Authors: Toseef Azid
Addresses: Department of Economics and Finance, College of Business and Economics, Qassim University, Qassim, Saudi Arabia
Abstract: In fixing the price of labour as a factor of production, Islamic economics considers all the general normative principles which are based on fairness and equity in distribution and justice. In addition, the concept of brotherhood strengthens the relationship between employees and employers and protects the rights and interests of both parties. Similarly, the process of fixing wages follows the same normative principles and minimises the harm while avoiding the exploitation on both sides, i.e., employees and employers. The main objective of the current study is to survey the literature related to the concept of wages in the context of Islam. For this objective, we seek the guidance from Qur'an and Sunnah of Prophet Muhammad (PBUH), as well as from the research of Muslim scholars such as Ibn Taymiyyah, Ibn Khaldun, Al Ghazalai, Ibn Qayyam, and others.
Keywords: Islamic economy; wages; justice; fairness; Islam; Islamic finance; literature review; Muslim scholars; Qur'an; Sunnah of Prophet Muhammad; PBUH.
International Journal of Pluralism and Economics Education, 2016 Vol.7 No.3, pp.268 - 282
Received: 23 Jan 2015
Accepted: 26 Jan 2016
Published online: 30 Sep 2016 *