The Significance of Islamic Economics in Re-Integrating Morality into Economics

Abstract

The current economic predicament may be termed actually, a glimpse of the repercussions that the value-free modern economic paradigm can bring about to the modern world. Notwithstanding, in the current crisis-prone scenario, the big question arises that what are the possible solutions to this predicament? Is there a need of complete paradigm shift or it requires a slight amendments of some grey areas of capitalistic economic approach? And what role the Islamic economics possibly may play in altering a similar situation? This paper attempts to critically examine and elaborate the significance of morality-based, normative-oriented Islamic economics as an alternative to the current value-free and neutral capitalistic economic theories and practices.

Keywords: Morality, Economics