This work is the result of the author's doctoral thesis in 2017, which was published by Cambridge University in 2021 after being improved quantitatively and qualitatively. In this book, Al-Daghistani deals with the methodological error of the formation of Islamic economic thought and knowledge in the contemporary period. He introduces the confrontation between Muslim reformist thinkers's ideas and Western thoughts as the main factor in the formation of this method and he believes that this confrontation resulted in the creation of Islamic economics. He reviews traditional Islamic thoughts in the field of economics, and referring to them, he states that in the past, Islamic thinkers had a moral view on economics, and that today, to succeed in developing the Islamic economy, it must return to the same moral view. The main focus of this book is on the confrontation of Islamic societies in the era of post-colonial awakening in the fields of economics and economic knowledge. Therefore, in this way, building on the sociology and phenomenology of the knowledge of Islamic economics, in an historical course, the author deals with various pre- and post-modern capacities among the works of Islamic thinkers, including theology, jurisprudence, philosophy, and mysticism, and he puts the rereading of the capabilities of past and new eras on the agenda. In addition, taking into account the second-rate knowledge that governs the mainstream economy in the West, the author considers positive the efforts of Islamic thinkers during the period of awakening and movement and he regards the penetration of methodological and sociological assumptions in the process of Islamization as one of the obstacles to the advancement of Islamic economics.