Religious-ethical Framework of Islamic Economics

The article studies relation between ethics and economics to what role moral and economic principles play in Islamic economics. The article includes introduction, two sections and conclusion. The first section discusses a relation between ethical norms and economics. We attempted to critically analyze moral and ethical norms proposed by the western economists such as Jean-Baptiste Say, Leon Walras, Alfred Marshal in XIX century. Muslim social scientist Ibn Khaldun and French thinker Jean-Jacques Rousseau proposed not to consider an individual only as economic unit but develop his other aspects and potential as part of their economic research. The second section considers how far ethical norms of Islamic economics were researched. The article emphasizes that norms and principles of Islamic economics derive from Quran and Sunnah, researches ethics of those economic principles. To be exact, we will determine that Islamic economics is based on fair trading, economic equality, property protection and scrutinize each that aspect. The research results will prove that moral and ethical norms play a crucial role in general economic science, ethical norms of Islamic economics consist an integral part of economic decisions and actions.