WASATHIYAH ECONOMICS: RECONSTRUCTING A JUST ECONOMIC SYSTEM IN ISLAM
Keywords:
Islamic Economy, Washatiyah Economy, Maslahah Economy, Just Economy
Abstract
This article examines the wasathiyah economic system that emphasizes aspects of benefit, justice and adheres to divine. This effort to reconstruct the discourse of wasathiyah economics aims to perfect the study of benefit-based economics in the portrait of moderation. The method used in writing this article is a descriptive analysis qualitative approach. Primary sources are taken from international and national accredited journals, books, and website articles that are credible and accountable. As a result, wasathiyah economy has at least four unique values including: divinely based, integrating science and morals, humanitarian insight, and moderate-based. While the basic principles that are firmly held in wasathiyah economics are the principle of divinity, bringing benefit, voluntariness, justice, and al-hurriyah (freedom) and al-mas'uliyah (responsibility). Another result of the analysis is that the advantages of wasathiyah economics are not the same as the capitalist and socialist economic systems, because these two economic principles do not involve the divine side in running the economy. In the end, this study can be useful theoretically for academics in exploring wasathiyah-based Islamic economic material. While practically it can be a guide for traders, entrepreneurs, economic drivers, government agencies and all people involved in the world of economics to stick to the principles of muamalah in accordance with religious guidance.
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Wahyuni, P. A. W. Z. (2024). Kritik Filsafat Ekonomi Terhadap Ajaran Eksistensialisme dalam Praktik Bisnis Kontemporer. Jurnal Kajian Islam dan Sosial Keagamaan, 2(2), 354.
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Zikwan, M. (2022). Wasathiyah Al-Iqtishadiyah: Integrasi Nilai Moderasi pada Ekonomi Islam. 4th Annual Conference for Muslim Scholars, 1058-1068
Addas, W. AJ. (2008). Methodology of Economics: Secular versus Islamic. Kuala Lumpur: International Islamic University Malaysia Press, 17.
Agus, N. & S. L. Nugraha. (2023). Comparative Study of Contemporary Islamic Economic Thoughts Muhammad Abdul Mannan and Monzer Kahf. MALIA: Jurnal Ekonomi Islam, 14(2), 297-308.
Ahmad, A. S. & I. Latifah. (2021). Religious Moderation in Islamic Religious Practices Through Wasathiyah Concept. Sunan Kalijaga International Journal on Islamic Educational Research, 5(2), 73-80.
Ahyani, H., M. Slamet, & Tobroni. (2021). Building the Values of Rahmatan Lil ‘Alamin for Indonesian Economic Development at 4.0 Era from the Perspective of Philosophy and Islamic Economic Law. Al-Ihkam: Jurnal Hukum dan Pranata Sosial, 16(1), 112.
Alamad, S. (2019). Introduction: The Basics of Islamic Economics and Finance. Financial and Accounting Principles in Islamic Finance, 1-10.
Alawi, M. T. (2016). Perwujudan Takamul, Wasathiyah dan Harakah dalam Ekonomi Islam. Islamica: Jurnal Imu-Ilmu Agama Islam, 3(2), 64-71.
Alfani, M. F. (2023). The Meaning of Rahmatan Lil Alamin in the Contemporary Tafseer of Muhammad Quraish Shihab. International Journal of Social Science and Religion (IJSSR), 4(1), 2723.
Ali, M. M. & M. M. Rafeeque. (2018). Wasatiyya (Moderation): The Principle and Objective of the Shariah. Islamic Perspective, 20, 81.
Alūsī (al), S. M. (2010). Rūh al-Ma’ānī fi Tafsīr al-Qur’ān al-‘Adhīm wa al-Sab’i al-Matsāni. Volume 13. Beirut: Al-Resalah Publishing House,, 210-211.
Askari, H., Z. Iqbal & A. Mirakhor. (2014). Introduction to Islamic Economics: Theory and Application. John Wileh & Sons.
Bakir, M. & K. Othman. (2017). Wasatiyyah (Islamic Moderation): A Conceptual Analysis from Islamic Knowledge Management Perspective. Journal of Islamic Thought and Civilization, 7(1), 13-30.
Bayuni, M. R. & R. A. Jaya. (2018). Building Integration and Interconnection in Islamic Ekonomic System to Create Islamic Solutions in Solving Social Problems. Share: Jurnal Ekonomi dan Keuangan Islam, 7(1), 59-80.
Choudhury, M. A. (1983). Principles of Islamic Economics. Middle Eastern Studies, 19(1), 93-103.
Djakfar, M. (2018). Revitalization and Actualization of Religious Values to Realize Civilized Wasathiyah Economy. 1st International Conference on Islamic Economics and Business (ICONIES), 101, 149-153.
Faiz, M. F. (2025). Mendialogkan Fiqih Peradaban dengan Rumpun Ekonomi”, diakses di https://digilib.uinkhas.ac.id/22040/1/mendialogkan-fiqih-peradaban-dengan-rumpun-ilmu-ekonomi-t1WXF
Furqani, H. (2017). Consuption and Morality: Principles and Behavioral Framework in Islamic Ekonomics. Journal of King Abdulaziz University, Islamic Economics, 30(1), 30-50.
Hanapi, M. S. (2017). The Wasatiyyah-Consumerism Concept as an Equivalent to the Consumerism Phenomenon in Conventional Economy. International Journal of Academic Research in Business and Social Sciences, 7(12), 944.
Herijanto, H. (2017). The Rahmatan Lil Alamin in Islamic Law and Economics. International Journal of Business Marketing and Management (IJBMM), 2(1), 22.
Ichsan, Y., S. Syamsudin & Z. Nuryana. (2024). Realizing Islamic Education Based on Religious Moderation with the Wasathiyah Islamic Paradigm from the Perspectif of the Qur’an. Jurnal Pendidikan Agama Islam, 21(1), 248.
Jamali, S. M. & K. Waheed. (2020). Mu’tazilah, the First Rasionalist School of Thought ini Islamic History: Critical Study of its Ideology and Approach. Handard Islamic, 43(4), 71.
Kader, H. (2021). Human Well-Being, Morality and the Economy: An Islamic Perspective. Islamic Economic Studies, 28(2), 102-123.
Kamali, M. H. (2015). The Middle Path of Moderation in Islam: The Qur’anic Principle of Wasatiyyah. Oxford: Oxford University Press.
Karmila, Y., et. al. (2024). Implementation of Freedom in Islamic Ekonomic. Journal International Economic Sharia, 1(1), 9-16.
Kuran, T. (2018). Islam and Economic Performance: Historical and Contemporary Links. Journal of Economic Literature, 54(4), 1292-1359.
Mardiansyah, T. & M. E. Fadlullah. (2023). The Concept Analysis of Religious Moderation By KH. Hasyim Muzadi and Its Relevance to The Religious Moderation of The Ministry of Religious Affairs. International Journal of Educational Reseurce, 4(1), 93.
Mawdudi, S. A. A. (2013). First Principles of Islamic Economics. Kube Publishing.
Miles, M. B. & A. M. (1984). Huberman Qualitative Data Analysis (a Source Book of New Methods). Beverly Hills: Sage Publications, 21–24.
Naqvi, S. N. H. (1978). Ethical Foundations of Islamic Economics. Islamic Studies, 17(2), 105-136.
Nur, R. (2018). Radicalization of Faith Concept in The School of Islam: Study of Khawarij and Muktazilah. Journal Asian Social Science, 14, 78.
Permana, R. (2019). The Khawarij and Their Rejection of the Sunnah. Journal of Hadith Studies, 2(2), 116-120.
Rivai, V. & A. Buchari. (2013). Islamic Economic. Jakarta: Bumi Aksara, 91.
Rosyadi, K. (2023). Ekonomi Wasathiyah: Ikhtiar Awal Mencari Sistem Ekonomi yang Berkeadilan. In books Islam Wasathiyah dalam Perdebatan Ulama dan Cendekiawan Muslim. Jakarta: Penerbit Pena Salsabila, 61.
Shihab, M. Q. (2020). Wasathiyyah: Wawasan Islam tentang Moderasi Beragama. Tangerang Selatan: Penerbit Lentera Hati, 3.
Suwarjin. (2023). Achieving Religious Harmony through Fiqh Wasatiyah. Manchester Journal of Transnational Islamic Law & Practice, 19(2), 145.
Syathiby (al), A. I. al-Muwafaqat fi Ushul al-Syari’ah. Beirut: Dar al-Kutub al-Ilmiyah.
Wahyuni, P. A. W. Z. (2024). Kritik Filsafat Ekonomi Terhadap Ajaran Eksistensialisme dalam Praktik Bisnis Kontemporer. Jurnal Kajian Islam dan Sosial Keagamaan, 2(2), 354.
Witro, D. (2021). Nilai Wasathiyah dan Harakah dalam Hukum Ekonomi Syariah: Sebuah Pendekatan Filosofis Sikap dan Persepsi Bankir terhadap Bunga Bank. Al-Huquq: Journal of Indonesian Islamic Economic Law, 3(1), 14-33.
Zikwan, M. (2022). Wasathiyah Al-Iqtishadiyah: Integrasi Nilai Moderasi pada Ekonomi Islam. 4th Annual Conference for Muslim Scholars, 1058-1068
Published
2025-03-27
How to Cite
Elviyatur Rosyidah, Zahrotul Ilmiyah, Siska Syifa’ul Husna, & Ali Mursyid Azisi. (2025). WASATHIYAH ECONOMICS: RECONSTRUCTING A JUST ECONOMIC SYSTEM IN ISLAM . Jurnal Dinamika Ekonomi Syariah, 11(2), 187-201. https://doi.org/10.53429/jdes.v11i2.1456
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Articles
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