Position of Islamic social finance within the structure of the Islamic economic system

Magda Ismail Abdel Mohsin () and Aishath Muneeza ()

Chapter 2 in Inclusive Finance, 2025, pp 15-34 from Edward Elgar Publishing

Abstract: The Islamic economic system (IES) integrates spiritual and material dimensions, emphasising accountability, ethics, and socio-economic justice. Rooted in Islamic teachings, the IES encourages economic activities aligned with the dual objectives of worshipping Allah (SWT) and developing the earth. The pillars of the system – revealed knowledge and ethics – form the foundation for ethical human capital development and equitable wealth redistribution. This chapter provides an in-depth analysis of IES principles, the interplay of self-monitoring and state monitoring, and the alignment of Islamic social finance within the IES. It explores the roles of private enterprise, alternative institutions to riba, and mechanisms for wealth acquisition and redistribution, highlighting the moral and economic responsibilities of individuals towards a just society.

Keywords: Accountability; Ethics; Human Capital; Islamic Economic System; Islamic Social Finance (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035348763
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