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Ethics of Iqtiṣād

In: Revisiting Islamic Economics

Author

Listed:
  • Nabil El Maghrebi

    (Wakayama University)

  • Abbas Mirakhor
  • Tarık Akın
  • Zamir Iqbal

    (Islamic Development Bank)

Abstract

Based on the moral philosophy of Islam aimed at promoting economic and social justice, the internalization of rules and virtues of Islam determine all facets of an economy ranging from the rules of market conduct, production, consumption, distribution, and redistribution. Ethics embedded in the prescribed rules and principles guarantee ethical outcomes in economic activities. Risk-sharing in financial transactions and other forms of risk-sharing as advocated by Islam have a rich ethical dimension that fills the gaps observed in prevailing economic systems. Risk-sharing minimizes the exploitation inherent to interest-based or risk-transfer systems, leads to the efficient allocation of resources, reduces typical information asymmetry and agency problems in economic dealings, enhances cooperation and solidarity in societies, and promotes financial and social inclusion. A rich framework of business ethics provides strong governance, transparency, and prudent leadership.

Suggested Citation

  • Nabil El Maghrebi & Abbas Mirakhor & Tarık Akın & Zamir Iqbal, 2023. "Ethics of Iqtiṣād," Palgrave Studies in Islamic Banking, Finance and Economics, in: Revisiting Islamic Economics, chapter 0, pages 151-182, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-031-41134-2_4
    DOI: 10.1007/978-3-031-41134-2_4
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