A BRIEF CONCEPTUAL OUTLINE
by Dr. Adi Setia
Introduction
The Islamic Gift Economy (IGE; al-Iqtisad al-Infaqi or al-Iqtisad al-Ihsani) can be envisioned as an integrative economic system based on the operative principles of cooperation (ta‘awun),(2) mutual consent (‘an taradin/muradatin) (3) and partnership (musharakah), and these are in turn founded on the principal ethical precepts of rahmah (mercy), gratitude (shukr), generosity (karam/ihsan), moderation (tawazun/ ‘iffa), khilafah (trusteeship) and amanah (integrity). These operative precepts are grounded in the foundational psycho-cosmological outlook expressed in the belief that (i) the natural and cultural(4) resources of the world are abundant,(5) while (ii) the material needs, wants and desires of human beings are in fact limited(6) and should be limited.(7)