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Islamization of the Invinsible Hand Concept by Adam Smith: A Reconstruction towards Islamic Key Principles Muhammad Faqih Nidzom; Muhammad, Allan; Kamil, Rizvan Falah
NUKHBATUL 'ULUM: Jurnal Bidang Kajian Islam Vol. 11 No. 2 (2025): NUKHBATUL 'ULUM: Jurnal Bidang Kajian Islam
Publisher : Pusat Penelitian dan Pengabdian Masyarakat (P3M) Sekolah Tinggi Ilmu Islam dan Bahasa Arab (STIBA) Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36701/nukhbah.v11i2.2475

Abstract

This study aims to Islamize Adam Smith’s concept of the invisible hand, which has long been regarded as a central pillar of capitalist economic theory. The invisible hand describes a free market mechanism in which individuals pursuing self-interest unintentionally contribute to collective welfare. While this theory emphasizes efficiency, it has been criticized for neglecting morality, justice, and equity. From an Islamic economic perspective, these dimensions are essential, as economic activity must be aligned with values of tawḥīd (monotheism), justice, and social responsibility. The research employs a qualitative approach through literature review and conceptual analysis. The literature review examines Adam Smith’s The Wealth of Nations and The Theory of Moral Sentiments, alongside classical and contemporary Islamic economic writings. Conceptual analysis is then used to assess the compatibility between the invisible hand and Islamic principles, particularly the role of zakat, ḥisbah, and maqāṣid al-Syarīʿah in shaping economic justice and social welfare. The results show that Smith’s invisible hand can be reconstructed by integrating Islamic values, thereby producing a more equitable economic model. While self-interest remains a driving force for efficiency, Islamic principles such as distributive justice through zakat, ethical oversight through ḥisbah, and alignment with maqāṣid al-Syarīʿah ensure that markets also serve moral and social objectives. The implication of this study is twofold: theoretically, it contributes to the enrichment of Islamic economic thought; practically, it offers policymakers an alternative framework for designing economic systems that are not only efficient but also just and welfare-oriented.
NIDHAL GUESSOUM’S METHOD OF SCIENTIFIC INTERPRETATION: AN ANALYTICAL STUDY ON AL-AYAH AL-KAUNIYYAH AND ITS RELEVANCE TO THE CONTEMPORARY URBAN MUSLIM SOCIETY Muhammad Faqih Nidzom; Herlina Yunita Amroin; Utama Cahya Ramadhan, Mahendra
AKADEMIKA: Jurnal Pemikiran Islam Vol 30 No 2 (2025)
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat, Institut Agama Islam Negeri Metro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/akademika.v30i2.11299

Abstract

The scientific interpretation of the Qur’an seeks to reconcile revelation with modern science through a rational and contextual approach. Within this field, Nidhal Guessoum, an astrophysicist and philosopher, emerges as a central figure who challenges the iʿjāz ʿilmi paradigm and literalist readings by proposing a multi-layered hermeneutic grounded in theology, language, and ethics. This study addresses the ongoing academic debate between iʿjāz ʿilmi advocates and critical contextualists, identifying the lack of systematic criteria for evaluating scientific interpretation as its primary research gap. The novelty of this research lies in operationalizing Guessoum’s method into a structured analytical framework applicable to contemporary studies. using a qualitative library-based method, the analysis employs close reading and thematic coding across theological, linguistic, and ethical dimensions, followed by a comparative appraisal to trace convergence and divergence between the two frameworks. The findings reveal, first, that Guessoum’s model balances scientific rationality with theological integrity through contextual interpretation; second, it redefines tafsīr ʿilmi as an ethical engagement rather than empirical validation; and third, it provides an interpretive model adaptable to urban Muslim contexts navigating faith and modernity. However, Guessoum’s method offers a critical yet constructive bridge between revelation and scientific inquiry. It contributes theoretically by refining evaluative tools for Qur’anic science discourse and practically by providing implications for educators and urban Muslim institutions to integrate scientific literacy with faith-based education.