nep-isf New Economics Papers
on Islamic Finance
Issue of 2019‒06‒10
two papers chosen by
Bernardo Batiz-Lazo
Bangor University

  2. The nature of Public Interest in Muslim and Non-Muslim writers By Hayat, Azmat; Muhammad Shafiai, Muhammad Hakimi

  1. By: Albadri, Abdul Aziz Munawar; Zaki, Euis Prihastini Zakiah
    Abstract: Zakat is an instrument of Islamic teachings that are concerned with humanitarian issues, especially relating to the topic of empowerment and economic welfare of the people. In the early days, zakat was given to Mustahik to deal with problems of financial difficulties consumptively and productively. However, today, the distribution of zakat is considered still not providing the first solution to poverty alleviation. What is done by several zakat institutions, including the Amil Zakat (LAZ) Alms Center of Thoriqotul Jannah in collecting and distributing zakat funds is part of an effort to fill the space. Providing productive business capital for Mustahik to be able to develop business is one of the efforts carried out by the LAZ. It is expected that the Mustahik who initially accept can someday give to become Muzakki.
    Keywords: Empowerment, Economy, Society, Distribution, Zakat
    JEL: G23 H2 H27
    Date: 2018–12–19
  2. By: Hayat, Azmat; Muhammad Shafiai, Muhammad Hakimi
    Abstract: Leading a comfortable life on this planet with few problems and worries is one of the aims and objective of human since the dawn of history. Defining and then achieving a prosperous and comfortable life has been the subject of intense discussion among philosophers and religious scholars since the dawn of history. In order to investigate whether the contemporary economic system better serves the wellbeing of the general population (public interest), then it is very important to know that what the public interest itself actually means? To accomplish this task, we started this essay with an examination of the idea of public interest from both Muslims and non-Muslims writers. After the emergence of enlightenment self-interest got prominence due to which public interest among non-Muslims writers is considered as a rule or concept serving to present something as suitable for long term approval or acceptance according to changing circumstances. In contrast Muslim writers think that public interest refers to the fulfilment of the objective of the Sharia which lies in safeguarding their faith (Din/Religion), their human self (Nafs), their intellect (Aql), their posterity (Nasl) and their wealth (Maal). There will be violence and corruption without these five basics purposes of Sharia.
    Keywords: Maqasid Al-Sharia, Public Interest, Liberalism and Islam
    JEL: A13 B59 H11 H44 I31 K4 P5
    Date: 2019–05–02

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