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Chapter 7 Endogeneity of Ethics: The Islamic Economic and Finance System

In: Contributions to Economic Analysis

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  • Masudul Alam Choudhury

Abstract

In considering the role of ethics in Islamic economic and finance theory, it is necessary to understand the nature of ethics as human behavior derived from the foundation ofTawhid(oneness ofAllah=unity of the divine law) through the transmission medium of theSunnah(guidance of the Prophet Muhammad). These are together taken up as the basis of spiritual guidance in Islam –hudal il-mutaqqin(Qur'an, 2:2). This foundation of Islamic epistemology in concert with the medium of epistemological discourse among the learned participants establishes the idea of aSystemand its embedded circular causation relations in view of the ethics in theQur'anicworld-system. It is also necessary to understand how ethics, as so derived from the epistemological roots and processed through the ontological investigation of values and directions for rule setting pertaining to given issues at hand, establish the premise of theshari'ahalong with itsijtihadi(foundational Islamic investigation for rule setting) extensions.

Suggested Citation

  • Masudul Alam Choudhury, 2011. "Chapter 7 Endogeneity of Ethics: The Islamic Economic and Finance System," Contributions to Economic Analysis, in: Contributions to Economic Analysis, pages 145-169, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:ceazzz:s0573-8555(2011)0000291017
    DOI: 10.1108/S0573-8555(2011)0000291017
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