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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.
List of contents
List of illustrations
List of tables
List of contributors
Foreword
Preface
1 Social Justice in Islam: An Introduction
TOSEEF AZID & LUTFI SUNAR
2 A theory of justice in Islam
MASUDUL ALAM CHOUDHURY
3 Social justice, market, society and government: an Islamic perspective
TOSEEF AZID, OSAMAH HUSSAIN Al RAWASHDEH & MUHAMMAD OMER CHAUDHRY
4 Contractual freedom, market economy and social justice in Islam: the "invisible hand" of God-man’s agency relationship (Khilafah)
VALENTINO CATTELAN
5 How can Islamic banks achieve social justice?
KHOUTEM BEN JEDIDIA
6 How social aids affect people’s willingness to work: developing a social aid framework within the context of Islam
OMER FARUK TEKDOGAN &MEHMET TARIK ERSALAN
7 The role of waqf in socio-economic life in terms of poverty alleviation
HUSNU TEKIN
8 Interest and social justice: the impact of real interest rate on income inequality
OZAN MARASL
9 Productive zakat as a mechanism of social justice in Indonesia
AIMATUL YUMNA
10 Potential zakat collectible in OIC countries and poverty gap
SALMAN AHMED SHAIKH & QAZI MASOOD AHMED
11 Pursuing social justice through Islamic micro-takaful in the informal economy: social capital matter
YULIZAR D. SANREGO
12 Conclusion
TOSEEF AZID & LUTFI SUNAR
Index
About the author
Toseef Azid is Professor of Economics at the College of Business and Economics, Qassim University, Saudi Arabia.
Lutfi Sunar is Associate Professor of Sociology at the University of Istanbul, Turkey.
Summary
This book uniquely connects social social justice and Islamic finance and economics on this topic. Based on the writings of a number of eminent scholars, this book argues that an alternative and more equitable theoretical and practical economical order can been developed within the framework of Islamic principles.
