The Relevance of Muhammad Nejatullah Siddiqi's Thoughts on Islamic Business Ethics as a Critique of Modern Capitalism

Endang Supriyati; Ali Murtadho; Fita Nurotul Faizah

doi:10.55681/economina.v5i6.2503

Authors

Endang Supriyati Universitas Islam Negeri Walisongo Semarang, Indonesia
Ali Murtadho Universitas Islam Negeri Walisongo Semarang, Indonesia
Fita Nurotul Faizah Universitas Islam Negeri Walisongo Semarang, Indonesia

DOI:

https://doi.org/10.55681/economina.v5i6.2503

Keywords:

Islamic Business Ethics, Muhammad Nejatullah Siddiqi, Modern Capitalism, Risk-Sharing

Abstract

This study aims to examine muhammad nejatullah siddiqi’s thoughts on islamic business ethics and their relevance as a critique of modern capitalist practices. The methodological approach used is qualitative with library research, which focuses on conceptual analysis of siddiqi’s works, particularly some aspects of islamic economy. Research data were obtained from primary and secondary literature relevant to the study of islamic business ethics and the capitalist economic system. The results of the study indicate that, in siddiqi’s view, islamic business ethics places moral values as the main foundation within the framework of economic rationality. Principles such as moral orientation, social responsibility, justice in the distribution of wealth, and risk-sharing mechanisms serve as an ethical framework that regulates economic relations in a fair and balanced manner. These principles also serve as a normative critique of modern capitalist practices that tend to emphasize profit maximization, the application of interest systems, and the separation between economic activity and social responsibility. This study shows that business ethics within siddiqi’s framework functions not only as an individual moral guideline, but also as a normative framework that can be used to assess and improve contemporary economic practices, in order to achieve a more just and sustainable economic system.

Downloads

Download data is not yet available.

References

Abidin, & marwendi, r. O. (2025). An islamic business ethics review of price setting practices in catering enterprises. Zabags international journal of engagement, 3(1), 25–34. Https://doi.org/10.61233/zijen.v3i1.31

Adam, M. N. A. S., hamin, D. I., & Hasim, H. (2024). Perbandingan sistem ekonomi sosialisme, kapitalisme, dan ekonomi syariah: sebuah analisis kritis terhadap prinsip, implementasi, dan dampak sosial. Jambura: jurnal ilmiah manajemen dan bisnis, 7(2), 1011–1024.

Aziz, a., & arifin, d. (2013). Etika bisnis islam. Bandung: alfabeta.

Dassucik, d., & farida, i. (2025). Pengantar ekonomi pembangunan: strategi menuju negara berkembang. Penerbit tahta media.

Dewi, n. A. (2024). Dinamika pemikiran ekonomi: konstruksi pemikiran sistem ekonomi abad klasik pertengahan dan kontemporer. Indonesian journal of multidisciplinary scientific studies, 2(1), 72–83.

Djakfar, h. M., & sh, m. A. (2012). Etika bisnis: menangkap spirit ajaran langit dan pesan moral ajaran bumi. Penebar plus+.

Fanani, A. F., Annuha, A. N., & Pratama, M. Y. (2025). The relevance of the Ternak Uang financial strategy to the principles of Maqāṣid al-Sharī ‘ah and Al-Ghazali’s ethics of wealth. Indonesian Journal of Islamic Economics Research, 7(1).

Farhan, A. A. (2025). The Qur’anic Critique of Income Distribution in the Capitalist System: A Thematic Interpretation Study of Sayyid Quthb's Perspective on Economic Verses: Kritik Al-Qur'an terhadap Distribusi Pendapatan dalam Sistem Kapitalis: Studi Tafsir Tematik Perspektif Sayyid Quthb tentang Ayat-ayat Ekonomi. Theosinesis: Journal of Integrative Understanding and Ethical Praxis, 1(1), 49-58.

Fatanah, c., surya, j., iqbal, m., apriyanto, a., zainuri, z., nugroho, r. Y. Y., achmad, n. K., hamris, s., wilantari, r. N., & soeksin, s. D. (2025). Dasar-dasar ekonomi keuangan: teori, praktik, dan kebijakan.

Handika, c., fithriany rahmah, y., nurjaman, i., fauzi nazar, r., nurdiansyah, i., & priyanti, g. (2025). Ihtikar in hadith: a fiqh al-hadith analysis of hoarding practices in the islamic economic system. Finansha: journal of sharia financial management, 6(2), 215–230. Https://doi.org/10.15575/fjsfm.v6i2.51110

Hasan, z., & mahyudi, m. (2020). Analisis terhadap pemikiran ekonomi kapitalisme adam smith. Istidlal: jurnal ekonomi dan hukum islam, 4(1), 24–34.

Hasid, H. Z., Akhmad Noor, & Kurniawan, E. (2022). Ekonomi sumber daya alam dalam lensa pembangunan ekonomi. Cipta media nusantara.

Huda, c. (2016). Ekonomi islam dan kapitalisme (merunut benih kapitalisme dalam ekonomi islam). Economica: jurnal ekonomi islam, 7(1), 27–49.

Iqbal, z., & mirakhor, a. (2013). Economic development and islamic finance.

Jie, l., jixiong, c., & wei, z. (2023). Islamic business ethics. Sharia oikonomia law journal, 1(3), 172–184. Https://doi.org/10.55849/solj.v1i3.487

Khuriyah, l. (2025). Memaksimalkan keuntungan dalam ekonomi islam. As-sahla journal of islamic studies, 1(1), 134–146.

Kusumastuti, a., & khoiron, a. M. (2019). Metode penelitian kualitatif. Lembaga pendidikan sukarno pressindo (lpsp).

Liana, W., kusumastuti, S. Y., Damanik, D., Hulu, D., Apriyanto, A., Judijanto, l., Wartono, T., Suharto, S., Fitriyana, F., & Hariyono, H. (2024). Teori pertumbuhan ekonomi: teori komprehensif dan perkembangannya. Pt. Sonpedia publishing indonesia.

Masyhuri, m. (2013). Ekonomi syariah dalam etika pemerataan resiko. Jurnal ekonomi pembangunan lipi, 21(2), 7–18.

Masykuroh, n., & si, m. (2020). Etika bisnis islam. Media karya.

Maulena, m., zulkarnain, t., & mariana, m. (2024). Transformasi bisnis dengan etika bisnis islam: keadilan dan tanggung jawab dalam ekonomi syariah. Jurnal sosial humaniora sigli, 7(2), 175–182.

Mawadat, n. H., ningsih, s. W., & hidayati, a. N. (2025). Struktur pasar dalam perspektif ekonomi islam dan implikasinya terhadap ekonomi modern: studi literatur. Jurnal ilmiah ekonomi dan manajemen, 3(6), 43–58.

Mukhlas, a. A., & gresik, s. (2021). Konsep kerjasama dalam ekonomi islam. Al-iqtishod: jurnal pemikiran dan penelitian ekonomi islam, 9(1).

Mulya, g. I. (2026). Strategi harmonisasi ekonomi syariah dengan sistem keuangan global untuk menghadapi volatilitas pasar internasional. Strategia: jurnal ilmu manajemen dan ekonomi, 1(1), 99–123.

Musa, m. A., sukor, m. E. A., ismail, m. N., & elias, m. R. F. (2020). Islamic business ethics and practices of islamic banks: perceptions of islamic bank employees in gulf cooperation countries and malaysia. Journal of islamic accounting and business research, 11(5), 1009–1031. Https://doi.org/10.1108/jiabr-07-2016-0080

Nasution, e. O. A. B., & yafiz, m. (2026). Pemikiran ekonomi islam tentang larangan ihtikar (penimbunan), kelangkaan barang, dan dampaknya terhadap stabilitas harga di pasar modern. Riggs: journal of artificial intelligence and digital business, 5(1), 1811–1818.

Nurman, h., sos, s., & hamsal, s. E. (2025). Ekonomi dan etika: sebuah pendekatan filsafat moral. Pt indonesia delapan kreasi nusa.

Pandin, m. Y. R., kassandra, n. M., febriati, l. S., magymai, e., & srikandi, t. T. P. (2025). Analisis hubungan antara struktur suku bunga, risiko kredit, dan stabilitas finansial. Jurnal masharif al-syariah: jurnal ekonomi dan perbankan syariah, 10(3).

Permana, y., & nisa, f. L. (2024). Konsep keadilan dalam perspektif ekonomi islam. Jurnal ekonomi syariah darussalam, 5(2), 80–94.

Pratiwi, n., muin, r., & azizah, n. (2024). Koreksi etika bisnis islam terhadap sistem ekonomi kapitalis dan sosialis. Al-buhuts, 20(1), 27–49.

Ratna, l. (2017). Tanggung jawab sosial perusahaan (corporate sosial responsibility). Bengkulu: grafika utama grafiti.

Riyandi, W., & Masdupi, E. (2025). Islamic business ethics and employee satisfaction in islamic banking: a systematic literature review. Journal transnational universal studies, 3(2), 73–78. Https://doi.org/10.58631/jtus.v3i2.150

Rosita, g. O., ariffianto, m. U., & abadi, m. T. (2024). Sejarah pemikiran ekonomi klasik. Jurnal ilmiah research student, 1(3), 368–376.

Saifuddin, w. A., sudarmanto, e., ridwan, m., siregar, a. T., febrina, i., & saleha, d. (2026). Filsafat hukum ekonomi islam. Pt cipta digital edukasi.

Salsabila, h., aldina, s. A. F., & disti, p. A. (2024). Analisis risiko keuangan pada perusahaan di era ketidakpastian ekonomi global: fokus pada risiko likuiditas dan risiko kredit. Jurnal akademik ekonomi dan manajemen, 1(4), 570–582.

Sardari, a. A., & rinaldy, a. (2025). Perbandingan konseptual dan praktis antara akad musyarakah dan mudharabah dalam pembiayaan syariah: telaah risiko dan nilai keadilan. Maqrizi: journal of economics and islamic economics, 5(1), 75–95.

Siddiqi, m. N. (1978). Some aspect of islamic economy. Islamic research institute.

Suranto, a. M., buntoro, a., prasetyadi, c., & adi wibowo, r. (2021). Feasibility study on the application of dynamic elastic rock properties from well log for shale hydrocarbon development of brownshale formation in the bengkalis trough, central sumatra basin, indonesia. Journal of geoscience, engineering, environment, and technology, 6(2), 81–85. Https://doi.org/10.25299/jgeet.2021.6.2.5944

Surury, Nurul Azizah, Nurwahidin, & Isra Afra Nafisah. (2025). Comparison of islamic and conventional financial systems: advantages, disadvantages and integration prospects. International journal of integrative research, 3(2), 91–102. Https://doi.org/10.59890/ijir.v3i2.319

Syam, a. (2021). Persepsi karyawan bank syariah di kota parepare tentang bunga bank dan bagi hasil. Iain parepare.

Widana, g. O., wiryono, s. K., purwanegara, m. S., & toha, m. (2015). The role of business ethics in the relationship between market orientation and business performance. International journal of finance & banking studies (2147-4486), 4(1), 70–94. Https://doi.org/10.20525/ijfbs.v4i1.205

Wirarti, s. (2023). Ihtikar from the perspective of positive law and.