Social Justice In Islamic Economy

Under the rule of the current economic order, social injustice is ever-increasing. Issues such as poverty, inhumane working conditions, inadequate wages, social insecurity and an unhealthy labor market continue to persist. Many states are also unable to produce policies capable of resolving these problems. The characteristics of the capitalist system currently render it unable to provide social justice. In fact, on the contrary, the system reinforces these injustices and prevents economic and social welfare from reaching the masses. Many Muslim scholars have analyzed and, indeed, criticized this system for years. This book argues that an alternative and more equitable theoretical and practical economical order can been developed within the framework of Islamic principles. On the other hand, the experiences of societies under the rule of Muslim governments do not always seem to hold great promise for an alternative understanding of social justice. In addition, the behaviors of Muslim individuals within their economic lives are mostly shaped by the necessities of daily economic conditions rather than by the tenets of Islam that stand with social justice. Until 1990s, studies of Islamic economics made connections between finance and the notion of social justice, but work conducted more recently has neglected this issue. It is therefore evident that the topic of social justice needs to be revisited in a more in-depth manner. Filling an important gap in existing literature, the book uniquely connects social justice and Islamic finance and economics on this topic. Theory, practice and key issues are presented simultaneously throughout this book, which is based on the writings of a number of eminent scholars.

Containing some of the papers presented to the second International Conference on Islamic Economics held in Islamabad in 1983, this text reflects Muslim thinking on some of the most important economic issues of the late 20th century.

Social Justice in Islam is perhaps the best known work of Sayyid Qutb, a leading figure in the Muslim Brethren of Egypt who was executed by the regime of 'Abd al-Nasir in 1966. Despite the years that have passed since Sayyid Qutb's death, the imprint of his thought on the contemporary Islamic movements of the Arab world remains profound. The Arabic original of Social Justice in Islam was first published in 1949, but this book in particular retains its relevance in many respects: the persistence of gross socio-economic inequality in most Muslim societies; the need for viewing Islam as a totality, imperatively demanding comprehensive implementation; and the depiction of the West as a neo-Crusading force.

The Islamic perception of the socio-economic process is dynamic and its insistence on social justice is uncompromising. To produce the best social structure, according to this view, man’s economic endeavours should be motivated by a meaningful moral philosophy. In the face of the challenges presented by the modern world, the practice of Islamic economics raises many complex and profound issues. These are addressed in this highly important work, which must be considered essential reading for all those who live in the vision of the ‘right’. First published in 1994.

The study of Islamic economics provides an interesting complement to conventional economics as they both study economic behaviour to enhance human well-being. Muhammad Akram Khan articulates an expert view on how to use distinct approaches to achieve this in the context of Islamic economics.