1. A Note on Islamic Economics 12 concepts, its usefulness in solving society‘s problems is questionable. On the other end of the spectrum, there are those who hold the view that precisely because traditional economics grew out of a different historical-social-cultural experience than in Muslim societies, it is incompatible with Islam. Therefore, there is nothing useful to be gained in terms of finding solutions to problems of Muslim societies through a marriage of Islam and economics. There is a third view that seems to consider ‗economics‘ in what Polanyi calls its ‗substantive‘ rather than its ‗formal‘ meaning. 14 This view, which seems to be aware of the limitations implied by the ‗formal‘ notion of economics, suggests that Islamic economics could well situate itself, analytically at least, within the general field of economic enquiry. 15 8. Along with disagreements on what to name the emerging discipline is the question of how to define it. There have been a number of definitions of Islamic economics, but none seems to command a general consensus. Legitimate questions are raised by scholars within Islamic economics, as has been the case in general economics, whether the ―means-ends ‖ characterization is a satisfactory anchor for a definition of the discipline. Some writings suggest that this definition, with minor modifications, provides an appropriate framework for defining Islamic economics. Others, however, relying on various verses of the Quran, suggest the unacceptability of the notion of ‗scarcity‘ in the definition. This view holds that Allah (s.w.t.) has provided resources ―in exact measure ‖ for man to carry out his responsibilities, and that poverty emerges as a result of maldistribution and shirking responsible behavior. There is no question that there are verses in the Quran indicating clearly that the assumption of scarcity cannot hold in the aggregate and that maldistribution and shirking in redistributive responsibilities are causes of poverty. On the other hand, scarcity at micro level is acknowledged in the Quran, with strong emphasis on the need for redistribution. 16 9. There are those who suggest that economics, in its formal ‗means-ends‘ meaning is applicable to ―the study of any behavior since all behavior requires the expenditure of resources. ‖ 17 Nonetheless, it is important to acknowledge a substantial criticism of ‗means-end‘ characterization that should be brought to bear on attempts to forge a definition for Islamic economics that could command consensus. In this effort, it is critical that the words of Professor Ali Khan are heeded that ―... in the phrase Islamic economics one cannot give meaning to the noun without understanding the adjective and that such understanding can never be final and complete for any generation of scholars. ‖ This could not and should not be interpreted that there are no immutable propositions, principles, rules, and norms in Islam relating to economic behavior, but that any generation‘s understanding of them should not be assumed final. Consider the behavioral rule of prohibition of "±Gô°SEG" which, in any generation, will depend on the relativities of the economic ground realities defined by the conditions of each society. Therefore, what the present generation could do is to record its understanding of the adjective and pass it on to the next. In this