THE ROLE of ETHICS, MAQASID AL-SHARI'AH, MORALITY and ...

lynxfatkidneyedNetworking and Communications

Oct 26, 2013 (4 years and 15 days ago)

94 views

1












THE ROLE
of

ETHICS,
MAQASID AL
-
SHARI'AH
,
MORALITY
and

A
LTRUISM in

ECONOMIC LIFE






BY




Prof. Dr. Wan Sulaiman Bin Wan Yusoff




De
puty Rector of Student affaires
,




Kolej Universiti Insaniah (KUIN)




Alor Star Kedah (DA)




E
-
Mail:
wsyuoff@yahoo.com




ABSTRACT

This paper

is

concerned with the role of ethics, morality, maqasid al
-
syariah and
altruism in economic life. It is not concerned with welfare economics or related
normative issues, but w
ith the way in which ethics, morality and altruism influence the
actual
behavior

of economic agents. The terms "Ethics", "Morality", Maqasid Al
-
Syariah, and "Altruism" have somewhat different connotations. Ethics refer
s

to a set of
moral principles or the
science of morals in human conduct, or a rule

governed
behavior.
Meanwhile

morality may have a more sentimental dimension


it may refer to

the

degree of conformity to moral principles or moral conduct in which the main
characters are personified human qua
lities. Amongst the various motivations underlying
moral behavior towards beings, human or otherwise, the following deserve explicit
2




mention:
sympathy, benevolence, fairness, duty and commitment.

All those terms

are

discussed and compared
from

conventional

and Islamic
perspectives
.

In Islamic
economics on the other hand, Maqasid Al
-
syariah, deal
s

with the behavior of Islamic
man rather than Economic man as
in
conventional practice. These two different
behaviors, faiths and world views of man will make their

ways of action in daily life
activities
,

including economic and political social activities
,

differen
t
. Moreover,
Islamic Man’s activities
are
purely based on Divine Guidance rather than logic
al

thinking and theories of human being
s

alone. In this regard,

I may conclude that Al
-
din
-

Al
-
Islam should cover a wider scope than
the

scope of Ethics, Morality and Altruism
(without
the
reveal
ed

knowledge of Divine Guidance). In other words,
the

scope of
Ethics, Morality and Altruism are implicitly partial concepts of Al
-
din
-
Al
-
Islam.
Islamic economics, therefore, should be rooted
in

authentic reveal
ed

principles, ijma'
and qiyas of Islam, rather than based only on ethics, morality and altruism.

This paper can be discussed in the following sections


1)

INTRODUCTION

2)

ETHICS and

ISLAMIC ECONOMICS

3)

CONVENTIONAL

and

ETHICAL DIMEN
S
ION
S

4)

MAQASID Al
-
SHARI'AH

and

ISLAMIC ECONOMICS

5)

M
ORALITY
and

ISLAMIC ECONOMICS

6)

ALTRUISM
and

ISLAMIC ECONOMICS

7)

CONCLUSION


1

INTRODUCTION

3





This
paper

is concerned with the role of ethics, morality and altruism in
economic life. It is not concerned with welfare economics or related normative issues,
but with the way in which ethics, morality and altruism influence t
he actual behavior of
economic agents.

The terms "ethics", "morality" and "altruism" have somewhat different
connotations. Ethics refer
s

to a set of moral principles or the science of morals in human
conduct, or rule

governed behavior.
Meanwhile

morality m
ay have a more sentimental
dimension


it may refer to
the

degree of conformity to moral principles or moral
conduct in which the main characters
are
personified human qualities. Amongst the
various motivations underlying moral behavior towards beings, hum
an or otherwise, the
following deserve explicit mention: sympathy, benevolence, fairness, duty and
commitment. Sympathy normally refer
s

to our feelings for specific beings with
which

we have some personal familiarity, if only through media images, whereas
benevolence
involves a more general sense of goodwill. Fairness and duty are more abstract in
character since they are based on moral rules rather than sentiment. Commitment is akin
to duty, but has a somewhat different connotation, because it embodies the

notion of
personal decision or promise, whereas duty is typically intrinsic to, and inseparable
from, some specific social role
s

such as
those as a
doctor, pilot
,

mother or father.
Taking on a social role may be a voluntary act. It is clear from our exper
ience that we
all act unselfishly on occasion. We do things for other people at some cost to ourselves
even when there is n
o external punishment or reward

for doing so. We are often honest,
fair or helpful towards others even when there is no prospect of e
ither punishment or
reward. We can also observe similar behavior in many of those around us, and we spend
4




a great deal of energy in instilling these virtues into our own children. Such virtues are
most obvious und
er conditions of extreme danger

when people

may risk life and limb
for others but they are also constantly encountered in everyday existence.

It is sometime
s

(based on ethics) claimed that such apparently virt
uous behavior
is really selfish

because people gain pleasure from it or get satisfact
ion
from doing the
right thing.

Or because (based on religious belie
f
) they believe that
Allah

Almighty will
reward them in the next world (H
ereafter) for the good deed
s

and punish

them

for the
bad deed
s

they do.

Fr
om

the economic point of view, the precise na
ture of our psychological
motivation for helping other
s

or obeying social rules is of secondary importance
1
.
Provided there are no external, earthly rewards for such behavior, it is reasonable to
define it as unselfish. Apart from casual observation, there

is systematic evidence to
show that human beings, and also other animals, frequently behave in an unselfish
fashion. Amongst sociobiologists, for example, it is taken for granted that altruism is a
pervasive feature of animal life.

Altruism, from the Lati
n "alter", or "other," describes actions performed in a
selfless manner for the benefit of other
s
. Most modern economists either ignore altruism
or seek to explain it away as really a manifestation of long
-
term self
-
interest
.

T
here are
some exception
s
, suc
h as Akerlof (1982), Arrow

(1975) or Phelps (1975), but the
y

are
comparatively rare. Economists typically assume that agents are b
oth self
-
seeking and
dishonest
,

which is described as

being

rational

Etzioni (1988), Frank (1988) and Wilson (1993) survey the

experimental
evidence in this area
.

In
some of the main findings, there is some truth in this claim, but



1


P. Groenewegen, "Economics and Ethics, ch. 2, "Ethic
s

and Economist's view (Robert Rowthorn), Routledge, London, N.Y.
(1996)

5




its result is to produce a seriously distorted view of economic life, and policies which
either fail to utilize people's capacity for altruism or, wor
se still, erode this capacity by
promoting selfishness and opportunism.

Moreover, many of them were uncomfortable with the very concept of fairness.
In the words of Marwell and Ames (1981): "More than one
-
third of economists either
refused to answer the qu
estion regarding what is fair, or gave very complex, uncodable


responses. It seems that the meaning of "fairness" in the context was somewhat alien for
this group". The conclusion that economists behave in a more self
-
interested fashion
than non
-
economis
ts is confirmed by the experiment of Carter and Irons (1991).
In a

recent article by Frank et al. (1993), entitled "Does
S
tudying Economics Inhibit
Cooperation?


Th
i
s finding suggests

that economics
i
s a discipline
which
attracts people
who are more selfis
h in certain contexts and also reinforces this characteristic. They
suggest that economics encourages a compartmentalized view of human existence,
whereby selfishness is morally acceptable
and

might be construed as
part of
economic
life.
Meanwhile

altruism

and cooperation are relegated to other spheres of life.
However, fortunately there are still many organizations in the real world which are run
by people who recognize that moral standards matter. It is to be hope
d

that such people
are not driven out by s
ocial science graduates imbued with the theory that in business
life individuals single
-
mindedly pursue their "self
-
interest unconstrained by morality".

Altruism is a concept of loving others as oneself, or a behavior that promotes the
survival chances of
others at a cost to one

s own, or self
-
sacrifice for the benefit of
others. Now universal
,

the

evolutionary theory of altruism was coined by scientists
6




exploring how unselfish behavior could have evolved. It is applied not only to people
(psychological alt
ruism), but also to animals and even plants
2
.

Altruists choose to align their well
-
being with others


so they are happy when
others thrive, sad when others are suffering. Essential in establishing strong
relationships, most societies acknowledge the impor
tance of altruism within the family.
By motivating cooperation rather than conflict, it promotes harmony within
communities of any size.

Altruism in a wider perspective is the abdication of claims of power over others.
To state that "None of us are worth m
ore and none are worth

less than anyone else" is
almost a truism, but modern technology has given a new urgency to all such appeals for
altruism. Life on earth is being destroyed at an alarming rate, and evidence is mounting
of impending disasters such
as
ecological collapse and climate change that threaten us
all. Communications technology


and www in particular


is boosting altruism and
establishing a global consciousness. It is encouraging to see how easily individual acts
of altruism can have a global

impact (e.g. Wikipedia, free software, or give away
websites). In spite of massive investment by the corporate world, a mentality shift in the
IT sphere is well underway from scarcity to abundance.

The concise definition of
a
ltruism is unselfish concern f
or the welfare of others.
It is a traditional virtue in many cultures, and central to many religious traditions. In
English, this idea was often described as the "Golden rule of Ethics". Some
philosophers considered
it
as a fundamental property of human na
ture.

Altruism can be distinguished from a fe
e
ling of loyalty and duty. Altruism
focuses on a motivation to help others or a want to do well without reward, while duty



2


http://www.altruists.org/about/altruism
.

7




focuses on a moral obligation towards a specific individual (e.g. God Almighty

or

a
King), a specific organization (a government), or an abstract concept (a country etc
.
).
Some individuals may feel both altruism and duty, while other
s

may not. Pure altruism
is giving without regard to reward or
the
benefits of recognition.

Altruism in
Islam


Th.Emil Homerin (2006)
3

examined notions of generosity
and hospitality in pre
-
Islamic Arabic poetry and culture, and then turn
ed

to related
notions of aiding the needy in the Quran, with particular attention to giv
ing

to the inter
-
related terms
naf
aqa

("spending on others"),
Khayr

("charity"),
sadaqah
("charity/"alms"),
zakah

("alms")
,

their range of meanings and uses. The word altruism
is
closely related to the term "
Ithar
" ("preferring others to oneself"), which became an
important religious ideal

and a central tenet of Muslim
futuwwah

and
tasawwuf,

chivalry and mysticism. But how close and equivalent will depend on definitions. The
word
"Ithar
" of Muslim chivalry and mysticism may fit Green's definition of altruism as
"international action ultimat
ely for the welfare of others that entails at least the
possibility of either no benefit or a loss to the actors". But this will be the case
in

material not spiritual terms.

Nonetheless
,

in Islam


since Almighty Allah

SWT

has promised in the Quran
to rew
ard every good deed and punish every bad deed done by any person in next
world
,

i
f the possibility of heavenly and/or spiritual reward for an action disallows it
from being altruistic,
it will not disallow it from being
an
altruistic action because a
perso
n sacrifices present for future reward
s
. Al
-

Quran uses Ithar for giving charity. I
t is
difficult to see how altruism could be a useful and appropriate category for the academic
study of religion. Moreover
,

the root word of altruism was from French Philoso
pher,
Auguste Comte
who
coined the word "altrisme" (with meaning 3) in 1851, and two



3


http://64.233/83.104/search?q

= cache
:mx TA9 BV02bEJ:
www.tabsir.net/


8




years later it entered the English language as altruism
4
. In this case, altruism would
appear to be a secular, not Islamic religious category. In this regard, I may conclu
de that
Al
-
din
-

Al
-
Islam

should cover a wider scope than
the

scope of Ethics, Morality and
Altruism. In other words,
the

scope
s

of Ethics, Morality and Altruism are implicitly
partial concepts of Al
-
din
-
Al
-
Islam. Islamic economics, therefore, should be roo
ted
in

authentic reveal
ed

principles,
ijma'
and
qiyas

of Islam, rather than based only on ethics,
morality and altruism.
Nonetheless,

Islamic values (ethics, morality, and altruism) are
deriven from Al
-
Quraan and Sunnah using Ijma, Qiyas and other principl
es.





2

ETHICS and ISLAMIC ECONOMICS


It is a fact that the economic activities of humankind cannot be divorced from
the ethical position a person takes, and this is conditioned by the religion the person
professes. According to Wilson (1997), "an
understanding of religious teachings helps
put ethical issue
s
, including economic relations, in a fuller perspective". The only
fruitful way to study economics in their fuller perspective is to derive basic economic
proposition
s

from the first principle of

religious ethic
s



namely, those which are
universally accepted by economic agents. The relationship between economic behavior
and religious ethics and morality needs to be highlighted because a voluntary
acceptance of restrictions on one's freedom to sup
port collective action and cooperative
relationship requires an "internalized" sense of social obligation, which all religions



4

http://www.altruists.org/about/altruism

9




have emphasized, e.g. truth, mutual trust, observance of contractual obligations etc.
Indeed, without strict adherence to shared
religious virtues, no economic system can
work efficiently.

Because in a true religious community, we will have minimum
government interference, all activities will be voluntarily motivated.

It is only when, in
a fair game, the economic agents follow the r
ules that substantial economies in the
costly information
-
gathering activities can be achieved to minimize the incidence of
"moral hazard" and "fraud" in the market

place.

With t
he state of development of ethically and religiously motivated economics
today
, we find that the economic
-
ethical
-
religious connection is emphasized much more
in Al
-
Quraan than in
the
Torah and Bible (Wilson, 1997, pp.117). Mainly because of
this


the majority
of
Muslim
s

today are aware of the basic tenets of the Muslim
teachings o
n economic matters…. Even the less devout recognize that
there
is some
substance in Islamic economics. It is, therefore, not surprising that, as compared with
"Christian economics and Jewish economics", Islamic economics seem
s

to stand at a
"higher" plane
of development. In this respect, Wilson has much more to say than i
s

available in the standard texts on the subject written by Muslim economist
s
5
.

The intimate connection between this
-
worldly action
s of humankind

and the
corresponding reward (punishment) o
f those actions in the Hereafter is emphasized by
all three gr
e
at religions. All three seek to redefine economic "rationality" by informing
economic activities with a sense of the sacred. According to this "redefinition",
economic agents should not be cons
trained in their day
-
to
-
day behavior by myopic
considerations of self
-
interest alone. Instead, they should consider it in their own
interest to recognize that a true (and a
f
uller) welfare maximization is achieved by an



5


Syed Nawab Haider Naqwi, "Economics, Ethics and Religion: A Rejoinder to Wilson", Journal of the International Association
for Islamic Eco
nomics and the Islamic Foundation, Number 10, 2001/1422H, pp 91
-
96.

10




abandonment of the desire for the tr
ansient things. Based on Al
-
Quran, Islam makes this
redefinition even more explicit, for example, "Whoever is preserved from the
niggardliness (his own greed) of his soul, these it is that are the successful ones", (59:9).
"Who gives away his wealth, purif
ying himself (or he may grow in goodness), (92:8).

In the human heart, there is the existence of greed, and then the right approach is
to follow the principle given by Almighty Allah
SWT
that "every man should enjoy the
good of all his labor". In this rega
rd, the proper governmental role
is
to make sure that
no one is defrauded of the labor of his own hands. This method acknowledges the
existence of greed in the human heart, and
the
necessity of channeling it for the benefit
of all by means of the enforceme
nt of economic morality. Otherwise
,

many
have
suffered when the moral foundations required of a truly free economy were ignored
because of the greed of certain individuals.

The basic idea that all wealth belongs to Almighty Allah

SWT

as an absolute
ownersh
ip and that humankind is only a trustee of this wealth is common to all three
religions. However, there are subtle differences in their position with respect to the
implementation of this idea for economic behavior. Thus, the Jew interprets Divine
ownershi
p as legitimizing the exist
ing structure of property right
s
.

T
he Christian point
of view is that people are accountable before God for the way they use the resources at
their disposal,
but
they have a wide discretion in using them to the best of their abil
ity.
Meanw
hile, the Islamic position is to emphasize the concept of the "relative" ownership
of all wealth. Thus, "of that whereof He hatch
es

make you trustees"
.

(Al
-
Quraan 57:7),
"Believe in Allah and His Apostle, and spend out of what He has made you to
be
successors of. For those of you who believe and spend shall have a great reward"
. The
individual must spend with moderation and for the benefit of the society. (25: 67)
,

"And
11




they who when they spend, are neither extravagant nor parsimonious, and (keep)

between these the just mean".

Regarding the responsibility of the rich to help the poor and the needy


this
issue is another common theme in the three religious traditions. Judaism emphasizes the
individual's social obligation to help the poor. Christian
ity urges the rich to help the
poor, to
who

belongs the Kingdom of
God,

without going as far as saying that the poor
have a right
t
o the wealth of the rich. The Islamic viewpoint explained that the poor
have a right
to

the wealth of the rich: (70:24
-
25),
"And those in whose

wealth there is a
fixed portion,

f
or him who begs and for him who denied (good)"
.

"And is whose wealth
a due share is included for the needy and dispossessed".

Whence follows that the act of
giving is not just charity, it is rather a me
ans of restoring to the poor and the deprived
what would have belonged to them if the society had been more justly organized. It is
for this reason that not helping the poor, and not urging others to do the same, is
tantamount to a denial of the faith, (10
7:1
-
3),
"Have you considered him who calls the
judgment a lie? That is the one who treats the orphan with harshness
,

and

does not urge
(others) to feed the poor".

Being a Muslim,
zakat

is declared as the third pillar in the
sunna

as well as in the Quran, w
ithout which the structure of Islam does not stand.
Zakat

in Islam is not a mere charity left to the righteousness of individuals as part of
their good deeds. It is rather an essential pillar of their religion, one of its major rituals,
and the second of i
ts four main forms of worship.
Zakat

is rather a social welfare
institution supervised by the
S
tate and organized as a tax administration by a specific
governmental body.

Yet another common issue discuss
ed

through the three religious traditions is to
highl
ight the gap of income and wealth distribution a deviation from God's design.
12




Judaism seeks to do it by restoring the Divine Order. The Christians regard "moderation
in the distribution of wealth as
a
desirable and essential precondition to recreating a
"n
atural order" and in the New Testament,
there is reference to
the need for material
equality, as opposed to spiritual equality (Wilson 1997,
pp
77
-
78). In Islam, the
changing
of
an unjust structure of private property right
i
s essential to achieving an
eco
nomic system, so that it (wealth) does not concentrate in the hands of those who are
rich among you. (59:7)
"Whatever Allah has restored to His Apostle from the people of
the towns, it is for Allah and for the Apostle, and for the near of kin and the orpha
ns
and the needy and the wayfarer, so that it may not be a thing taken by turns among the
rich of you, and whatever the Apostle gives you, accept it, and from whatever He
forbids you, keep back, and be careful of (your duty to Allah); surely Allah is sever
e in
retributing (evil)
". If it is unjustly distributed to begin with, because, far from being a
part of some natural order, an unjust economic structure,
zulm

(the antonym of
adl)
, is
the negation of social equilibrium. This interpretation is consistent w
ith Islam's social
philosophy: while individual freedom
(ikhtiyar)

is explicitly recognized, including the
individual's right to private property, it is duly balanced by a deep sense of social
responsibility
(fard)
, with uncompromising firmness, (Naqvi, 19
94).

In the case of
riba
(interest, usury), Christianity unequivocally condemns this
practice and institution, but not in the view of Judaism, especially when the Jews are in
a state of diapora


the fact
is
that "many of the leading banker
s

and financiari
es have
been J
e
wish (Wilson, 1997,
p
.32). In this particular issue,
the
Islamic position is the
most explicit on the abolition of
riba,

which is seen as one of the most "visible"
defining characteristics of an Islamic economic system. Islamic economics app
ears
more "developed" and it is also better equipped, with one
-
solid condition that Islamic
13




economics should fully implement
i
t
s

activities based on
S
yari'ah

injunctions, to meet
modern economic challenges than present
-
day capitalism. I do agree with some
Islamic
e
conomists that to move further, our discipline must shed all traces of rejectionist
romanticism and the excess baggage of anachronistic ideas to bring economic prosperity
and spiritual happiness to the Muslim societies. Still, it is important to
persevere in our
effort to raise a "unified" economic discipline, on testable foundations, in a

typical
Muslim society but not in some Islamic utopia.



3

CONVENTIONAL and ETHICAL DIMEN
S
IONS




There are many different understandings of ethics. The online
I
nternet
Encyclopedia of Philosophy
says, “The field of ethics, also called moral philosophy,
involves systematizing, defending, and recommending concepts of right and wrong
behavior (Internet Encyclopedia 2003). As the World Health Organization put it, “et
hics
are norms of conduct for individuals and for societies (WHO 2002a, p. 24).”




The following are widely accepted normative principles in applied ethics:




Personal benefit: acknowledge the extent to which an action produces
beneficial consequences
for the individual in question.



Social benefit: acknowledge the extent to which an action produces
beneficial consequences for society.





Principle of benevolence: help those in need.

14






Principle of paternalism: assist others in pursuing their best
interests
when they cannot do so themselves.



Principle of harm: do not harm others.



Principle of honesty: do not deceive others.



Principle of lawfulness: do not violate the law.



Principle of autonomy: acknowledge a person’s freedom over his/her
act
ions or physical body.



Principle of justice: acknowledge a person

s right to due process, fair
compensation for harm done, and fair distribution of benefits.



Rights: acknowledge a person’s rights to life, information, privacy,
free expression, and safe
ty (Internet Encyclopedia 2003).




Principles of ethics may be applied to help make decisions, and to critically
assess decisions that have already been made. They may be used not only by individual
persons but also by states, international agencies, nong
overnmental organizations, and
other kinds of parties as well.



As we see
,

from these illustrative principles, ethical issues are
other
-
regarding.
That is, they are particularly concerned with the impact of one’s actions on others.
Where there is no ident
ified “other”, there is no ethical analysis. “Bare” policy
questions typically ask, “which choice of action would be best”, understood to mean,
“best for us”. The ethical question is: “which choice of action would be good for us,
while also taking account
of its effect on others and on the environment?”



Ethics raises questions not only about
what
decision should be made, but also
about
how
decisions should be made. One widely accepted ethical principle is that those
15




who are likely to be affected by a deci
sion ought to have an opportunity to participate in
making that decision. Ethics is concerned not only with outcomes but also with
processes.



An ethical response to public issues means taking responsibility for public
action. This includes taking respons
ibility for inaction. Many people suffer because of
bad things that governments do, but far more suffer because of the good things that
governments fail to do.



In relation to public policy, ethical issues are problematic questions about what
action shoul
d be taken by governmental agencies in particular kinds of situations
relating to public interest. They are problematic in the sense that there is ongoing
uncertainty or dispute about what should be done. Often, public policy issues are
problematic because

there are difficulties in accommodating the interests of different
groups.
The

decision as to whether
one

should produce and eat genetically modified
foods would not raise serious ethical issues insofar as it affect
s

only
the person
.
However, if
one is

in

the

position to decide whether to manufacture genetically
modified organisms or to allow imports of genet
ically modified organisms into one's

country,
one is

facing an ethical question because the choice of action would affect the
larger public.



We should speak of
publics,
in the plural. Being sensitive to the ethical
dimensions of public policy questions means being sensitive to the ways in which
policies are likely to impact different kinds of groups: producers, marketers, consumers,
the poor, t
he hungry, ethnic and other minorities, and so on. The calculus of
policymaking must weigh
the
impacts on various others as well as on oneself. It is
particularly important for the strong to take account of the impact of their actions on the
16




weak.



The en
vironment may be viewed as a special kind of “other” that may be
affected by one’s policies. Attention must be given to the importance of sustainability of
food production, processing, and marketing operations. Taking a “deep ecology”
perspective, it is al
so important to respect the integrity of the environment for its own
sake, and not only for the instrumental value of natural resources in serving human
purposes.



Ethical principles may be derived from various sources, and may be expressed in
a variety o
f different formats. They may show up in statements of religious doctrine (the
B
ible, the
Qu
ran), moral codes (e.g. the Ten Commandments), law, codes of conduct,
and other forms. With regard to issues of public policy, one of the most important forms
of ex
pression of widely accepted ethical principles is human rights:

Human rights refer to an internationally agreed upon set of principles and
norms embodied in international legal instruments. These international human
rights principles and norms are the resu
lt of deep and long
-
standing
negotiations among Member States on a range of fundamental issues (WHO
2002a, p. 24).



Human rights law is based on widely accepted international agreements about
the rights of individual persons and the correlative obligation
s of states. The
Universal
Declaration of Human Rights
of 1948, the international human rights covenants and
treaties, and the subsequent elaborations and interpretations of these documents through
protocols, General Comments, and other means set out the a
greed framework.



Ethical principles and methods are important for dealing with issues that have
not yet been addressed by human rights law and principles:

17





Ethics is particularly useful in areas of practice where human rights do not
provide a definite an
swer, for example, in new and emerging areas where human rights
law has not been applied or codified, such as human cloning (WHO 2002a, p. 24).

Since they are not concrete, immediate problems, but rather generic problems of
a particular form, the appropria
te response to ethical issues is the articulation of agreed
principles or guidelines that help one to make decisions about action in those
kinds
of
cases. Ethical dilemmas are addressed through the clear articulation of appropriative
normative frameworks,
whether in the form of principles, guidelines, and codes of
conducts, agreements, or law.


4

MAQASID Al
-
SHARI'AH

and ISLAMIC ECONOMICS


The
M
aqasid al
-
Shari'ah

includes everything that is needed to realize
Al
-
falah

and
Al
-
hayatuttayyibah

within the frameworks of the
Shari'ah
. According to Imam Al
-
Ghazali, the word "
Maqasid al
-
Shari'ah
" includes everything that is considered
necessary to preserve and enrich faith

(Religion: The Vision of well
-
Being)
, life

(Self:
The Central Goal)
, intellec
t

(Mind: The Human Resources)
, posterity

(Progeny: Inter
-
Generational Continuity)

and wealth

(The material Economic Resources)
. Here
,

that
faith come
s

first indicates that within the Islamic perspective, faith
is
the most
significant ingredient for human a
ctivities and well

being. Without injecting the
dimension of faith into human decisions, irrespective of whether they take place in the
household, the corporation, the market or elsewhere, it may not
be
possible to realize
efficiency and equity in the allo
cation and distribution of resources, and even to
minimize macroeconomic imbalance and economic instability. Efficiency and equity
18




cannot be defined without resort
ing

to a moral value. Second preservation of
maqasid

is
life, intellect and posterity,
and
th
ese three goals of primary objective can be viewed as
adequate nutrition, clothing, upbringing and education for spiritual and intellectual
development, housing, medical facilities, and comfortable transport, enough leisure to
meet all essential family and

social obligations, and an opportunity to earn an honest
living, etc. The above goals of
the
S
hari'ah

cannot come from prices and markets alone
in a secularist environment, but also need to satisfy certain moral criteria in the pursuit
of wealth and the o
peration of markets or the politburo. The satisfaction and fulfilment
of all these needs would make all members of both the present and the future
generations tranquil, comfortable, healthy and efficient, and able to contribute richly
towards the realizati
on and perpetuation of
falah and hayatuttayyibah
. Therefore,
the
efficient and equitable allocation and distribution of resources that
are
based on moral
value
s
, according to
Ibn al
-
Qayyim
, can help to realize
falah and hayatuttayyibah
for
the
well
-
being
o
f

the economy.

In general,
according

to Hamudah A.A. (2008),
the
Islamic economic system is
not drawn in the light of arithmetical calculation and capacity of production alone,
rather it is drawn and conceived in the light of a comprehensive system of mora
l
s

and
principles. The person who is working for another person or firm or government
institution is ordained by Allah

SWT

to do his work
in

the most efficient manner and
with
honesty. The
P
rophet Muhammad (PBUH) said that "if any of you undertakes to
do a
ny work, Allah loves to see him do it well and with efficiency". Once the work is
done, the worker is entitled to a fair wage for his services. In market structure and
business dealing
s
, Islam paid a great deal of attention in this respect.
Honest trade i
s
permitted and blessed by Allah

SWT
. This may be carried out through individuals,
19




companies, agencies and the like. But all business deals should be concluded with
fr
ankness and honesty. Cheating
defects of merchandise from the dealers, exploiting the
needs of customers,
and the
monopoly of stocks to force one’s own prices are all sinful
acts and

are

punishable by Islamic Law. If one is to make a decent living, it has to be
made through honest ways

and hard endeavor. Otherwise, easy come, easy go, and it is
not only that, but anybody that is bred with unlawful provisions will be, according to the
Prophet Muhammad (PBUH), a burning fuel
in

Hell Fire on the Day of Judgment. To
combat cheating and expl
oitation, Islam demands honesty in business, warns the
cheaters, encourages decent work and forbids usury or the taking of interest just in
return for lending money to the needy. This is to show man that he rightfully owns only
what he works for, and that
exploitation of other people’s pressing needs is irreligious,
inhuman and immoral. In the Qur
a
n Allah
SWT
says:

Those who devour usury will not stand except as stands one whom the

e
vil
o
ne
by his touch has driven to madness. That is because they say: ‘tra
de is like usury’. But
Allah

has permitted trade and forbidden usury. Those who, after receiving direction
from their Lord, desist shall be pardoned for the past; their case is for
Allah

(to judge).
But those who repeat (the offense) are Companions of the
Fire; they will abide therein
(for ever).
Allah

will deprive usury of all blessing but will give increase for deeds of
charity; for He loves not creatures ungrateful and wicked (2:274
-
276).

And the Firmament has He raised high, and He has set up the
Balance (of
Justice) in order that you may not transgress (due) balance. So establish weight with
justice and fall not short in the balance (55:7
-
9).

20




This is to guide man to resort to justice and straightforwardness in all his
dealings and transactions. Th
e future of cheaters is grim and their doom is awful. Here
is how the Qur
a
n looks into the matter:


Woe to those who deal in fraud, those who, when they have to receive by measure
from men, exact full measure, but when they have to give by measure or
weight to men
give less than due. Do they not think that they will be called to account on a Mighty
Day, a Day when (all) mankind will stand before the Lord of the Worlds
? (83:1
-
6)

Besides that, there are numerous Al
-
Hadith of Prophet Muhammad (PBUH)
exclu
ding the cheaters, exploiters, monopolizers and dishonest business people from the
band of the true Muslims. Any business deal that involves injustice or cheating or
exploitation is strictly
pro
hibited and cancel
led

by the Law even after it is concluded.
T
he main purpose of Islamic legislation on economics and commerce is to secure the
rights of the individual and maintain the solidarity of society, to introduce high morality
to the world of business and enforce the Divine Law in that sphere of enterprise.
It is
logical and consistent that Islam should be concerned with such aspects as these because
it is not merely a spiritual formula but a complete system of life in all
of
its
aspects
.
Proprietors are constantly reminded of the fact that they are
,

in reali
ty
,

mere
trustees or
agents appointed by Almighty Allah

SWT

to administer their holdings. There is nothing
in Islam to stop the Muslim
s

from attaining wealth and
endeavo
r
ing

to make

material
improvements through lawful means and decent channels. Yet
,

the f
act remains that
man comes to this world empty
-
handed and departs from it likewise. The actual and real
owner of things is Allah
SWT
alone of
W
hom

any proprietor is simply an appointed
agent, a mere trustee. This is not only a fact of life but also has a significant bearing on
21




human behavior. It makes the proprietor always ready to spend in the way of Allah and
to contribute to worthy causes. It mak
es him responsive to the needs of his society and
gives him an important role to play, a sacred mission to
fulfill
. It saves him from the pit
of selfishness, greed and injustice. This is the true conception of property in Islam, and
that is the actual stat
us of proprietors. The Qur
a
n considers
the
possession of wealth
as
a
tr
ial
, and not a token of virtuous excellence or privileged nobility or a means of
exploitation. Allah says:

It is He Who has made you (His) agents, inheritors of the earth: He has raise
d
you in ranks, some above others; that He may try you in the gifts He has given you.
Verily, your Lord is quick in punishment, yet He is indeed Oft
-
Forgiving, Most Merciful
(6:165).


Moreover, everything in the earth belongs to Allah, Who distributes i
t among
His servants in the form of inherit
ed

trusts and objects of trial. The following verses in
Al
-
Quran:
To Him belongs the dominion of the heavens and the earth, and all affairs
are referred back to
Allah

... Believe in
Allah

and His Messenger, and sp
end (in charity)
out of the (substance) whereof He has made you heirs. For, those of you who believe
and spend (in charity)
-
for them there is a great reward. And what causes have you why
you should not spend in the cause of
Allah
? For to
Allah

belongs the
heritage of the
heavens and the earth (57:5, 7, and l 0)


5

MORALITY and ISLAMIC ECONOMICS


22




In Islam, moral values give a long
-
term perspective to self
-
interest by extending
it beyond the span of this world, which is transitional, to the Hereafter, which
is
e
ternal.
While
individuals’
self
-
interest maybe served in this world by being selfish and
concentrating only on improving
their

own condition,
thei
r self
-
interest in the Hereafter
can be better served by fulfilling
their

moral obligations towards
their

family and
society, even if this involves the sacrifice of
their

material self
-
interest in this world.
One of the primary goals of moral value in Islam is to rein

in self
-
interest, and create a
balance between self
-
interest and social interest. Without th
e motivating factor of moral
values, the reliance on regulations and controls may have to be greater and the
governments may have to play a greater role in the economy for the realization of
humanitarian goals, (see M. Umer Chapra, 2000).

Moral value could
,

f
irst
ly
, confine consumer spending
6

primarily to necessities
and comforts and thereby, minimize wastefulness and extravagan
ce
. These consumer
behaviors combined with obligatory duty in Islam


like
zakat, awqf, sedaqah

and other
altruistic spending, woul
d not only contribute to better need
fulfillment

but also increase
savings, investment, development and growth in the economy. Once the demand from
consumer behaviors
is
based on moral value, moral restraints on producers may also
discourage them from prom
oting the sale through immoral and persuasive advertising.
Thus, based on Metwally (1981),
an
Islamic firm may differ from
a
non
-
Islamic firm
not only in its goals but more importantly in its policies, structure, conduct and
performance (SCP) in market str
ategies.

Second
ly
,
moral value could also
discourage consumer
s

to consume luxurious
goods in their patterns of daily life consumption and naturally the flow of credit for the



6


See Al
-
Quran verses 12:46, 47, 48 and 49; 17:26, 27 and 29; 25:67.

23




production of luxurious goods may decline. Thereby, financial intermediations al
so
flow in
a
harmonious way due to most of the producers concentrat
ing

their product on
necessities and comfortable goods, adding a further healthy dimension to the
consumption and production processes. Third
ly
,

moral value could

direct the consumers
and p
roducers to act in accordance with their own tastes and preferences and maximize
their utilities and incomes (profits)

on

condition that it is done within the constraints of
moral values

Additionally, along
with
this moral value for the consumers and produ
cers, the
maqasid shari'ah

help
s

reduce the existing arbitrariness in government spending
decision
s

by providing the criteria for establishing priorities based on the following six
broad principles adapted from the legal maxims
7
:

1)

The principal criterion

for all expenditure allocations should be the well
-
being of the people (Article 58)

2)

The removal of hardship and injury should take precedence over the
provision of comfort (Articles 17, 18, 19, 20, 30, 31, and 32)

3)

The larger interest of the majority

should take precedence over the
narrower interest of a minority (Article 28)

4)

A private sacrifice or loss may be inflicted to save a public sacrifice or
loss, and a greater sacrifice or loss may be averted or prevented by imposing a smaller
sacrifice or

loss (Articles 26, 27 and 28)

5)

Whoever receives the benefit must bear the cost (Articles 87 and 88)

6)

Something without which an obligation cannot be fulfilled is also
obligatory (see al
-
Shatibi, Al
-
Muwafaqat, vol. 2, p.394; and also Mustafa al
-
Zarqa
(1967), vol. 2, pp. 784 and 1088)




7


Majallah al
-
Ahkam al

Adliyyah, briefly known as the Majallah, states 100 maxims of jurisprudence in its preamble

24




In the market mechanism, Islam requires all the parties competing in the market
to operate under the guiding light of moral values and the restraints imposed by these on
self
-
interest and private property, to ensure fairne
ss and justice
8

to all parties
(consumers, and factors of production) interacting in the market. Moral values related to
the conscientious use in the market economies are work ethics, honesty, integrity,
avoidance of fraud, cheating, selfish
ness
, opportuni
s
m
, corruption
(Fasad
9
),
exploitation etc. (see Al
-
Quran, 61:2
-
3).
The
Islamic market mechanism should avoid
"Injustice and Wrong
-
doing"
(Zulm).

The word
zulm

(injustice) as used in Al
-
Qur
a
n
denotes many things, especially the following terms:

1)

Disobeyin
g the dictates of Allah and His messengers; following one's
own desires (2:35, 2:229, 6:33, 11: 37, 17:59, 25:8, and 30:29)

2)

Depriving others of their rights (2:281, 4:10, 4:30, 10:54, 16:111)

3)

Engagement in interest transactions (2:279)

4)

Concealing
or suppression of evidence (2:140)

5)

Oppression of the weaker class (16:41)

The Muslim Ummah today need
s

to work out seriously our economic system
based on the Islamic norms. The economic principles taught by Al
-
Quran and Al
-
Hadith
of Prophet Muhammad (PBUH) are quit
e

capable of solving the major economic
problems faced by the world today. While they allow p
rivate ownership and
the
market
economy, they also provide a well
-
considered system of distributive justice, which may
eliminate inequities and bring about a system in which
the
profit motive works
in

the
collective interest of society.





8


See Al
-
Qur
a
n verses: 4:58, 127,135; 5:8, 42; 6:152; 7:29; 16:90; 42:15 and 57:25

9

See Al
-
Qur
a
n verses:
2
:11, 27, 30, and 205;
17
: 4,
26
: 151,152;
11
:85;
8
:73;
28
:4;
7
:74,85,86;
5
:33;
28
:76, 77

25




6

ALTRUISM and ISLA
MIC ECONOMICS


From section 1, we
go on to
discuss altruism
further
here to s
how that Islamic
economics and
the concept of
a
ltruism must go together in order to make
the
socio
-
economics of the Muslim Ummah without prejudice and more efficient, stable, just

and
fair. Because altruism itself
comprises

selfless acts done for another's benefit in spite of
oneself, in other word
s
, altruistic power is the power of love and a person who is loved
by others has the power to intentionally affect their interests simpl
y by virtue of this
love. Thus, the basis of

the power of

love is no other than love itself: the unification of
selves. It is no stimulation of need alone, no simple triggering of
the
superego, no
posing of alternative interest, no changing salience in an
interest. It is simply love.
Altruistic power is then
the
ability to use love to induce a person to do something. (R.J.
Rummel, Social Power vol. 2). Now
,

such love power is derived
when
a
people
have
love

for each other, love for humanity,
love for one’s

nation, or group can induce such
love based

on

interests. Indeed, such interests are a basic force in social relations that
serve as the basis for reform movements, ideologies, economics, politics and conflict.
The
se

acts

are

from altruism, a basic integra
tive feeling


a love


for humanity

However, love in Islam is not just a need that is gratified and temporarily
satiated. It involves the total self, the gestalt, knowledge, structure, real faith
(Iman)

and
process that combine the dynamic psychological a
nd spiritual field
s
. It manifests itself
through reaching out, integrating with another, the uniting of selves. It involves the total
field. This makes love so fundamentally basic and so powerful, wholly capturing the life
and soul of a person. A person in

love cannot be distracted; a person working for
humanity and
the
Ummah cannot be deflected. Love engages our total field and orients
26




it towards love's end. (
i.e
. Love's Almighty Allah

SWT

and Prophet Mohammad
(PBUH))

Altruism is a humanitarian endeav
or praised by all societies; practically every
nation on earth has
its

own noble stories of great kings, men, women and brave warriors
in history. They sacrificed their material possession
s
, status or even themselves for
some or other common good. In this
regard, without any reservation or hesitation
whatsoever
i
t can

be

point
ed

out
by
some real and practical examples in Islamic history
that Islam
ha
s the most perfect, sincere and comprehensive expression of altruism.


1)

The Prophet Muhammad (PBUH) said in a
Hadith:



“None of you truly believes until he loves for his brother what he loves for
himself.”
(
Saheeh Al
-
Bukhari
)

Based on this hadith, altruism instantly becomes a condition of true faith in
Allah
SWT

2)

During the great battle of Yarmuk, a Companion of
the
Prophet (PBUH),
Ikrimah b. Abu Jahl and two noble warriors were mor
t
ally wounded. An able Muslim
who was attending to the wounded offered one of the injured warriors some water, but
the selfless soldier

refused, insisting that one of the other fallen men be offered water
first.


When the water reached the second man, he too refused to drink before the thirst
of the other wounded soldiers was quenched.


Alas! By the time the water had reached
the third ma
n, it was already too late: he and the other two soldiers had died.


Truly
these three paragons of self
-
sacrifice made manifest the words of their Prophet
(PBUH)
when he said:

27




“The best charity is that given when one is in need and struggling.”

(
Ibn
Kathee
r
)

“…And they give others preference over themselves even though they
were themselves in need….” (Quraan 59:9)


3)

The single greatest act of communal altruism
wa
s the establishment of
brotherhood between the Muslim emigrants fleeing persecution in Mecca (
the
Muhajiroon)
, and their helpers who took them

in

in Madina (the
Ansaar
). (Coded Ben
Adam, Dec
2007)
.


The Ansaar made previously untold sacrifices for their brothers in
faith, despite the fact that they were themselves in great need.


By their deeds, th
e bonds
of brotherhood in the new Medinan society were strengthened and solidified in a
manner not seen before or since.


Arab was matched with non
-
Arab, freeman with
former slave, Qurayshi (a member of Prophet’s own tribe) with non
-
Qurayshi, and so
on.

“B
y no means shall you attain righteousness unless you spend of that
which you love….” (Qur
a
an 3:92)

As an amazing example of how this brotherhood manifested itself, we have the case
of the two Companions of the Prophet: Abdur
-
Rahman b. Awf, who was a Muhaji
r, and
Sa’d b. al
-
Rabee, an Ansari.

Abdur
-
Rahman narrates in his own words:

“When we came to Medina, the Messenger of God established bonds of brotherhood
between me and Sa’d b. al
-
Rabee.


Sa’d said: ‘I am the wealthiest of the Ansar, so I will
give you h
alf of all my wealth.


And see which of my wives you prefer, I will divorce her
for you, and when she becomes lawful (as a divorcee), you can marry her.’

I (Abdur
-
Rahman) said to him: ‘I do not need that.


(But tell me), is there a marketplace here
28




where
people trade?’

Sa‘ad said: ‘There is the marketplace of Qaynuqa’…

And so,
the following day Abdur
-
Rahman went to the market to begin trading.


Before long, he
was once again wealthy, as he had been in Mecca, and able to marry of his own
accord.” (Saheeh

Al
-
Bukhari)

“And those who, before them, had homes (in Madina) and had
adopted the Faith, love those who emigrate to them, and have no
jealousy in their breasts for that which they have been given (from
booty and the like), and they give (the emigrants) p
reference over
themselves, even though they were themselves in need.


And
who
soever is

saved from the covetousness of their own souls, such are
they who will be successful.” (Qur
a
an 59:9)

The altruism of the Medinan Muslims, praised by God in the Qur
a
an, w
as so great
in its scope and impact that the Meccan recipients of their brothers’ selflessness were
worried there would be no grace left for them!


The Companion, Anas b. Malik, said:

“When the Prophet, may
Allah

praise him, came to Madina, the Muhajiroon came to
him and said: ‘O Messenger of
Allah
, we have never seen any people more generous
when they have the means and more helpful when they have little, than the people
among whom we have settled.


They have loo
ked after us and they have let us join them
and share in all their happy occasions, to such an extent that we are afraid that they
will take all the reward (from
Allah

in the Hereafter).’

The Prophet said: ‘Not so long
as you pray for them and praise them
.’” (Al
-
Tirmidhi)

Allah Himself praised the Companions of Muhammad, both Muhajir and Ansar, for
their great many selfless sacrifices and services in His Cause.


He, the Almighty Allah
29




SWT, also praised whoever would follow in their footsteps.


Let us then
follow them,
perchance we may too be rewarded in heaven.

“The foremost (in faith) from the Muhajiroon and the Ansar and those
who follow them in righteousness;
Allah

is well
-
pleased with them and
they are well
-
pleased with Him.


He has prepared for them (t
he
Companions and their followers in righteousness) gardens under
which rivers flow to dwell therein forever
-

that is the supreme
success.” (Qur
a
n 9:100)

4)

In Al
-
Quran 49:13,
"O you men! Surely We have created you of a male
and a female, and made you tribes

and families that you may know each
other; surely the most honorable of you with Allah is the one among you
most careful (of his duty); surely Allah is Knowing, Aware".

In this verse, Allah
SWT

advises us that we have been made into nations and
tribes so that we may come to know one another and that there is no superiority of one
over another except in
taqwa
, that consciousness and loving awe of God which inspires
us to be vigilant and to do wha
t is right.


This verse is an implicit condemnation of all
racial, national, class or tribal prejudice (
'asabiyyah
), a condemnation which is made
explicit by the Prophet Muhammad (PBUH):
"
He is not of us who proclaims the cause
of tribal partisanship, and
he is not of us who fights in the cause of tribal partisanship,
and he is not of us who dies in the cause of tribal partisanship
"
.

When asked to explain what he meant by tribal
nationalist
partisanship, the
Prophet

(PBUH)

answered,
"
It means helping your o
wn people in an unjust cause
"
.

30




This verse establishes the brotherhood of man on the broadest foundation. It
teaches that
Allah SWT

does not judge men or women on their appearance, social
standing, wealth, or stated affiliation, whether tribal, national, or religious, nor even on
their skill or intelligence, but only on their striving to be faithful to an innate sense of
what is true,

just, right and good. This is within the reach of every human soul, and not

the preserve of any privileged or exclusive group.

The Quran teaches us that our
intellectual faculties are not designed to exist in a moral vacuum. The various words in
the Qur
a
n

which denote these faculties
('aql, albab, basirah, rushd
) also carry a
profound sense of moral valuation.


There is a criterion (
furqan
), a touchstone within
our own hearts which enables us to distinguish between the true and the false, and
between right

and wrong.

5)

As quoted by

one Muslim Hero (Abd al
-
Qadir
10
, 1847),
i
n his celebrated
letter to Malik al
-
Ashtar, Imam 'Ali write
s
: "
Make your heart a throne of mercy towards
your people. Show them perfect love and care.


For they are in one of two groups:
e
ither your brother in religion or your fellow
-
human being".
This broad view, in total
harmony with the Qur
a
n, embraces all races, all cultures, and all tongues. It asserts the
unity of the human race and the equality of all human beings, demanding compassi
on
for all and not only to members of one's own group. (See Jeremy Henzell
-
Thomas and
Kabir Helminski, 2007)

7

CONCLUSION





The spiritual tradition of Islam affirms the humanitarianism that underpins such
universal ethics, morality and altruism in eco
nomic activities for the betterment and



10


T
he leader of the struggle and insurgency in Algeria aga
inst the French colonial forces in 1847

31




fulfillment

of promises to every member of society. Its members are endowed with
piety, truthfulness, faithfulness, sincerity, straightforwardness, fairness and justice.
Cheating, decepti
on
, manipulati
on

and any neg
ative dealings in economic activities are
alien character
i
s
tics

in contrast to the noble character of a true Islamic
m
an in
economics. There is no room for swindlers, double
-
crossers, tricksters, or traitors in true
Islamic economics.

Islam views that any
unethical and immoral dealing
s

in economic
activities
are
considered as heinous sins, a source of shame to the one guilty of
committing them, both in this world and the next.


The Prophet (PBUH) did not merely
denounce them by excluding them from the Musli
m community in this world, he also
announced that on the Day of Judgment every traitor would be raised carrying the flag
of his betrayal.


A caller will cry out from the vast arena of judgment, pointing to him,
drawing attention to him:

“Every traitor will

have a banner on the Day of Resurrection and it will be said: This is
the betrayer of so
-
and
-
so.”

(
Saheeh Al
-
Bukhari
)

The shame of traitors


men and women
-

will be immense.


Those who thought
that their betrayal had been forgotten will find it right
there, exposed for the whole
world to see on banners raised high held by their own hands!

Their shame will increase even more when they meet with the Prophet of Mercy,
the advocate of the sinners on that terrifying and horrible Day.


Their crime is of such

enormity that it will deprive them of divine mercy and the Prophet’s intercession.


The
Prophet
(PBUH)
of Islam said:

“God said: There are three whom I will oppose on the Day of Resurrection: a man who
gave his word and then betrayed it; a man who sold a
free man into slavery and kept the
32




money; and a man who hired someone, benefited from his labor, and then did not pay
his wages.”

(
Saheeh Al
-
Bukhari
)

One should steer clear of all the various forms of deceit and deception present in
today’s society.


Cheat
ing is common in examinations, business transactions, and even
between spouses and loved ones.

Placing a label on domestically
-
made products to
make it seem that
they are

imported is a kind of fraud.


Some people give wrong advice
when their council is so
ught and thus deceive the person who believes he is getting

good advice.


An employee should do the job for wh
ich

he is paid without any
deception or cheating.


Rul
ing parties

rig the ballot to win elections
thereby

cheat
ing

the
whole nation.


Cheating bet
ween spouses and having extra
-
marital affairs
are

widespread in modern society.


A Muslim should value himself too highly to be among
those who cheat or deceive perchance one might fall in the category of hypocrites about
whom the Prophet
(PBUH)
said:

“The
re are four characteristics, whoever has all of them is a true hypocrite, and
whoever has one of them has one of the qualities of a hypocrite until he gives it up:
when he is trusted, he betrays; when he speaks, he lies; when he makes a promise, he
breaks
it; and when he disputes, he resorts to slander.”

(
Saheeh Al
-
Bukhari, Saheeh
Muslim
)

Therefore, a Muslim who has true Islamic sensitivities avoids deceit, cheating,
treachery, misconduct and lying no matter what benefits or profits such activities might
br
ing him because Islam considers those guilty of such deeds to be hypocrites.



33












R
EFERENCES

Abdel Hamid El
-
Ghazali, (1994), "Man is the Basis of the Islamic
S
trategy for
Economic Development", Islamic Economics Translation Series No. 1, IRTI, IDB,
Jeddah


Abul
-
Hassan Bani Sadr, (1978), "Iqtesa
-
e Tawhidi (Economics based on Tawhid)",
p
.
274

Ali al
-
Khafif, Al
-
Milkiyyah fi al
-
Shari'ah al
-
Islamiyyah, Vol.1, p. 93


Altruism


Wikipedia, the free encyclopedia,
http://en.wikipedia.org/wiki/Altruism

(14/01/2007)


34




Amartya Sen, (1987), On Ethics and Economics, New York: Basil Blackwell, p.32


Arrow, K. (1975), "Gifts and Exchanges", In Altruism, Morality and Econom
ic Theory,
Edited by E.S. Phelps, New York: Russell Sage


Asad Zaman, (2005), "Towards A New Paradigm for Economics",
Journal of King
Abdul Aziz University (JKAU): Islamic Economics
, Vol. 18, No. 2 pp. 49

-

59


Ben Adam, (2007), "Altruism", Islamic Religi
on.com

http://cshaydenblogsport.com/2006/12/morality_and economics htm1
, "Morality and
Economics" by Alim Khalid Hussin. (17/01/2007)


http://globetrotter.berkeley.edu/Islam/economicsB.htm1
, "Moral Economy of Islam:
Institute of International Studies; University of California, Berkeley, (10/10/2006)


http://plato.stanford.edu/entries/altruism
-
biological/
, Biological Altruism (June, 2003)


http://www.altruists.org/about/altruism/
, What is Altruism? (14/01/2007)


http://www.ethicalmedia.com/homepage/

"Ethical Media
C
ommunication"


Broome

John
, (2002), "Review: Ethics and Economics",
Journal of Markets &
Morality
, Vol. 5 No. 2, pp. 1
-
19


35




McManus

John H
, (1996), "Me
rger and Concentration


Merger Mania in the Media:
Can We Still Get All the News We Need?"
Mark Kula Center for Applied Ethics, Issues
in Ethic Vol. 7, No. winter.
pp.1
-
7


Kamran Mofid, (2005), "Islamic Spirituality in the Modern World", A Conference
Repor
t on "A Compassionate, Spiritual and Dialogical Islam", pp.1
-
29,
http://www.selvesandothers.org/article11116.htm1
, (21/11/2007)


Khoo Boo Teik, (2005), Ethnic Structure, Inequality and Govern
ance in the Public
Sector,
Malaysian Experiences
, United Nations Research Institute for Social
Development, Programme Paper Number 20. December 05


Healy
Kieran, "Last best Gifts: Altruism and the Market for Human Blood and Organs",
Sociology Department,
University of Arizona,
kjhealy@arizona.edu


Fourcade
Marion,
Healy
Kieran, (2007), "Moral Views of Market Society",
Annual
Review of Sociology 33,

2007

M.A.Mosalam Shaltout, (2003), "Altruism in Islam and the Holy

Quran, and the
Composition of Interstellar Messages", Encoding Altruism, Paris, France,
http://publish.seti.org/art_science/2003/abstract_details.php

King, Jr.
Martin Luther, "The
Economics of Altruism


A S
ystem to Reward
Generosity, not Selfishness",
http://www.altruists.org/ideas/economics/altruistic/
,
(14/01/2007)

36





Mohammad Saeed, Zafar U. A
hmed, and Syeda
-
Masooda Mukhtar, (2001),
"International Marketing Ethics from an Islamic Perspective: A
V
alue
-
Maximization
Approach",
Journal of Business Ethics

32:
pp.
127
-
142


Groenewagen

P.
, (1996), Economics and Ethics, London & New York: Rout ledge


R
afik Issa Beekun, (1996), "Islamic Business Ethics",
IIIT
, Nov. 01, 1996


Rice, G., (1999), "Islamic Ethics and the Implications for Business",
Journal for
Business Ethics
, 18, pp.345
-

358


Barro
Robert

& Mitchell

Joshua
,

(2004), "Religious Faith and Economic Growth: What
Matters most


Belief or Belonging?" Heritage Lecture #841,
www.heritage.org


Zamagni

S.
, (1995), The Economics of Altruism, England
: Edward Elger Publishing
Ltd


Syed Nawab Haider Naqvi, (1981), Ethics, and Economics: An Islamic Synthesis,
the

Islamic Foundation, Leicester, UK.


Stevenson

T.A
,
&
Wyoming

W.
, (2004), "Economic Morality",
www.competitivemarkets.com


37




T
h. Emil Homerin, (2006), "Tabsir


Altruism in Islam",
http://www.tabsir.net/?p=125