A Comparison of Islamic Economics and the Sufficiency Economy Philosophy: Implications for Sustainable Development in Muslim Communities

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Saran Sarntisart

Abstract

This article examines the concepts and theories of Islamic economics. In order to understand it thoroughly, we compare with conventional economics and the sufficiency economy philosophy. In Islam, an individual’s utility function consists of two parts, utility in the present life and in the afterlife. His behaviour in the  former determines the rewards (or punishment) in the later. Hence, his resources are allocated towards the consumption of goods and services, and for religious  expenditures such as Zakat payment. In addition, the set of choices are a subset to a conventional individual as he can only consume what is Halal, including investing in interest-free channels. Ethical and moral values play a role in determining  economic behaviour as individuals are connected through the concept of brotherhood. Though different in certain details, the core principles of the sufficiency economy philosophy are consistent with Islamic economics. This can help design development policies that are aligned with local values for Muslim communities, specifically,  the three Southern border provinces of Thailand.


 

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Sarntisart, S. . (2022). A Comparison of Islamic Economics and the Sufficiency Economy Philosophy: Implications for Sustainable Development in Muslim Communities. Journal of Politics and Governance, 12(1), 286–313. Retrieved from https://so03.tci-thaijo.org/index.php/jopag/article/view/259960
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Academic Articles

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