Towards an Islamic economic system (Ph.D. Dissertation)

The author's aim is to interpret Islamic economics within the context of mainstream economic theory, and he notes that Islamic revivalism fosters Islamic economics. He then cites the monitoring of immoral economic activities as legislatively costly, which may reflect a morality loss and undermine the work of the free market mechanism. Thus the author believes that institutionalizing and reinforcing practical morality and ethical values in economic transactions would move toward perfecting free market operations. The writer then discusses altruistic behavior as lessening the costs of morality loss within the micro-economic foundations. Welfare economics is raised with regard to individual versus social preferences. The writer outlines the components of this economic order as being safeguarding the rights of religion, intellect, wealth, life, and posterity as proscribed by Islamic jurisprudence. It is the author's contention that the Islamic economic system is based on altruistic