Human well-being, morality and the economy: an Islamic perspective

Purpose This study argues that in order to address the problems associated with modern market economy at their core, such as persistent poverty, growing inequality and environmental degradation, it is imperative re-assess well-being moral philosophy underpinning economic thinking. The author attempts offer a preliminary way forward reference Islamic intellectual tradition. Design/methodology/approach employs content analysis of classical contemporary texts on human ethics derive conceptual model. paper structured four sections: section one provides an overview relevant secondary literature approaches; two outlines main frameworks; three discusses concept Islam informed by worldview tawḥīd , sa ʿ ādah higher objectives Law ( maqās . id al-Sharīʿah ); finally, policy implications next steps forward. Findings A model from perspective developed integrating philosophical insights happiness ) objective list five essential goods: religion Dīn ), self Nafs intellect 'Aql progeny Nasl wealth Māl correspond spiritual, physical psychological, intellectual, familial social, material well-being, respectively. Research limitations/implications Further research needed translate this into composite index inform practice. Practical can be used review performance finance sector, not solely terms growth profitability, but realising necessities, needs refinements. It also provide basis for Organisation Co-operation (OIC) countries jointly develop guide national regional co-operation. More generally, highlights need economics more firmly rooted within ontology epistemology, while simultaneously engaging productive dialogue other schools thought practical solutions challenges. Originality/value offers aspects originality. First, outlining frameworks, key differences between utilitarian understanding theory virtue-based understandings, Aristotelian, Christian approaches. Second, maqāṣid ). Third, proposes ethical framework informing