Ethical Dimensions of Islamic Economics and Finance

Zamir Iqbal and Abbas Mirakhor
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Zamir Iqbal: Islamic Development Bank
Abbas Mirakhor: INCEIF

Chapter Chapter 5 in Ethical Dimensions of Islamic Finance, 2017, pp 103-134 from Palgrave Macmillan

Abstract: Abstract Having developed a framework of virtues and business ethics in previous chapters, this chapter discusses the application of the ethical framework to Islamic economics and finance. An in-depth analysis of risk sharing, materiality, social and economic justice, and governance aspects of Islamic economics and finance are provided, arguing that such a framework provides rich ethical standards and ensures finance that is responsible and good for the society. Ethics are embedded in the core principles of Islam and each rule prescribed has explicit or implicit ethical dimensions reflecting its adherence to core values and virtues. The chapter discusses the ethical dimensions of risk-sharing finance and highlights various features of Islamic finance such as materiality, anti-fragility, stability, economic justice, and redistributive justice. These features address several ethical issues prevailing in global financial systems.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-3-319-66390-6_5

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DOI: 10.1007/978-3-319-66390-6_5

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