A COMPARISON OF ISLAMIC BUSINESS ETHICS AND CAPITALISM IN ACHIEVING ECONOMIC JUSTICE
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The debate regarding which economic system is capable of achieving justice for the whole of society has been ongoing for centuries. On the one hand, capitalism has emerged as the dominant system in the global economy, prioritising free-market mechanisms, driven by individual profit and the accumulation of capital as the primary drivers of economic activity. On the other hand, Islamic business ethics offers a framework of values grounded in Sharia principles, such as the prohibition of usury, the obligation to pay zakat, and an emphasis on the equitable distribution of wealth. This study aims to conduct a comparative analysis of these two systems from the perspective of business ethics and their impact on the realisation of economic justice. Using a qualitative-analytical literature review approach, this article examines various relevant sources, as well as recent academic journals. The findings indicate that capitalism, whilst successful in driving aggregate economic growth, tends to result in income distribution inequality due to the absence of systematic redistribution mechanisms. Conversely, Islamic business ethics—through the instruments of zakat, waqf and the prohibition of riba—are theoretically capable of establishing a more just system, despite facing challenges of implementation within the complex context of the contemporary economy. This article argues that the two systems are not necessarily in conflict, but can complement one another if Islamic ethical values are integrated into the framework of modern economic policy.
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