The Challenges of Islamic Moral Economy in the Contemporary Social Context of Bangladesh

Mohammad Amimul  Ahsan; Saber  Ahmad; Mohammad Jaweed Iqbal; Habib  Ullah; Mohammad Jonaed  Kabir

doi:10.32350/jitc.152.04

Mohammad Amimul Ahsan Islamic Studies, Centre for General Education, International Islamic University Chittagong, Bangladesh https://orcid.org/0000-0001-5770-4891
Saber Ahmad Arabic Language, Center for General Education, International Islamic University Chittagong, Bangladesh https://orcid.org/0009-0003-1907-8545
Mohammad Jaweed Iqbal Islamic Studies, Centre for General Education, International Islamic University Chittagong, Bangladesh https://orcid.org/0009-0003-1907-8545
Habib Ullah Department of Business Administration, International Islamic University Chittagong, Bangladesh https://orcid.org/0000-0001-8135-5716
Mohammad Jonaed Kabir Department of Management, Rangamati Science and Technology University, Bangladesh https://orcid.org/0000-0002-2434-5332

DOI: https://doi.org/10.32350/jitc.152.04

Keywords: Bangladeshi social context, challenges, Islamic moral economy, moral economy, recommendations

Abstract

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The Islamic Moral Economy (IME) that was developed in the late 1960s and early 1970s offers a morally sound alternative to conventional economics focusing on justice and equity. Based on Islamic values, it encourages social responsibility, shared prosperity, and sustainable development using a unique economic and financial system. Islam is the predominant religion in Bangladesh, and the idea of an IME has drawn significant attention. Therefore, this study aims to provide an overview of the IME, and explore the contemporary state of the IME in the social context of Bangladesh. It also attempts to critically examine the multidimensional obstacles that hinder the effective implementation of IME in Bangladesh, focusing on the economic, social and political factors behind its complexity. The key findings revealthat the negative impacts of global capitalism, widespread corruption, violations of human rights, political instability, the rise of secularism and fragmented Islamic movements are significant obstacles that decrease economic justice and trust. The shortcomings of Islamic banking, which often ignore fundamental ethical values, also create significant obstacles. Finally, this paper seeks to illuminate the potential solutions for the IME from Bangladeshi perspective and offers valuable insights to policymakers, financial institutions, and researchers navigating Bangladesh's evolving economic landscape. With a qualitative approach, this paper relies on primary data from the professors of Islamic studies, political science and economics and an official of banking sector, and secondary data from journal articles, newspaper reports, social media, and related books.

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