Norms of Ethics in an Islamic Economic System

In light of the Qur’an and the Sunnah, the scholars have defined some norms of ethics in an Islamic economics system. For brevity, we will list them here for now. Each of these will be discussed in further detail later. An Islamic economic system is based on the following norms of ethics:

  1. Freedom to contract
  2. Freedom from coercion
  3. Freedom from misrepresentation
  4. Freedom from Ar-Ribaa (interest)
  5. Freedom from Al-Gharar (excessive uncertainty)
  6. Freedom from Al-Qimaar (gambling)
  7. Freedom from Al-Maysir (unearned income)
  8. Freedom from price control and manipulation
  9. Freedom from impulse
  10. Right to trade at efficient prices
  11. Entitlement to transact at fair prices
  12. Right to equal bargaining power
  13. Entitlement to equal, adequate and accurate information
  14. Freedome from Darar (detriment)
  15. Mutual cooperation and solidatrity
  16. Maslahah Mursalah (unrestricted public interest)

Source: Obaidullah, 9-15.

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30 Comments

Filed under Basics and Definitions, Ethics

30 responses to “Norms of Ethics in an Islamic Economic System

  1. assalam alaikum
    can we have more details on your source, “Obaidullah”, for further reference?

    thank you

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