The Philosophical Foundations of the Place and the Ultimate Goals of Man

UAE Laws and Islamic Finance




Thoughts from Iraj Toutounchian’s ‘Islamic Money & Banking: Integrating Money in Capital Theory’ 

The neoclassical economists believed that they had discovered a truly scientific method of argument, embellished by mathematics.  They purported to diminish the moral problem by showing that if every individual pursues his own interests, the maximum benefit is attained for all.  This view somewhat ignored society, not as a sum of individuals, but as a totality of social interests.  However, it is well understood that individual differences naturally produce conflicts between self-interest and social interest.  Hence, a moral code becomes necessary for any kind of society.  Economics, being partly a vehicle for the ruling ideology and partly a method of scientific investigations, also has conflicts that need to be resolved.

The ideology behind self-interest is individualism, in a sense that society is of no relevance as long as each person pursues his own…

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