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The Basis for Legitimate Entitlement to Profit in Islamic Law

Necmeddin Güney ()
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Necmeddin Güney: Necmettin Erbakan University Faculty of Divinity, Konya, Turkey

No 2018-5, Working Papers from The Islamic Research and Teaching Institute (IRTI)

Abstract: This paper is intended to investigate the basis for legitimate profit in Islamic law and compare it to the theories held by modern conventional economics regarding the cause of profit. This study shall use the theoretical framework of the Hanafi concept of damān (guarantee) and apply it to the cases of fixed revenue and profit. Finally, this paper aims at exposing how the Hanafi formulation of damān, along with capital and labor, can be useful in explaining and determining the basis for a legitimate profit in Islamic law.

Keywords: Profit; Legitimate; Islamic law; Damān; Partnership (search for similar items in EconPapers)
JEL-codes: A12 D31 D33 P40 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2018-07-23
New Economics Papers: this item is included in nep-hme and nep-isf
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