Islam’s Market Ideology: A Brief Outline
<span style="font-family: PalatinoLinotype-Italic; font-size: 10pt; color: #231f20; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>Many of the studies on the Islamic market doctrine have failed to integrate the </em><span style="font-size: 10p...
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| Format: | Article |
| Language: | Arabic |
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Universitas Darussalam Gontor
2019-06-01
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| Series: | Islamic Economics Journal |
| Subjects: | |
| Online Access: | https://ejournal.unida.gontor.ac.id/index.php/JEI/article/view/3665 |
| _version_ | 1797976916807909376 |
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| author | Abdul-Rahim Mohammed Adada |
| author_facet | Abdul-Rahim Mohammed Adada |
| author_sort | Abdul-Rahim Mohammed Adada |
| collection | DOAJ |
| description | <span style="font-family: PalatinoLinotype-Italic; font-size: 10pt; color: #231f20; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>Many of the studies on the Islamic market doctrine have failed to integrate the </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>idea within the broad social objective of its Islamic doctrinal origin. Consequently, </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>the outcomes of such studies have only partially explicated the Islamic market </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>theory. This brief study attempts to contextualize the Islamic market ideology </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>within the broad social goal of the Islamic Shari’ah (law), in order to give it a </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>more complete understanding. Using an interpretative approach that attempts to </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>integrate market moral injunctions, pricing and profit, and price control, among </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>others into the broader social doctrine of Islam, we established that the Islamic </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>market ideology, broadly, seeks to promote the overall economic well-being of </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>the members of society through creating fair opportunities for economic gains, </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>enforcing the right to private property, and curbing exploitative tendencies of </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>economic agents towards one another, among other things. Consequently, the </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>Islamic market ideology is founded on the ideals of economic justice, which, </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>generally, emphasize fairness as a moral duty enforceable by the state. It is further </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>established that the individual has the right to engage in exchange activities and </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>earn fair rewards, and this must not, ordinarily, be interfered with. However, </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>when, in the course of exercising this right, the individual’s pursuit of self-interest </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>puts the overall public welfare into jeopardy, the state is obliged to give public </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>welfare precedence over individual self-interests. Thus, there is room for the state </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>to intervene even in pricing; though, under normal circumstances, prices in the </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>market should depend on the prevailing market conditions.</em></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span style="font-family: PalatinoLinotype-Italic; font-size: 10pt; color: #231f20; font-variant-numeric: normal; font-variant-east-asian: normal;"><br style="font-variant-numeric: normal; font-variant-east-asian: normal; line-height: normal; text-align: -webkit-auto; text-size-adjust: auto;" /></span> |
| first_indexed | 2024-04-11T04:58:39Z |
| format | Article |
| id | doaj.art-4dbcbb5691d14d5b90dbecb443a1f8fd |
| institution | Directory Open Access Journal |
| issn | 2460-1896 2541-5573 |
| language | Arabic |
| last_indexed | 2024-04-11T04:58:39Z |
| publishDate | 2019-06-01 |
| publisher | Universitas Darussalam Gontor |
| record_format | Article |
| series | Islamic Economics Journal |
| spelling | doaj.art-4dbcbb5691d14d5b90dbecb443a1f8fd2022-12-26T05:42:00ZaraUniversitas Darussalam GontorIslamic Economics Journal2460-18962541-55732019-06-015113310.21111/iej.v5i1.36651901Islam’s Market Ideology: A Brief OutlineAbdul-Rahim Mohammed Adada<span style="font-family: PalatinoLinotype-Italic; font-size: 10pt; color: #231f20; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>Many of the studies on the Islamic market doctrine have failed to integrate the </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>idea within the broad social objective of its Islamic doctrinal origin. Consequently, </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>the outcomes of such studies have only partially explicated the Islamic market </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>theory. This brief study attempts to contextualize the Islamic market ideology </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>within the broad social goal of the Islamic Shari’ah (law), in order to give it a </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>more complete understanding. Using an interpretative approach that attempts to </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>integrate market moral injunctions, pricing and profit, and price control, among </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>others into the broader social doctrine of Islam, we established that the Islamic </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>market ideology, broadly, seeks to promote the overall economic well-being of </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>the members of society through creating fair opportunities for economic gains, </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>enforcing the right to private property, and curbing exploitative tendencies of </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>economic agents towards one another, among other things. Consequently, the </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>Islamic market ideology is founded on the ideals of economic justice, which, </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>generally, emphasize fairness as a moral duty enforceable by the state. It is further </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>established that the individual has the right to engage in exchange activities and </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>earn fair rewards, and this must not, ordinarily, be interfered with. However, </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>when, in the course of exercising this right, the individual’s pursuit of self-interest </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>puts the overall public welfare into jeopardy, the state is obliged to give public </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>welfare precedence over individual self-interests. Thus, there is room for the state </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>to intervene even in pricing; though, under normal circumstances, prices in the </em><span style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal;"><em>market should depend on the prevailing market conditions.</em></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span style="font-family: PalatinoLinotype-Italic; font-size: 10pt; color: #231f20; font-variant-numeric: normal; font-variant-east-asian: normal;"><br style="font-variant-numeric: normal; font-variant-east-asian: normal; line-height: normal; text-align: -webkit-auto; text-size-adjust: auto;" /></span>https://ejournal.unida.gontor.ac.id/index.php/JEI/article/view/3665islam, market, economic justice, pricing, profit, public welfare. |
| spellingShingle | Abdul-Rahim Mohammed Adada Islam’s Market Ideology: A Brief Outline Islamic Economics Journal islam, market, economic justice, pricing, profit, public welfare. |
| title | Islam’s Market Ideology: A Brief Outline |
| title_full | Islam’s Market Ideology: A Brief Outline |
| title_fullStr | Islam’s Market Ideology: A Brief Outline |
| title_full_unstemmed | Islam’s Market Ideology: A Brief Outline |
| title_short | Islam’s Market Ideology: A Brief Outline |
| title_sort | islam s market ideology a brief outline |
| topic | islam, market, economic justice, pricing, profit, public welfare. |
| url | https://ejournal.unida.gontor.ac.id/index.php/JEI/article/view/3665 |
| work_keys_str_mv | AT abdulrahimmohammedadada islamsmarketideologyabriefoutline |