Early Ridho Kismawadi, Razali Haron, Dede Ruslan
This paper explores the role of Islamic finance in challenging the dominant capitalist economic system by offering an alternative money ontology, which is based on the principles of social justice, wealth redistribution, and solidarity. This study examines how Islamic finance through mechanisms such as the prohibition of usury, qard hasan (interest-free loans), zakat (obligatory charity), and waqf redefines money not as a commodity for personal gain but as a tool for social responsibility and economic equity. In contrast to conventional finance which emphasizes the accumulation of individual wealth, Islamic finance emphasizes transactions related to real assets and productive activities, which aim to foster social welfare and community welfare. Through this analysis, we argue that Islamic finance presents a viable and ethical alternative to interest-based systems, offering a more equitable and sustainable approach to global economic development. © 2026, IGI Global Scientific Publishing. All rights reserved.
IAIN Langsa, Indonesia; International Islamic University, Malaysia; State University of Medan, Indonesia
