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Constituting an Islamic social welfare function: an exploration through Islamic moral economy

Constituting an Islamic social welfare function: an exploration through Islamic moral economy This study aims to theoretically explore and examine the possibility of developing an Islamic social welfare function (ISWF) within the Islamic moral economy (IME) frame by going beyond the traditional fiqhī approach. It focuses on issues of preference ordering and utility through the normative dimension of Islamic ontology, as expressed and articulated within the IME.Design/methodology/approachBeing a theoretical paper, a conceptual and critical discursive approach is used in this paper.FindingsTo establish an ISWF, a narrow juristic approach remains inadequate; there is a need to integrate the substantive morality to complement the juristic approach to achieve the ihsani process as the ultimate individual objective, which makes an ISWF possible. As the scattered debate on the topic concentrates mainly on the juristic approach, the main contribution of this study is to present a model in which juristic and moralist positions endogenized and augmented to constitute ISWF.Originality/valueAs there is a limited amount of research available on the subject matter, this paper will be an important theoretical contribution. In addition, this study develops an IME approach rather than fiqh-based approach used in the available research, which makes it novel. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Islamic and Middle Eastern Finance and Management Emerald Publishing

Constituting an Islamic social welfare function: an exploration through Islamic moral economy

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Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1753-8394
DOI
10.1108/imefm-03-2019-0130
Publisher site
See Article on Publisher Site

Abstract

This study aims to theoretically explore and examine the possibility of developing an Islamic social welfare function (ISWF) within the Islamic moral economy (IME) frame by going beyond the traditional fiqhī approach. It focuses on issues of preference ordering and utility through the normative dimension of Islamic ontology, as expressed and articulated within the IME.Design/methodology/approachBeing a theoretical paper, a conceptual and critical discursive approach is used in this paper.FindingsTo establish an ISWF, a narrow juristic approach remains inadequate; there is a need to integrate the substantive morality to complement the juristic approach to achieve the ihsani process as the ultimate individual objective, which makes an ISWF possible. As the scattered debate on the topic concentrates mainly on the juristic approach, the main contribution of this study is to present a model in which juristic and moralist positions endogenized and augmented to constitute ISWF.Originality/valueAs there is a limited amount of research available on the subject matter, this paper will be an important theoretical contribution. In addition, this study develops an IME approach rather than fiqh-based approach used in the available research, which makes it novel.

Journal

International Journal of Islamic and Middle Eastern Finance and ManagementEmerald Publishing

Published: Jun 4, 2021

Keywords: Social welfare function; Islamic moral economy; Islamic social welfare function; Islamic substantive morality; Islamic juristic approach

References