Rent-seeking behaviour and ẓulm (injustice exploitation) beyond riba-interest equation
Author
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 11, Issue 1 (30 Jun. 2019), pp.110-123, 14 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2019-06-30
Country of Publication
Malaysia
No. of Pages
14
Main Subjects
Financial and Accounting Sciences
Abstract EN
Purpose The purpose of this paper is to explore the concept of rent-seeking behaviour and rentier state in the context of ẓulm (injustice and exploitation), which is one of the key concerns in Islam in general and Islamic economics and finance in particular.
Design/methodology/approach As a conceptual paper, it draws on the literature of rent-seeking as part of public choice theory and examines the potential vulnerabilities as well as existence of rent-seeking in Muslim-majority countries, where Islamic finance industry primarily operates.
Findings The paper identifies several areas where both actual and potential rent-seeking exists.
Research limitations/implications The paper is conceptual.
Based on the analysis presented here further studies can be undertaken to determine the scope of rent-seeking and their impact in Muslim-majority societies.
Practical implications Incorporating rent-seeking in the theoretical and conceptual framework of Islamic economics and finance can enhance understanding about ẓulm and its ubiquitous presence, as Islam has a firm stance to aspire to have a ẓulm-free society.
Social implications Understanding rent-seeking behaviour can help appreciate why corruption, inequality and poverty are so entrenched, and why limiting the discourse to ribā (interest) ignores the broader scope of injustice and exploitation.
Originality/value This might be the first focused paper that conceptually deals with rent-seeking behaviour, connecting the discourse about ribā-interest equation.
American Psychological Association (APA)
Faruq, Muhammad Umar. 2019. Rent-seeking behaviour and ẓulm (injustice exploitation) beyond riba-interest equation. ISRA International Journal of Islamic Finance،Vol. 11, no. 1, pp.110-123.
https://search.emarefa.net/detail/BIM-965087
Modern Language Association (MLA)
Faruq, Muhammad Umar. Rent-seeking behaviour and ẓulm (injustice exploitation) beyond riba-interest equation. ISRA International Journal of Islamic Finance Vol. 11, no. 1 (2019), pp.110-123.
https://search.emarefa.net/detail/BIM-965087
American Medical Association (AMA)
Faruq, Muhammad Umar. Rent-seeking behaviour and ẓulm (injustice exploitation) beyond riba-interest equation. ISRA International Journal of Islamic Finance. 2019. Vol. 11, no. 1, pp.110-123.
https://search.emarefa.net/detail/BIM-965087
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 119-122
Record ID
BIM-965087