Economic Philosophy of al-Mawardi

What is it about?

Economic behaviour in the study of Islamic economics is the basis for the government to portray political ethics and ethical economic functions of individuals in functioning as a member of society. Secular ethics and religious ethics, according to al-Mawardi, as the code of conduct in conducting economic practices by the government and every member of society to uphold the principle of mashlahah (goodness). By the middle or moderate principles, both ethical underpinning for anyone in private and institutional (government) in carrying out economic activities to realize the happiness of the world and the hereafter.

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Why is it important?

I argue that economic behaviour in Islamic economics has two basic principles, namely world ethics and religious ethics. Both of these ethics will give rise to the moderate principle of developing a welfare conception called the principle of mashlahah or goodness.

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