1st Edition

Social Justice and Islamic Economics Theory, Issues and Practice

Edited By Toseef Azid, Lutfi Sunar Copyright 2019
    228 Pages
    by Routledge

    226 Pages 21 B/W Illustrations
    by Routledge

    Under the rule of the current economic order, social injustice is ever-increasing. Issues such as poverty, inhumane working conditions, inadequate wages, social insecurity and an unhealthy labor market continue to persist. Many states are also unable to produce policies capable of resolving these problems. The characteristics of the capitalist system currently render it unable to provide social justice. In fact, on the contrary, the system reinforces these injustices and prevents economic and social welfare from reaching the masses. Many Muslim scholars have analyzed and, indeed, criticized this system for years.



    This book argues that an alternative and more equitable theoretical and practical economical order can been developed within the framework of Islamic principles. On the other hand, the experiences of societies under the rule of Muslim governments do not always seem to hold great promise for an alternative understanding of social justice. In addition, the behaviors of Muslim individuals within their economic lives are mostly shaped by the necessities of daily economic conditions rather than by the tenets of Islam that stand with social justice. Until 1990s, studies of Islamic economics made connections between finance and the notion of social justice, but work conducted more recently has neglected this issue.



    It is therefore evident that the topic of social justice needs to be revisited in a more in-depth manner. Filling an important gap in existing literature, the book uniquely connects social justice and Islamic finance and economics on this topic. Theory, practice and key issues are presented simultaneously throughout this book, which is based on the writings of a number of eminent scholars.

     

    List of illustrations



    List of tables



    List of contributors



    Foreword



    Preface





    1 Social Justice in Islam: An Introduction



    TOSEEF AZID & LUTFI SUNAR





    2 A theory of justice in Islam



    MASUDUL ALAM CHOUDHURY





    3 Social justice, market, society and government: an Islamic perspective



    TOSEEF AZID, OSAMAH HUSSAIN Al RAWASHDEH & MUHAMMAD OMER CHAUDHRY





    4 Contractual freedom, market economy and social justice in Islam: the "invisible hand" of God-man’s agency relationship (Khilafah)



    VALENTINO CATTELAN





    5 How can Islamic banks achieve social justice?



    KHOUTEM BEN JEDIDIA





    6 How social aids affect people’s willingness to work: developing a social aid framework within the context of Islam



    OMER FARUK TEKDOGAN &MEHMET TARIK ERSALAN





    7 The role of waqf in socio-economic life in terms of poverty alleviation



    HUSNU TEKIN





    8 Interest and social justice: the impact of real interest rate on income inequality



    OZAN MARASL





    9 Productive zakat as a mechanism of social justice in Indonesia



    AIMATUL YUMNA





    10 Potential zakat collectible in OIC countries and poverty gap



    SALMAN AHMED SHAIKH & QAZI MASOOD AHMED





    11 Pursuing social justice through Islamic micro-takaful in the informal economy: social capital matter



    YULIZAR D. SANREGO



    12 Conclusion



    TOSEEF AZID & LUTFI SUNAR





    Index

    Biography

    Toseef Azid is Professor of Economics at the College of Business and Economics, Qassim University, Saudi Arabia.



    Lutfi Sunar is Associate Professor of Sociology at the University of Istanbul, Turkey.