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Constituting an Islamic Social Welfare Function: An Exploration through Islamic Moral Economy

Asutay, M.; Yilmaz, I.

Constituting an Islamic Social Welfare Function: An Exploration through Islamic Moral Economy Thumbnail


I. Yilmaz


Purpose – This study aims to theoretically explore and examine the possibility of developing an Islamic social welfare function (ISWF) within the Islamic moral economy (IME) frame by going beyond the traditional fiqhī approach. It focuses on issues of preference ordering and utility through the normative dimension of Islamic ontology, as expressed and articulated within the IME. Design/methodology/approach – Being a theoretical paper, a conceptual and critical discursive approach is used in this paper. Findings – To establish an ISWF, a narrow juristic approach remains inadequate; there is a need to integrate the substantive morality to complement the juristic approach to achieve the ihsani process as the ultimate individual objective, which makes an ISWF possible. As the scattered debate on the topic concentrates mainly on the juristic approach, the main contribution of this study is to present a model in which juristic and moralist positions endogenized and augmented to constitute ISWF. Originality/value – As there is a limited amount of research available on the subject matter, this paper will be an important theoretical contribution. In addition, this study develops an IME approach rather than fiqh-based approach used in the available research, which makes it novel.

Journal Article Type Article
Acceptance Date Nov 29, 2020
Online Publication Date Jan 6, 2021
Publication Date 2021
Deposit Date Nov 30, 2020
Publicly Available Date Nov 30, 2020
Journal International Journal of Islamic and Middle Eastern Finance and Management
Print ISSN 1753-8394
Publisher Emerald
Peer Reviewed Peer Reviewed
Volume 14
Issue 3
Pages 524-540
Public URL


Accepted Journal Article (485 Kb)

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Copyright Statement
This author accepted manuscript is deposited under a Creative Commons Attribution Non-commercial 4.0 International (CC BY-NC) licence. This means that anyone may distribute, adapt, and build upon the work for non-commercial purposes, subject to full attribution. If you wish to use this manuscript for commercial purposes, please contact

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