Journal of Shariah Economics
Vol. 5 No. 2 (2023): Journal of Sharia Economics

The Concept of Fiscal Policy: an Islamic Economic Perspective

Renny Oktafia (Universitas Pembangunan Nasional Veteran Jawa Timur)
Ririt Iriani (Universitas Pembangunan Nasioanal Veteran Surabaya)
Reinanda Aprilia Putri Rochimin (Universitas Pembangunan Nasioanal Veteran Surabaya)



Article Info

Publish Date
01 Dec 2023

Abstract

This article explores the concept of fiscal policy from an Islamic economic perspective. Fiscal policy is a vital tool used by governments worldwide to manage the economy and achieve desired macroeconomic objectives. In the context of Islamic economics, fiscal policy is shaped by principles derived from Islamic teachings and ethical guidelines. The paper begins by providing a comprehensive overview of the core principles of Islamic economics, highlighting its emphasis on justice, equity, and the prohibition of interest (riba). In an Islamic economic perspective, fiscal policy aims to promote social welfare, reduce income inequality, and ensure the fair distribution of wealth. The paper examines how Islamic fiscal policy instruments, such as zakat (obligatory alms), waqf (endowment), and sadaqah (voluntary charity), are employed to achieve these goals and contribute to sustainable economic growth. In conclusion, this paper offers a comprehensive exploration of fiscal policy from an Islamic economic perspective, shedding light on the fundamental principles that guide fiscal decision-making within an ethical framework. It emphasizes the importance of incorporating Islamic economic values in crafting fiscal policies that promote social justice, equitable distribution of resources, and sustainable economic development. The findings of this study have implications for policymakers, economists, and practitioners interested in incorporating ethical and value-based dimensions into the design and implementation of fiscal policies in both Muslim-majority countries and the global economic community.

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Journal Info

Abbrev

JSE

Publisher

Subject

Religion Economics, Econometrics & Finance Education Social Sciences Other

Description

JOURNAL OF SHARIA ECONOMICS adalah jurnal ilmiah berkala yang dikelola dan diterbitkan oleh Program Studi Ekonomi Syariah Fakultas Ekonomi dan Bisnis Islam Universitas Al Hikmah Indonesia serta bekerja sama dengan Asosiasi Ekonom Islam Indonesia Jurnal ini berfokus pada kajian ekonomi dan ekonomi ...