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Constituting an Islamic social welfare function: an exploration through Islamic moral economy

Asutay, M. and Yilmaz, I. (2021) 'Constituting an Islamic social welfare function: an exploration through Islamic moral economy.', International journal of Islamic and Middle Eastern finance and management., 14 (3). pp. 524-540.


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.

Item Type:Article
Full text:(AM) Accepted Manuscript
Available under License - Creative Commons Attribution Non-commercial 4.0.
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Publisher 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
Date accepted:29 November 2020
Date deposited:30 November 2020
Date of first online publication:06 January 2021
Date first made open access:17 May 2021

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