| Summary: | The worsening inequalities across and within many countries have been an important
part of the discussions among the international community in general and welfare economists in
particular. The frequency of the recent economic crises across the globe had demonstrated that certain
social groups are the hardest hit and disabled from recovering satisfactorily, despite swift national
efforts and regional support. This research paper is part of a larger project viewing the current
inequalities prevalent in Malaysia from a normative perspective through the lenses of Islamic
Economics. It is aimed at providing complementary policy prescriptions in managing the widening
socio-economic inequalities between the different marginalized groups. Given the conceptual nature
of this research work, the emphasis remains in the critical literature reviews and latest report findings,
both national and international. The ultimate objective of this study is to better understand the reality
of economic inequalities and their long-term adverse effects on society perceived as vulnerable. Thus
the main concern of the present work is to be clearly aware of the dangers of socio-economic
inequalities and the various alternatives existing under the Islamic Economic System in managing
inevitable inequalities. Key findings of this research paper include the recent relevant evidences of
increasing economic inequality globally and Malaysia, the need for the stakeholders in Malaysia to
begin considering the implications of economic inequalities critically and the effective application of
several readily available schemes and tools in Islamic economics.
|
|---|