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.
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List of contributors
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)
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
8 Interest and social justice: the impact of real interest rate on income inequality
9 Productive zakat as a mechanism of social justice in Indonesia
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
TOSEEF AZID & LUTFI SUNAR
There is an increasing need for western politicians, financiers, bankers, and indeed the western business community in general to have access to high quality and authoritative texts on Islamic financial and business practices. Drawing on expertise from across the Islamic world, this new series will provide carefully chosen and focused monographs and collections, each authored/edited by an expert in their respective field all over the world.
The series will be pitched at a level to appeal to middle and senior management in both the western and the Islamic business communities. For the manager with a western background the series will provide detailed and up-to-date briefings on important topics; for the academics, postgraduates, business communities, manager with western and an Islamic background the series will provide a guide to best practice in business in Islamic communities around the world, including Muslim minorities in the west and majorities in the rest of the world.