The framework for Islamic theory of consumer behaviour

الملخص EN

In the paper pubhshed in the previous issue of this journal, it was argued that there is need to have a more rationai and reahstic theory of consumer behavior and hence a different framework for analyzing consumer behavior needs to be developed.

This part develops an outline of how the Islâmic theory of consumer behavior needs to be developed keeping in view the more rational and realistic elements of consumer behavior discussed in the previous part.

The paper begins with explaining the need for an “Islàmic” Theory of Consumer Behavior and then explains how the Islamic rules and norms fit in this theory.

This gives us a framework to understand how a consumer will be making choices and make consumption decisions, if he were imbued with Islamic teachings and behaving in Islàmic environment.

The Islàmic alternatives for such concepts as rational behavior, wants and utility have been discussed to become core elements of Islamic theory of consumer behavior.

It has been argued that rational understanding of consumer behavior in an Islamic framework leads us to use Islmic teachings on consumer behavior as a fast track towards alleviating poverty, accelerating sustainable development, reducing class conflicts and promoting peace and harmony in the society