledge: Knowledge Embedded in Experience
Tacit knowledge refers to knowledge embedded in an individual’s experience, intuition, skills, and wisdom, which cannot always be fully articulated through theoretical formulations. Through his concept of The Tacit Dimension, Michael Polanyi emphasizes that human beings know more than they can explicitly express.
In Islamic economics, tacit knowledge plays a significant role. For example, Islamic banking practitioners must understand more than the contractual provisions of murabahah, musyarakah, and mudharabah. They must also develop the sensitivity to understand customers’ characteristics, assess business risks, recognize moral issues, and consider the social conditions of the community.
Similarly, pesantren administrators who develop business units cannot rely solely on management theories. Experience, exemplary leadership, social sensitivity, and an understanding of pesantren culture are essential assets in formulating appropriate economic policies.
- Practical Rationality: Connecting Reason, Values, and Actions
Practical rationality is the ability to use reason to determine the best course of action based on objectives, values, and concrete circumstances. Aristotle describes this form of practical wisdom as phronesis, namely the ability to exercise sound judgment before taking action.
From the perspective of Islamic economics, rationality must not be limited to calculating profits and efficiency. It must also take into account what is halal and haram, justice, responsibility, and public welfare.
An economic decision that generates financial profit is not necessarily Sharia-compliant if it involves exploitation, injustice, or harm to society. Therefore, practical rationality must integrate intellectual intelligence, moral depth, and spiritual responsibility.
- Decision-Making Based on Maqasid al-Shariah
Decision-making in Islamic economics must place maqasid al-Shariah at its core. The five fundamental objectives of Islamic law—protection of religion (hifz al-din), life (hifz al-nafs), intellect (hifz al-aql), lineage (hifz al-nasl), and wealth (hifz al-mal)—provide an ethical framework for economic policymaking.
For example, Islamic financial institutions should not focus exclusively on increasing financing portfolios and maximizing profits. They must also consider customers’ repayment capacity, business sustainability, the empowerment of micro, small, and medium enterprises (MSMEs), and the equitable distribution of prosperity.
Accordingly, economic decisions should be evaluated through three fundamental questions: Are they consistent with Sharia principles? Do they generate public welfare? Do their consequences promote social justice?
- Beyond Theory Toward Economic Wisdom
Contemporary economic challenges are becoming increasingly complex, particularly with the development of artificial intelligence, financial digitalization, the halal industry, and business transformation. Technology can provide data and recommendations rapidly, but it cannot always fully comprehend human dimensions, moral values, and social contexts.
Therefore, decision-making in Islamic economics requires the integration of explicit knowledge, tacit experience, practical rationality, and consideration of maqasid al-Shariah. Technology should serve as a supporting instrument, not as a substitute for human wisdom.
- Reconstructing the Paradigm of Islamic Economics
It is time for Islamic economic education and practice to develop a learning paradigm that goes beyond memorizing theories and understanding concepts. Universities, pesantren, and Islamic financial institutions need to cultivate an intellectual tradition that connects theory with experience, research with practice, and intellectual intelligence with moral integrity.
The Islamic economists of the future should not merely be individuals capable of explaining contracts and calculating profits. Rather, they should be able to interpret realities, understand societal needs, assess various consequences, and make decisions that are just and responsible.
Conclusion
Beyond Knowing conveys a philosophical message that knowing is not the ultimate goal of education and the development of knowledge. Knowledge must lead to understanding, understanding must cultivate wisdom, and wisdom must be translated into concrete action.
In Islamic economics, success should not be measured solely by profit growth, asset size, or technological advancement, but also by the ability to promote justice, blessings (barakah), and social welfare.
Ultimately, Islamic economics needs individuals who are not merely intelligent in acquiring knowledge, but also wise in deliberation, sound in decision-making, and trustworthy in implementation.