Islamic framework for behavioral and socio-economic justice

This chapter explores the importance of socio-economic justice within the framework of Islamic teachings, with a particular focus on the values of justice, equality, and fairness that are inherent in Islamic rules pertaining to economics and social welfare. The chapter highlights the significant importance of corporate ethics in mitigating the negative consequences that follow financial crises. It emphasizes that the failure to adhere to ethical principles is a significant factor contributing to the economic repercussions experienced. The examination of socio-economic justice within the Islamic framework involves the utilization of historical, analytical, deductive, and critical realism methodologies. This framework comprises several fundamental elements, including Zakat, Waqf, business ethics, the prohibition of riba, and the obligation to provide for the less fortunate. The chapter contends that the proposed framework not only presents a distinct and all-encompassing institutional arrangement for securing socio-economic fairness but also provides a supplementary structure of foundational norms. The Islamic framework contributes greatly to the construction of a just and equitable society rooted in Islamic values by encouraging principles of equality, justice, and compassion in economic and social relationships. This holistic approach emphasizes the importance of these principles in creating a society that aligns with Islamic ideals.