A philosophical framework for the concept of money and income generation in Islamic finance: comparative analyses

Purpose This study aims to develop a moral-philosophical framework for understanding money and income generation in Islamic finance. It examines how selected classical Islamic ethical texts conceptualise money, earning and justice, and how these ideas can inform the contractual logic and governance concerns of contemporary Islamic finance. Design/methodology/approach The study adopts a comparative textual analysis. It examines classical moral-philosophical texts that directly address money and income generation, alongside contemporary Islamic finance literature on financial contracts, asset linkage, risk sharing and lawful earning. The analysis is organised around four criteria: exchange justice, lawful and productive earning, shared responsibility and market justice and public benefit. Findings The study finds that classical Islamic moral philosophy does not treat money as wealth in itself, but as a conventional measure that supports fairness, proportionality and justice in exchange. Income generation is also evaluated not only by profitability, but by its source, moral quality, productive value and social effect. In contemporary Islamic finance, these principles are reflected in contracts such as murābaaḥ, salam, istiṣnāʿ, musharakah and muḍārabah, which seek to link financial gain with transparency, asset linkage, productive activity and risk accountability. The analysis also shows that these ethical ideals are not automatically realised in practice, especially when some instruments become close to debt-like structures. Originality/value The study contributes to Islamic finance literature by moving beyond a descriptive discussion. It proposes an analytical framework that connects classical Islamic moral philosophy with contemporary contractual and governance issues in Islamic finance. In doing so, it provides a basis for future empirical research.