Revisiting Rationality: From Homo economicus to Homo Islamicus in the Pursuit of Sustainable Well-Being
Purpose: This study examines the limitations of conventional economic rationality, as represented by Homo economicus, in addressing contemporary global challenges such as rising inequality, environmental degradation, and recurring financial crises. It proposes Homo Islamicus, grounded in the maqāṣid al-Sharīʿah framework, as a prescriptive model of value-based rationality that prioritises God-consciousness (taqwa), justice (adl), and the collective good (maslahah) to achieve sustainable well-being. Methodology: The study employs a comparative conceptual analysis and multidisciplinary literature review to examine the philosophical foundations of conventional and Islamic economic rationality. It draws on secondary qualitative data from theoretical and philosophical literature, documentary evidence, contemporary conceptual frameworks, and relevant case studies to contrast the ontological assumptions and implications of both paradigms. Results: The findings indicate that conventional economic rationality treats sustainability as an ex post adjustment, whereas the Islamic paradigm embeds sustainability as an ex ante criterion for rational decision-making. The analysis further reveals that the transition towards a Homo Islamicus-based framework is constrained by ‘maqāṣid-washing,’ the use of ethical rhetoric without substantive implementation, and by an overemphasis on procedural Sharīʿah compliance at the expense of measurable social impact. Novelty and Contribution: The study advances Islamic economics by framing welfare-enhancing decisions through maqāṣid al-Sharīʿah, focusing on preserving faith, life, intellect, progeny, and wealth. It links Islamic ethics with measurable socioeconomic outcomes. Social and Practical Implications: Socially, the study promotes welfare, justice, and responsible economic decision-making. Practically, it supports policymakers and Islamic financial institutions in developing indicators and governance mechanisms to assess social impact, accountability, and sustainable development.