INTERNATIONAL JOURNAL OF ISLAMIC AND MIDDLE EASTERN FINANCE AND MANAGEMENT, cilt.5, no.5, ss.1-20, 2021 (SSCI İndekslerine Giren Dergi)
Purpose: This study explores the constituents of an Islamic social welfare function by referring to the issues of preference ordering and utility through the normative dimension of Islamic ontology, as expressed within the Islamic moral economy. The discussion also examines the possibility of developing an Islamic social welfare function in the light of the teachings of the Islamic moral economy.
Design/methodology/approach: A conceptual and critical discursive approach is utilised.
Findings: To establish an Islamic social welfare function, a narrow juristic approach remains inadequate; there is a need to integrate the moral complement with the juristic approach to achieve the salvation process as the ultimate individual objective. Synthesizing these two approaches would make an Islamic social welfare function possible. Since the scattered debate on the topic concentrates mainly on the juristic approach, the main contribution of this study is to present a model in which juristic and moral endogenized and augmented approaches are developed and then synthesized into an ultimate social welfare function.
Originality: Considering that there is limited amount of research material is available in the subject matter, this will be an important contribution in the literature. In addition, this study develops a moral economy approach rather than Islamic law based approach utilised in the current research, which makes it novel.