The Ethical Value Framework within Islamic Economics: A Philosophical Perspective

Abstract

Economic systems have failed to solve the human problems they have produced because they did not
consider humans in their entirety. They focused on the material aspect while neglecting the ethical and
spiritual dimensions. However, the absence of ethical focus in economic behavior does not imply its
absence, given the inherently ethical nature of humans themselves. This paper aims to elucidate the
philosophy of economics in Islam and its connection to ethical values. It highlights the principles that
underpin the Islamic economic system, which grants individuals the freedom of ownership based on the
theory of earning and the framework of various economic transactions such as buying, selling, saving, and
all activities aimed at economic development within an ethical framework that ensures human freedom,
dignity, social solidarity, and community development. However, this is subject to conditions that define
ownership and restrict it, allowing for public ownership determined through alms, the Zakat system, and
inheritance laws. Together, these systems uphold the true essence of ethical humanity.