Islamic Economics: A Solution for Environmental Protection

This paper was presented at Oxford University in August 2004Concern over the tragedy of the commons emanates from the fact that Western economics has become a discipline devoid of values. Exploitation of the natural environment can be abated when individuals consider intergenerational welfare and justice to be important factors in their economic decisions. Islamic economics, unlike its Western counterpart, is a value-driven discipline replete with moral values that limits individual???s consumption, and imposes significant social and religious responsibilities on individuals as guardians of the natural environment for future generations