Ethics and economics: meaningful axiological discourse of Islamic economics

Hafas Furqani, Muhammad Arifin and Mohamed Aslam Mohamed Haneef

Chapter 3 in Islamic Finance and the Pursuit of Sustainable Prosperity, 2025, pp 53-69 from Edward Elgar Publishing

Abstract: Axiology is the philosophical study of goodness, or value, in the widest sense of these terms. It is the branch of philosophy which studies the nature of value and its application. Ethics and economics are essentially inseparable. However, in the evolution of the discipline, ethics eventually became separated from economics. Islamic economics, since its inception, has been very aware of the integration of Islamic ethics in its concept and application. Islamic economics is also aware of the problem of ethics in Western economics. However, the relationship between ethics and Islamic economics is still an unexplored dimension that needs an in-depth study. This chapter discusses the relationship between ethics and Islamic economics by initially exploring the discourse of axiology and how the concept of ethics is evolving in the Western and Islamic traditions.

Keywords: Axiology; Economics ethics; Islamic economics; Comparative ethical systems (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035349678
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