THE IMPACT OF HALAL AT THAYYIB AND CONSUMPTION ETHICS ON ECONOMIC GROWTH: AN ECONOMIC TAFSIR OF AL-BAQARAH 168

Taqiyah D. Insani (), Abdul W. Al-Faizin () and Muhammad N. H. Ryandono ()
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Taqiyah D. Insani: Universitas Airlangga
Abdul W. Al-Faizin: Universitas Airlangga
Muhammad N. H. Ryandono: Universitas Airlangga

Journal of Islamic Monetary Economics and Finance, 2019, vol. 5, issue 2, 459-474

Abstract: Consumption that is a determinant variable of Indonesian economic growth often ignores the negative externalities of objects consumed. In addition, often the commands in the Qur’an have not been understood in depth in that the substance has not been successfully raised. This paper attempts to examine the concept of halal from surah al- Baqarah: 168 by using the tafsir method to analyze its impact on economic growth. The paper is a qualitative exploration using content analysis that combines tafsir bi al-ra’yiwith tafsir bi al-ma’thur. By using economic interpretation, this paper was able to further discuss consumption as one of the main pillars of Islamic economics, especially with regard to the five basic needs in the maqasid sharia. Three main aspects stated by Halal At Thayyib are the main condition of the object of consumption in Islam. First, the object does not contain illicit elements. Second, it contains benefits that have a positive impact. Third, it does not contain anything that is harmful to the body and mind. This study also found that in terms of macro consumption, Halal At Thayyib is able to improve quality economic growth by eliminating negative externalities.

Keywords: Halal; Thayyib; Economic Tafsir; Economic Growth (search for similar items in EconPapers)
JEL-codes: E21 E71 H23 I15 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:idn:jimfjn:v:5:y:2019:i:2j:p:459-474

DOI: 10.21098/jimf.v5i2.1071

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