Rereading the Concept of Profit Maximization : Islamic Economic Perspectives in Zubair Hasan Thought

Abstract

The debate over the validity of the profit maximization paradigm has long been central in economic discourse, particularly regarding its compatibility with different value systems. This study examines Zubair Hasan’s critique of the theoretical and philosophical foundations of profit maximization in secular economics and contrasts it with Islamic economic principles. Hasan argues that the conventional paradigm grounded in assumptions of homo economicus, methodological individualism, and claims of value neutrality is reductionist and inadequate for explaining the normative and moral dimensions inherent in Islamic economics. Using a qualitative literature-based approach, this research analyzes Hasan’s criticism of the secular model, his reconstruction of rationality within an Islamic framework, and his proposed alternative profit model aligned with the objectives of sharia (maqāṣid al-sharī‘ah). The findings indicate that while secular economics treats profit maximization as a universal standard of rational behavior, Islamic economics regards profit as a conditional and legitimate outcome that must be pursued through halal, just, transparent processes and directed toward social welfare. Hasan integrates social responsibility, moral accountability, and intergenerational sustainability into a broader conception of economic rationality, thereby challenging the phenomenon of “sharia mimicry,” in which Islamic financial institutions replicate conventional products without embodying substantive Islamic values. His framework offers corrective guidance by emphasizing that profit in Islam is inseparable from ethical intention, lawful acquisition, and societal prosperity. Ultimately, Hasan’s thought remains highly relevant for advancing Islamic economic theory, fostering ethical business practices, and strengthening normative and juridical research frameworks capable of addressing contemporary financial complexities, positioning Islamic economics not merely as a moral supplement to conventional theory but as an independent intellectual system with distinct philosophical foundations, socio-spiritual objectives, and methodological approaches.