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E-raamat: Social Justice and Islamic Economics: Theory, Issues and Practice

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Under the rule of the current economic order, social injustice is ever-increasing. Issues such as poverty, inhumane working conditions, inadequate wages, social insecurity and an unhealthy labor market continue to persist. Many states are also unable to produce policies capable of resolving these problems. The characteristics of the capitalist system currently render it unable to provide social justice. In fact, on the contrary, the system reinforces these injustices and prevents economic and social welfare from reaching the masses. Many Muslim scholars have analyzed and, indeed, criticized this system for years.

This book argues that an alternative and more equitable theoretical and practical economical order can been developed within the framework of Islamic principles. On the other hand, the experiences of societies under the rule of Muslim governments do not always seem to hold great promise for an alternative understanding of social justice. In addition, the behaviors of Muslim individuals within their economic lives are mostly shaped by the necessities of daily economic conditions rather than by the tenets of Islam that stand with social justice. Until 1990s, studies of Islamic economics made connections between finance and the notion of social justice, but work conducted more recently has neglected this issue.

It is therefore evident that the topic of social justice needs to be revisited in a more in-depth manner. Filling an important gap in existing literature, the book uniquely connects social justice and Islamic finance and economics on this topic. Theory, practice and key issues are presented simultaneously throughout this book, which is based on the writings of a number of eminent scholars.
List of figures
vii
List of tables
viii
List of contributors
ix
Foreword xiv
Preface xv
1 Social justice in Islam: an introduction
1(11)
Toseef Azid
Lutfi Sunar
2 A theory of justice in Islam
12(21)
Masudul Alam Choudhury
3 Social justice, market, society and government: an Islamic perspective
33(17)
Toseef Azid
Osamah Hussain Al Rawashdeh
Muhammad Omer Chaudhry
4 Contractual freedom, market and social justice: the "invisible hand" of God-man's agency relationship (khilafah and real)
50(20)
Valentino Cattelan
5 How can Islamic banks achieve social justice?: a discourse
70(16)
Khoutem Ben Jedidia
6 Social aids and willingness to work: developing a social aid framework within the context of Islam
86(20)
Omer Faruk Tekdogan
Memmet Tarik Eraslan
7 The role of waqfs in socio-economic life in terms of poverty alleviation
106(15)
Husnu Tekin
8 Interest and social justice: in the context of income inequality
121(28)
Ozan Marasli
9 Productive Zakat and social justice
149(19)
Aimatul Yumna
10 Estimation of potential Zakat in OIC
168(19)
Salman Ahmed Shaikh
Qazi Masood Ahmad
11 Social justice through Islamic micro-takaful: social capital matter
187(17)
Yulizar D. Sanrego
12 Conclusion
204(3)
Toseefazid
Lutfi Sunar
Index 207
Toseef Azid is Professor of Economics at the College of Business and Economics, Qassim University, Saudi Arabia.

Lutfi Sunar is Associate Professor of Sociology at the University of Istanbul, Turkey.