Self-Interest, Homo Islamicus and Some Behavioral Assumptions in Islamic Economics and Finance

Farooq, Mohammad Omar

Download This Paper

Open PDF in Browser

Add Paper to My Library

Self-Interest, Homo Islamicus and Some Behavioral Assumptions in Islamic Economics and Finance

International Journal of Excellence in Islamic Banking and Finance, Vol. 1, No. 1, pp. 52-79, January 2011

14 Pages Posted: 16 Jan 2011 Last revised: 2 Jan 2012

See all articles by Mohammad Omar Farooq

Mohammad Omar Farooq

Independent

Date Written: 2011

Abstract

The theoretical foundation of Islamic economics and finance is based on, among other things, Homo Islamicus or Islamic Man. Islamic economics and finance theoreticians contrast Homo Islamicus with Homo economicus or the Economic Man. This paper examines whether or not Homo Islamicus is significantly different from Homo economicus. This paper focuses on the relevance of self-interest in the context of both Homo economicus and Homo Islamicus.

Keywords: Economic man, Self-interest, Economic systems, Moral norms, Normative theory, Religion

JEL Classification: D64, K0, Z12

Suggested Citation: Suggested Citation

Farooq, Mohammad Omar, Self-Interest, Homo Islamicus and Some Behavioral Assumptions in Islamic Economics and Finance (2011). International Journal of Excellence in Islamic Banking and Finance, Vol. 1, No. 1, pp. 52-79, January 2011, Available at SSRN: https://ssrn.com/abstract=1740729