The Rationale for a Distinct Economic System Based on Islamic Values Originating from the Moral Teachings of Islam

UAE Laws and Islamic Finance

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Durham, UK

 

Camille Paldi

E-mail: camille.paldi@durham.ac.uk

ABSTRACT

Islam can be seen as a system of ethics comprised of philosophical and conceptual foundations.   This system of ethics consists of Al’-adl wa’l-ihsan (Equilibrium and beneficence or socio-economic justice), Fard (responsibility), Rububiyyah (Divine arrangements for nourishment, sustenance, and directing things towards their perfection), Tazkiyah (purification plus growth), Tawhid (God’ unity and sovereignty), and Ikhtiyar (free-will).  Combined with Shari’ah and fiqh, this comprehensive moral code provides a reason and framework for a distinct moral economy based on risalah or the teachings of Jesus (p.b.u.h.), Moses (p.b.u.h.) and Muhammad (s.a.w.), the Bible, Torah,Qu’ran, and Sunnah.

Introduction

The rationale for a distinct economic system based on the moral teachings of Islam actually reflects the morality of all religions and humane philosophies.  The key ideas behind Islamic finance including the belief in divine guidance; the no-interest rule; socially responsible investing; the sharing of…

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