Beyond profits
Islamic Finance, an ethical and sustainable system
DOI:
https://doi.org/10.23882/emss25226Keywords:
Islamic Finance, Sustainable Development, Ethics, Maqasid al-Shari’ah, SDGsAbstract
This study explores the ethical nature of Islamic finance and its role as a sustainable alternative to the neoclassical system. The latter, with its emphasis on selfish individualism and wealth accumulation, often conflicts with genuine sustainability. Through a normative and conceptual analysis within a normative epistemology, we highlight Islamic finance's inherent ethical dimension, particularly its prohibition of interest and exclusion of harmful sectors. By aligning Maqasid al-Shari'ah with the Sustainable Development Goals (SDGs), this research demonstrates the ethical convergence of Islamic finance with sustainability, presenting it as a more fitting framework for resource protection and human well-being.
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