Journal of Islamic Economics (Jan 2023)
The Islamic Economic System From a Normative Point of View Design Based on Questionnaire Tool
Abstract
This research aims to propose a normative Islamic economic system. By first presenting the most critical elements that should be available in building the Islamic economic system. Then the elements by which the latter controls the economic activity. Finally, it checks the provisions and controls that govern those elements and the relationships between them using the normative economic approach. Research question: how should the normative structure of the Islamic economic system be? Therefore, it can be, in practice, ensuring justice, equality, and well-being for all members of society. The research begins by looking for some value judgments that contribute to building a general conception of the best form of the Islamic economic system. The answer comes from a group of Islamic economic experts across some countries of the Muslim world, where answers draw a normative picture of the Islamic economic system. The research highlights the importance of providing an appropriate alternative to conventional economic systems through a normative Islamic economic system. The researcher believes that this alternative is able, on the one hand, to achieve sustainable development by ensuring justice (equal opportunities principle) and equality. By integrating economically marginalized groups (economic inclusion principle), and the well-being of all members of society (through wealth creation). On the other hand, it can eliminate many negative economic phenomena, such as unemployment, inflation, and corruption.
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