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

Mehmet Asutay and Isa Yilmaz

International Journal of Islamic and Middle Eastern Finance and Management, 2021, vol. 14, issue 3, 524-540

Abstract: Purpose - 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 traditionalfiqhīapproach. 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/approach - Being a theoretical paper, a conceptual and critical discursive approach is used in this paper. Findings - To 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 theihsaniprocess 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/value - As 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 thanfiqh-based approach used in the available research, which makes it novel.

Keywords: Social welfare function; Islamic moral economy; Islamic social welfare function; Islamic substantive morality; Islamic juristic approach (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:imefmp:imefm-03-2019-0130

DOI: 10.1108/IMEFM-03-2019-0130

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