Description
This address explores the role of ethics in Islamic Economics, Finance, and Business (IEFB), emphasizing the core themes of innovation, inclusivity, and sustainability. Conventional economic models often prioritize profit maximization at the expense of ethical considerations, resulting in social and environmental challenges. In contrast, IEFB integrates justice, fairness, and moral responsibility as foundational principles, shaping economic activities in alignment with Islamic teachings.Although IEFB is an ideal, if enacted, it has the transformative potential for ethical innovation, particularly in Islamic finance, where Shariah-compliant financial products provide alternatives to conventional finance. Also of central importance is inclusivity in economic decision-making, wealth distribution, and empowerment through mechanisms like Zakat, Islamic microfinance, and cooperative business models. Furthermore, there is the necessity of environmental sustainability, which requires a shift toward environmentally and ecologically responsible economic practices, which align with Islamic stewardship principles.
While acknowledging criticisms regarding certain aspects of IEFB, such as the resemblance of Islamic finance to conventional finance and ethical lapses in real-world microfinance and halal industries, it is argued that these failures stem not from IEFB itself, but from the prioritizing (and sanctioning of) profit imperatives in both competitive and uncompetitive markets.
| Period | 15 Oct 2024 |
|---|---|
| Event title | International Conference on Islamic Economics, Business, Banking and Finance: Strengthening the Islamic Economics, Finance and Business: Towards the Innovative, Inclusivity and Sustainability |
| Event type | Conference |
| Location | Bengkulu, IndonesiaShow on map |
| Degree of Recognition | International |
Keywords
- Innovation
- Inclusivity
- Sustainability
- Islamic economics
- Islamic finance
- business ethics