In the second Islamic Economics Workshop on Islamic Economy and Market, participants emphasized that for a just world, the market should be approached from an Islamic perspective.

İLKE Association of Science, Culture and Education; Scientific Studies Association (İLEM); Turkish Entrepreneurship and Business Ethics Association (İGİAD) together initiated a series of workshops to address key issues of Islamic Economics in 2013. In the first Islamic Economics Workshop, basic concepts and thoughts on Islamic economics have been discussed. This year, Second Islamic Economics Workshop on Islamic Economics and Market was held at İstanbul Şehir University on 5-6 April.

Ten papers in five sessions were presented on the market in Islamic Economics. Scholars from different areas have discussed various dimensions of the subject in those papers. At the workshop it has been emphasized that for a just world, the market should be re-approached from the perspective of Islamic economics. Scholars coming from different parts of the world and contributing to the debates in the workshop have decided to share the following points with the public:

  • Institutions and organizations, created in the Islamic world by the capitalist economy prevailing in our age, unnecessarily occupy Muslims’ agenda. Islamic economy is an alternative economic system to the capitalist economy in the Islamic World. It is possible to say that religious sensibilities are the basis for this. On the other hand, market requirements caused by the recent economic crisis led Islamic economic to gain more importance. For this reason, today, a serious academic interest in Islamic economics coming from both Islamic world and the West is observed.
  • Islamic economics has its own distinctive features compared to the modern economy. Main intellectual resources of Islamic sciences and experiences of Muslim societies determines a major reference frame of an Islamic economy. Especially, attitudes of Muslim today toward the knowledge and experiences of other cultures and civilizations is to learn and be enlightened today.
  • Since the necessities and market conditions constantly change, a market shaped by Islamic principles is not an ultimate point but an ongoing process. Hence, instead of a single market model based on Islamic values, there are different types of models. It must be taken into consideration that permissibility is the basic of Islamic economy. Based on the Islamic legal maxim that “the original state of things is ibaha,” it is possible to say that basic principle of Islam regarding the market is “permissibility” Yet, the field of permissibility should not be contrary to the main sources of the religion such as Qur’an and Sunnah and the rules derived from them. It is essential that fraud, deception, uncertainty, interest, gambling and so on should not prevail or dominate in the market.
  • In this context, there is no obstacle in front of market regulation according to Islamic rules and principles. Theoretical and historical practices of Muslim societies provide a suitable basis for that approach. Moreover, recently the rise of the idea of regulations in the field of economics shows that the current economic order is in a serious quest in this regard.
  • Preliminary studies necessary to regulate market in accordance with the values and the public interest should be carried out.
  • Islamic economics provide the necessary basis for addressing both public interests and individual benefits together, which are often conceptualized in an opposition to each other. So, there is a close relationship between development and the presence of a market formed according to Islamic values.
  • There is more opportunity in terms of resource sharing, income distribution, social justice and protection of individual rights in an economic order established according to Islamic values and principles.
  • Basic principles of Islamic economics should be beneficial in order to improve the general well-being of society and establishment of world peace.
  • It should be noted that Islamic economy has a potential to produce its own institutions and concepts as an autonomous system. In this regard, the efforts to articulate Islamic finance into the mainstream economic system need to be ended. Instead, original and different application and systems should be carried out by using the advantage of theoretical and historical accumulation of Islamic thought.
  • Today, freedom is given to capital but not to labour in the so-called free market economy. This causes a non-equal sharing of benefits and losses. Generally speaking, while benefits are given to an individual, the losses belong to the society . Thus, it should be taken into consideration that Islamic economics, which is more participatory and sharing, offers a comprehensive alternative to the current system in terms of overcoming these problems.
  • While Islamic values such as rights, justice, stability and morality are consistently expressed, the application of these values remains as an important problem. In this regard, applying Islamic rules and values to the economic system should be made more concrete by taking theoretical and historical knowledge and experience into account.
  • The participants call for a closer attention to the Islamic economy from governments, universities, research institutions, INGOs and NGOs.