Investigating the theory of risk in Islamic economics with a jurisprudential approach

Document Type : Original Article

Authors

1 PhD Student in Development Economics and Energy, International Campus, Ferdowsi University of Mashhad, Mashhad, Iran

2 Associate Professor, Faculty of Administrative and Economic Sciences, Ferdowsi University of Mashhad, Mashhad, Iran

3 Assistant Professor, Faculty of Administrative and Economic Sciences, Ferdowsi University of Mashhad, Mashhad, Iran

10.30510/psi.2022.307040.2382

Abstract

Risk is one of the most fundamental issues in economics, especially Islamic economics, which has a fundamental impact on many issues of micro and macro economics. Although some research works have paid attention to this issue, but among the works of Sunnis, only the work of Awadiyah (2010) has addressed this issue as a comprehensive theory and barrier. In this article, we will answer the question whether in Islamic economics, according to the evidence in Shiite jurisprudence, the entitlement to profit in any kind of economic activity is subject to acceptance, using the book of Awizah and using the method of discovery attributed to Martyr Sadr. Risk from factors associated with that activity? For this purpose, first we provide a brief conceptual explanation of the theory of risk and then, in the form of defining the purpose, elements, contents and conditions of the theory and its criteria, we have explained the position of this theory in Islamic economics. In the following, we have examined the rational reasons (combination of truth and duty) and narration (6 reasons from Quranic verses and 3 hadiths from hadiths quoted in Shiite and Sunni sources as well as other confirmations of jurisprudential rules) in Sunni and Shiite sources. In the end, we have come to the conclusion that by accepting the concept of this theory, a genuine criterion can be achieved for examining new issues affecting society.

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