International Journal of Islamic Economics and Finance (IJIEF)
Vol 6, No 2 (2023): IJIEF Vol 6 (2), July 2023

Islamic Economics and Politico-Legal Policy: Defining The Fundamental Role of Government In Creating Prudential Business System

Abdillah Abdillah (Politeknik Negeri Jakarta)
Ali Ridho (Jakarta Global University)
JM Muslimin (Universitas Islam Negeri Syarif Hidayatullah Jakarta)
Wildan Munawar (Universitas Djuanda)
Salem Ahmed A Elkushli (Tripoli University)



Article Info

Publish Date
01 Aug 2023

Abstract

This study aims to examine in depth the role of the government in stabilizing, allocating and distributing nation-wealth by minimizing monopoly from Islamic economics views as well as contemporary legal practices. The research method used is phenomenological-qualitative and empirical legal study. Data collected by observing the models formulated by fiqh experts and their implications for economic justice based on literature studies and empirical practices. The findings prove that in the discourse of fiqh and Islamic history, the government has strategic position in combating monopoly by its intervention in overcoming unfair economic practices. It has supreme political power and strong duty to create nation-welfare by paving the way towards social prosperity based on religious moral principles. The duty of government to stabilize, allocate and distribute nation-wealth must run on the notions of social justice and fair treatment for all. The existing rules of anti-monopoly may be compared and referred. The arguments that are in line to the conclusion: First, the historical facts at the beginning of Islam are in conformity of such a model. Second, there are some supportive legal arguments of fiqh scholars and existing present example. From these findings, it can be concluded that the study of Islamic economics has an important contribution in encouraging the role of the government to overcome the practice of monopolistic behavior or unfair business practices. In practical sense, such a policy must be realized in the type of checked and balanced social system that lead to social justice and good governance.

Copyrights © 2023






Journal Info

Abbrev

ijief

Publisher

Subject

Economics, Econometrics & Finance

Description

International Journal of Islamic Islamic Economics and Finance (IJIEF) is a journal which is bianually issued (January and July) and initiated by International Program for Islamic Economics and Finance (IPIEF). The publisher of this journal is Universitas Muhammadiyah Yogyakarta. The publication of ...