Re-Integrating Morality into Economics : An Islamic Perspective

Islamic economic theory accords an immense emphasis to the normative approach of economy, and severely discourages any sorts of exploitative means and methods of profit maximization. With an objective to curb the practices of unfairness, exploitation, inequality, injustice and immorality, Islamic economics proposes for an active role of state in regulating and governing the function of the market. Since Islamic economics is premised on moral values and ethical considerations, it puts a great deal of emphasis on formulation and execution of the economic policies that may suit both haves and have-nots in equal terms