Human well-being, morality and the economy: an Islamic perspective

Haithem Kader

doi:10.1108/ies-07-2020-0026

Abstract

PurposeThis study argues that in order to address the problems associated with the modern market economy at their core, such as persistent poverty, growing inequality and environmental degradation, it is imperative to re-assess the well-being and moral philosophy underpinning economic thinking. The author attempts to offer a preliminary way forward with reference to the Islamic intellectual tradition.Design/methodology/approachThis study employs content analysis of classical and contemporary Islamic texts on human well-being and economic ethics to derive a conceptual well-being model. The paper is structured in four sections: section one provides an overview of relevant secondary literature on moral economic approaches; section two outlines the main well-being frameworks; section three discusses the concept of human well-being in Islam informed by the Islamic worldview of tawḥīd, the Islamic philosophy of saʿādah, and the higher objectives of Islamic Law (maqās.id al-Sharīʿah); and finally, section four discusses policy implications and next steps forward.FindingsA conceptual model of human well-being from an Islamic perspective is developed by integrating philosophical insights of happiness (saʿādah) with an objective list of five essential goods: religion (Dīn), self (Nafs), intellect ('Aql), progeny (Nasl) and wealth (Māl) that correspond to spiritual, physical and psychological, intellectual, familial and social, and material well-being, respectively.Research limitations/implicationsFurther research is needed to translate this conceptual model into a composite well-being index to inform policy and practice.Practical implicationsThis model can be used to review the performance of the Islamic finance sector, not solely in terms of growth and profitability, but in terms of realising human necessities, needs and refinements. It can also provide the basis for the Organisation of Islamic Co-operation (OIC) countries to jointly develop a well-being index to guide national and regional co-operation. More generally, this study highlights the need for research in Islamic economics to be more firmly rooted within Islamic ontology and epistemology, while simultaneously engaging in productive dialogue with other moral schools of economic thought to offer practical solutions to contemporary challenges.Originality/valueThis study offers three aspects of originality. First, by outlining well-being frameworks, it highlights key differences between the utilitarian understanding of well-being underpinning modern economic theory and virtue-based understandings, such as the Aristotelian, Christian and Islamic approaches. Second, it provides a well-being model from an Islamic perspective by integrating the Islamic worldview of tawḥīd, the Islamic philosophy of saʿādah, and the higher objectives of Islamic Law (maqāṣid al-Sharīʿah). Third, it proposes an ethical framework for informing economic policy and practice.

Highlights

The meaning of well-being and the means towards its improvement have been at the heart of intellectual enquiry from ancient philosophical and religious traditions, to modern natural and social sciences
This study argues that in order to address the problems intrinsic to the modern market economy at their core, such as persistent poverty, growing wealth inequalities and environmental degradation, it is imperative to re-embed the economy within a moral wellbeing philosophy
The exact meaning of well-being that economic activity seeks to realise can be understood with reference to classical Islamic philosophical insights of happiness and the higher objectives of the Sharıah

Summary

Introduction

The meaning of well-being and the means towards its improvement have been at the heart of intellectual enquiry from ancient philosophical and religious traditions, to modern natural and social sciences. Utilitarianism as a moral theory holds that morality only has instrumental value in so far as it contributes to utility Both Bentham and Mill were advocates of methodological individualism–a moral position widely held by scholars of the Enlightenment–whereby the general welfare was possible only if each individual was free to pursue happiness in his own way It is a God-centric teleological worldview which holds that all things are created with a natural purpose and function by God–the only true Deity (Ihah) and Lord (Rabb) of creation It implies unity and harmony of dimensions of life–the soul and the body, worship and work, the spiritual and the material, state and society, freedoms and responsibilities and aligns with the human being’s natural disposition (fitrah). The tawhıdic worldview and the three higher purposes of creation can be considered the foundational a_xioms that guide individual and collective behaviour of Muslims to achieve holistic well-being

Well-being and moral virtue

Findings

Conclusion