Sharia Oikonomia Law Journal
Vol. 2 No. 3 (2024)

Analysis of the Influence of Contemporary Economic Law on Public Policy in Muslim Majority Countries

Zaki, Amin (Unknown)
Oscar, Scherschligt (Unknown)
Kathryn, Morse (Unknown)



Article Info

Publish Date
17 Oct 2024

Abstract

Modern economic law is very dynamic and covers a lot of things about markets, investment, fiscal policy, and international trade. Sharia principles that emphasize fairness, transparency, and prohibition of usury often influence the implementation of economic law in Muslim-majority countries. The main objective of this study is to analyze the impact of modern economic law on public policy in Muslim-majority countries. Specifically, this study aims to identify the principles of modern economic law that are relevant to Muslim-majority countries, evaluate how these principles are incorporated into public policy, and assess the impact of the application of modern economic law on increasing democratic expectations. This study uses a qualitative approach with a case study method. Data were collected through in-depth interviews with legal and economic experts, public policy observations in several Muslim-majority countries such as Indonesia, Malaysia, and Saudi Arabia. The results of the study show that Muslim-majority countries face various difficulties in integrating sharia values with the principles of modern economic law.  This study finds that modern economic law influences public policy in Muslim-majority countries. It is possible to promote inclusive and sustainable economic growth by incorporating Sharia principles into the structure of modern economic law. However, successful implementation depends largely on the government’s ability to balance market rules with religious principles.

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Journal Info

Abbrev

solj

Publisher

Subject

Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

Description

Sharia Oikonomia Law Journal discusses various issues in the fields of Economic Law, Islamic Economics & Business Dispute Resolution, Contemporary Economic Law, Sharia Economic Law, Islamic Business Law, Islamic Business Ethics, Islamic Socio-Economy/Welfare System, Sharia Business Management, ...