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Constituting an Islamic social welfare function: an exploration through Islamic moral economy

Mehmet Asutay (Durham Centre for Islamic Economics and Finance, Durham University Business School, Durham University, Durham, UK)
Isa Yilmaz (Department of Economics, Istanbul Medeniyet University, Istanbul, Turkey)

International Journal of Islamic and Middle Eastern Finance and Management

ISSN: 1753-8394

Article publication date: 6 January 2021

Issue publication date: 4 June 2021

399

Abstract

Purpose

This study aims to theoretically explore and examine the possibility of developing an Islamic social welfare function (ISWF) within the Islamic moral economy (IME) frame by going beyond the traditional fiqhī approach. It focuses on issues of preference ordering and utility through the normative dimension of Islamic ontology, as expressed and articulated within the IME.

Design/methodology/approach

Being a theoretical paper, a conceptual and critical discursive approach is used in this paper.

Findings

To establish an ISWF, a narrow juristic approach remains inadequate; there is a need to integrate the substantive morality to complement the juristic approach to achieve the ihsani process as the ultimate individual objective, which makes an ISWF possible. As the scattered debate on the topic concentrates mainly on the juristic approach, the main contribution of this study is to present a model in which juristic and moralist positions endogenized and augmented to constitute ISWF.

Originality/value

As there is a limited amount of research available on the subject matter, this paper will be an important theoretical contribution. In addition, this study develops an IME approach rather than fiqh-based approach used in the available research, which makes it novel.

Keywords

Citation

Asutay, M. and Yilmaz, I. (2021), "Constituting an Islamic social welfare function: an exploration through Islamic moral economy", International Journal of Islamic and Middle Eastern Finance and Management, Vol. 14 No. 3, pp. 524-540. https://doi.org/10.1108/IMEFM-03-2019-0130

Publisher

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Emerald Publishing Limited

Copyright © 2020, Emerald Publishing Limited

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