A COMPARISON OF ISLAMIC AND CAPITALIST CONCEPTION OF ECONOMIC JUSTICE

Abstract

Epistemological and metaphysical foundation of Islam is distinct from that of capitalism. Secular and liberal discourse defines the basis of capitalism rather. Due to this the conception of economic justice in the two discourses is expected to differ substantially. A significant amount of literature on Islamic economics, finance and banking doesn’t seem to explicitly highlight this difference. Due to this perhaps the Islamic financial industry is measuring its performance as per the standards of its mainstream financial industry. This study would emphasize and elaborate these differences so that the concerned can appropriately evaluate the outcome of their decisions and practices in the domain of Islamic economics and finance. The paper will compare the theory of justice and economic justice in the two respective discourses. A conceptual analysis which follows provides basis for policy recommendations. The ideals of justice of both ideologies are two poles apart, and no overlap exists between the two at least at conceptual levels due to their contradicting epistemological and metaphysical positions. The study is exclusively normative and discussion from pragmatic perspective is beyond its scope. Such a comparison doesn’t exist in literature as per the limited knowledge of author. This study would have implications for policy makers and practitioners while adapting structures, institutions, policies, frameworks, etc. from the western world as they would have to be altered to an extent to make them compatible to advance Islamic conception of justice in Muslim societies, if that by any means is possible.

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