Abstract
Justice is the most important principle in Islam and measures the extent to which decisions in Islamic countries comply with Islamic doctrine. Economic justice is a sub-domain of justice and is further subdivided to distributive justice. Distributive justice implies that improvement in economic well-being of an individual occurs to the detriment of another’s. The present study investigates economic convergence of Islamic justice in selected Islamic countries (Albania, Bangladesh, Azerbaijan, Egypt, Guinea, Iran, Iraq, Jordan, Kazakhstan, Kosovo, Kyrgyzstan, Malaysia, Maldives, Niger, Pakistan, Senegal, Tajikistan, Turkey, Yemen And Tunisia) during 1995–2015 using beta-type convergence and generalized method of moment. It is argued that growth rate of income distribution in communities that suffer from bad income distribution system will move in the long run towards fair distribution. Results of absolute beta convergence indicate convergence of Gini coefficient at rate of 0.31. The Gini coefficient is significant at 1%. Moreover, results of conditional beta convergence reveal convergence of Gini coefficient. Inflation rate and GDP positively affect this convergence.
Highlights
Following WWII, underdeveloped countries tried to achieve high economic growth rates to be more prosperous
According to Solow–Swan, economic growth rate is higher in poor countries than rich ones, implying that it will be more convergent in the long run
5 Conclusion Given the importance of fair distribution as a measure of Islamic economic justice and equal distribution of income in Islamic countries, the present study investigated economic convergence of Islamic justice in selected Islamic countries
Summary
Following WWII, underdeveloped countries tried to achieve high economic growth rates to be more prosperous. According to Solow–Swan, economic growth rate is higher in poor countries than rich ones, implying that it will be more convergent in the long run This was the initial idea of convergence which was later extended to other domains including price and income distribution. Justice is a religious and rational conception that provides the basis for evaluation of religions and is a virtue to be realized in an ideal state It lies at the heart of religious doctrine by which communal acts are measured to comply with Islamic thought. Distributive justice is best applied in allocating rare products, services, resources and goods that directly or indirectly cause conflicting demands It calls for fair distribution of material goods among all social members It calls for fair distribution of material goods among all social members (Eivazlou 2010, p. 7–12)
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