Islamic and Western approaches to economic justice share some common goals, such as reducing inequality and promoting fairness, but they differ significantly in their principles and methods. Here are the key differences:
1. Foundational Principles

• Islamic Approach: Based on divine guidance from the Qur’an and Sunnah, emphasizing moral and ethical values. Justice is rooted in accountability to Allah and achieving a balance between individual and societal needs.
• Western Approach: Often rooted in secular ideologies like capitalism or socialism, focusing on human rights, economic efficiency, and individual liberty, with justice defined by societal or legal frameworks.

2. Ownership and Wealth Distribution

• Islamic Approach: Advocates for a balanced ownership system where private property is allowed but wealth must be circulated fairly. Obligatory mechanisms like zakat (charity) ensure redistribution to help the poor and reduce inequality.
• Western Approach: Typically focuses on either free-market capitalism, which prioritizes individual ownership and market-driven distribution, or socialism, which emphasizes state control and wealth redistribution.

3. Prohibition of Exploitation

• Islamic Approach: Prohibits exploitation through riba (interest), gharar (excessive uncertainty), and unethical practices. Economic activities must be halal (permissible) and contribute to societal well-being.
• Western Approach: Permits interest-based transactions and speculative activities, provided they comply with legal frameworks, even if they lead to economic inequality or exploitation.

4. Role of Morality and Ethics

• Islamic Approach: Strongly integrates morality and ethics into economic practices. Every transaction must adhere to principles of fairness, honesty, and social responsibility.
• Western Approach: Ethics play a role, but economic systems often prioritize profitability and efficiency over moral considerations. Ethical concerns are typically addressed through corporate social responsibility or regulations.

5. Social Safety Nets

• Islamic Approach: Mandates obligatory social safety mechanisms like zakat and encourages voluntary charity (sadaqah). These systems are directly tied to individual accountability and collective welfare.
• Western Approach: Relies on government welfare programs funded by taxes, with varying levels of support based on the political and economic system of the country.

6. Purpose of Wealth

• Islamic Approach: Views wealth as a trust from Allah, to be used responsibly for individual needs and societal benefit. Hoarding wealth or using it irresponsibly is discouraged.
• Western Approach: Often sees wealth as a means of personal achievement and freedom, with fewer constraints on how it is accumulated or spent, as long as it complies with the law.

7. Economic Goals

• Islamic Approach: Seeks to establish falāh (success and well-being) for individuals and society, prioritizing justice, equity, and sustainability in this life and the Hereafter.
• Western Approach: Focuses on economic growth, maximizing wealth, and improving standards of living, often prioritizing material progress over spiritual or ethical considerations.

Conclusion
The Islamic approach to economic justice integrates faith, ethics, and social welfare into its economic framework, emphasizing a moral economy accountable to Allah. In contrast, Western approaches prioritize individual rights and economic growth, often influenced by secular ideologies. Both aim to achieve fairness, but their foundations and implementations differ significantly.