Abstract
Wasatiyyah consumerism is a consumerism model that is balanced, prudent and follows the needs of the wasatiyyah concept. God or Allah SWT has bestowed natural instincts to humans which consist of wants and needs; however, these wants and needs are fulfilled in inappropriate ways. This leads to numerous socio-economic problems, such as wastage, bankruptcy and a culture of indebtedness. Hence, in order to nurture individuals and a society that possesses high moral values and discipline based on Islamic values, wasatiyyah-consumerism ethics are a basic requirement for overcoming issues pertaining to ghuluw-consumerism (consuming beyond bounds). This working paper aims to identify and analyse wasatiyyah-consumerism ethics found in al-Qur'an. Which verses are relevant to wasatiyyah-consumerism ethics? What do these verses state? What are the fundamentals found in wasatiyyah-consumerism ethics? In order to answer these questions, this working paper only used secondary data, which were analysed using the content analysis method. The findings showed that wasatiyyah-consumerism ethics in al-Qur'an contain three fundamental elements: moderation, fairness and benevolence.
Highlights
Humans are the main object in consumerism activities
All forms of expenditure and financial management should be well planned by considering the long-term and short-term benefits so that various socio-economic problems are avoided
The conventional consumerism concept was developed by Khan, (1992); Weber, (2013) by introducing rationality and utility concepts as the fundamentals of economic development, including consumerism activities
Summary
The Wasatiyyah is an ideal framework of thinking, human behaviour with full of balance and proportionality in Islamic law, and should be embedded in Muslim lifestyles (Choudhury, 2016) These activities focus on household expenditures and financial management but on all forms of financial management, including the administration of offices, organisations and institutions, as well as the nation This type of consumerism is very important and frequently becomes the main issue among consumers when economic growth is only seen as a need and is insufficient to overcome the various problems of consumerism and materialistic influence that significantly affect society In order to overcome consumerism issues that emerge in a Muslim society, this working paper aimed to identify and analyse wasatiyyah-consumerism ethics found in al-Qur’an
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