When Can Finance Be Called “Islamic”? Reflections on the Relation Between Islamic Ethics, Law and Economics

Abstract

Islamic law is a divine law, a set of ethical, moral and legal rules that guide the action and behaviour of every Muslim believer. The constant attention Islamic law dedicates to the guidance to a fair conduct of life can be seen also in that the dominant idea of Muslim jurists is that law, an eminently social fact, although divine in its origins, finds in human coexistence its raison d’être, its own subject matter and the connection of the various institutions it is composed of. The social context at the time of Islamic revelation was based on the idea of group: an individual was not relevant per se but as a member of the community to which he belonged; the family – which was an extended, tribal family – claimed the rights of individuals, avenged offenses against members of the clan, was responsible for their crimes.