Key concepts in the Islamic moral economy
| Concept | Definition | Reference |
|---|---|---|
| Justice (adalah) | The principle of fairness and equity in all dealings, ensuring rights and obligations are balanced and upheld | Dusuki and Abdullah (2007) |
| Public interest (maslaha) | The pursuit of actions and policies that promote the welfare and benefit of the community | Kamali (2008) |
| Balance (mizan) | The concept of maintaining harmony and moderation in economic, social and environmental spheres | Mirakhor and Askari (2010) |
| Harm (darar) | The principle of avoiding harm to oneself and others in all transactions and activities | El-Gamal (2006) |
| Tawhidi principle | The concept of the oneness of god, which underpins Unity, coherence and ethical conduct in all aspects of life and economics | Asutay (2012) |
| Amanah | The concept of trustworthiness and stewardship, emphasizing that all resources are a trust from god and must be managed responsibly | Dusuki and Abdullah (2007) |
| Ihsan | The principle of excellence and benevolence in all actions, going beyond mere compliance to achieve the highest ethical standards | Asutay (2012) |
| Tazkiyah | The concept of purification, both spiritual and material, aiming for holistic development and ethical conduct | Mirakhor and Askari (2010) |
| Rububiyah | The principle of God’s lordship, emphasizing guidance, sustenance and nurturing of creation, which informs ethical economic behavior | Asutay (2007a, 2007b) |
| Maqasid al-shari’ah | The higher objectives of Islamic law, which aim to preserve religion, life, intellect, lineage and property | Kamali (2008) |
| Avoid interest (riba) | The prohibition of interest to ensure fairness and prevent exploitation in financial transactions | Caporale and Helmi (2018) |
| Uncertainty (gharar) | The prohibition of excessive uncertainty and ambiguity in contracts to promote transparency and fairness | El-Gamal (2006) |
| Gambling (maysir) | The prohibition of gambling and speculative activities to prevent harm and promote ethical financial practices | El-Gamal (2006) |
| Concept | Definition | Reference |
|---|---|---|
| Justice (adalah) | The principle of fairness and equity in all dealings, ensuring rights and obligations are balanced and upheld | |
| Public interest (maslaha) | The pursuit of actions and policies that promote the welfare and benefit of the community | |
| Balance (mizan) | The concept of maintaining harmony and moderation in economic, social and environmental spheres | |
| Harm (darar) | The principle of avoiding harm to oneself and others in all transactions and activities | |
| Tawhidi principle | The concept of the oneness of god, which underpins Unity, coherence and ethical conduct in all aspects of life and economics | |
| Amanah | The concept of trustworthiness and stewardship, emphasizing that all resources are a trust from god and must be managed responsibly | |
| Ihsan | The principle of excellence and benevolence in all actions, going beyond mere compliance to achieve the highest ethical standards | |
| Tazkiyah | The concept of purification, both spiritual and material, aiming for holistic development and ethical conduct | |
| Rububiyah | The principle of God’s lordship, emphasizing guidance, sustenance and nurturing of creation, which informs ethical economic behavior | |
| Maqasid al-shari’ah | The higher objectives of Islamic law, which aim to preserve religion, life, intellect, lineage and property | |
| Avoid interest ( | The prohibition of interest to ensure fairness and prevent exploitation in financial transactions | |
| Uncertainty (gharar) | The prohibition of excessive uncertainty and ambiguity in contracts to promote transparency and fairness | |
| Gambling (maysir) | The prohibition of gambling and speculative activities to prevent harm and promote ethical financial practices |
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