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Moral Endogeneity Of Love, Trust, And Consciousness In Islamic Economics Of Cooperation Contrary To Their Moral Exogeneity In Neoliberal Theory Of Economics Masudul Alam Choudhury
Journal of Islamic Finance and Economic Studies Vol. 1 No. 2 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i2.37

Abstract

Background: The conceptual triad of Love, Trust, and Consciousness occupies a central role in shaping socio-economic systems. In the Qur’anic methodological worldview, these elements are intrinsically integrated with material reality through the Tawhidi (monotheistic) law of unity of knowledge, forming an endogenous foundation for cooperation. By contrast, neoliberal economics externalizes ethical considerations, positioning them as exogenous to material processes, which fosters competition, systemic conflict, and distributive injustice. Aims: This study seeks to articulate the ontological and epistemological framework of cooperation within Islamic economics, rooted in the Tawhidi paradigm, and to critically contrast it with the competitive, self-interest-driven paradigm of mainstream economic theory. Methods: Adopting a mesoscience approach, the research develops a model of circular causation and pervasive complementarities, wherein moral and material variables are simulated within a composite wellbeing function. The analysis juxtaposes Qur’anic cooperative principles with the optimization and equilibrium constructs central to neoclassical economics. Results: The findings reveal that the Tawhidi framework consistently generates positive inter-variable complementarities, thereby enhancing the wellbeing criterion and sustaining resource regeneration. Unlike neoliberal competition, which erodes trust and equity, the cooperative paradigm aligns with the maqasid al-shari’ah by promoting justice, equality, and global brotherhood. Conclusion: The study concludes that the Qur’anic law of unity of knowledge provides a superior epistemic and methodological foundation for achieving holistic and sustainable wellbeing. By embedding Love, Trust, and Consciousness within economic relations, it dismantles the scarcity-based logic of marginal productivity, optimality, and steady-state equilibrium. In its place emerges an evolutionary model of resource abundance, institutional complementarity, and moral-material integration. This paradigm not only fulfills the ethical imperatives of Islamic economics but also offers a viable, empirically grounded alternative for addressing contemporary global challenges in justice, equity, and planetary stewardship.
Sustainability by the Ethics of Unity of Knowledge Between Economy, Science, and Society by the Qur’anic Methodological Worldview of Complementarities Masudul Alam Choudhury
Journal of Islamic Finance and Economic Studies Vol. 2 No. 1 (2026): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v2i1.121

Abstract

Background: Sustainability increasingly requires a framework capable of integrating economic development, scientific advancement, social wellbeing, and ethical responsibility, yet prevailing approaches often treat these dimensions as separate or only loosely connected domains. Aims: This study aims to develop a Qur’anic epistemological model of sustainability grounded in the Unity of Knowledge (Tawhid) and to explain how moral consciousness, endogenous ethics, complementarity, circular causation, evolutionary learning, and wellbeing can be integrated into a coherent analytical structure. Method: A conceptual-theoretical design was employed, combining interdisciplinary synthesis, comparative interpretation, mathematical formalization, and a limited analytical illustration using Islamic participatory financing data for 2011–2018 drawn from the Islamic Development Bank Annual Report 2019. Results: The resulting framework represents sustainability as a recursive process in which economy, science, and society interact through knowledge-induced complementarities, while the wellbeing function serves as the principal evaluative criterion. The analytical illustration shows that Murabaha, leasing and loan-based financing with Istisna’a, and Awqaf financing did not move uniformly over the observed period; most estimated relationships were positive, although one negative cross-financing coefficient indicated incomplete complementarity. The knowledge or consciousness model produced positive coefficients for all three financing variables, with a combined elasticity of approximately 0.9752. Conclusion: The study concludes that normative compatibility alone does not ensure systemic sustainability, because sustainable wellbeing depends on reciprocal and ethically embedded relationships among interconnected socio-scientific domains. The proposed framework contributes a unified epistemological perspective that positions ethical consciousness as an endogenous organizing principle linking knowledge formation, institutional interaction, and long-term sustainability.