Ayhan Orhan, Sema Yılmaz Genç
Modern Islamic economics often centers on utility-value concepts derived from Western economic thought. There is a pressing need for Islamic economics to redefine core economic theories, particularly the utility theory of value, through a holistic and deductive approach. This paper explores the concept of Homo Islamicus as an alternative to Homo Economicus, emphasizing its potential to incorporate cognitive processes and ethical considerations into economic behavior. By focusing on cognitive development and ethical values, the Homo Islamicus model proposes a comprehensive framework for economic actions, challenging traditional one-sided economic approaches. The study critically analyzes the transformation required in economic theories to support this model and its implications for the future of Islamic economics.