Reconceptualizing Demand: A Comparative Analysis of Conventional and Islamic Economic Perspectives

Abstract

This study offers a comparative examination of the concept of demand in conventional economics and Islamic economics. Conventional theory treats demand as a function of consumer utility, price, and income, guided by the assumptions of rational choice and market efficiency. It models economic agents as utility maximizers and demand as a neutral, quantitative expression of preferences. In contrast, Islamic economics embeds demand within a moral framework shaped by sharī‘ah, emphasizing moderation, ethical consumption, and social responsibility. Through qualitative conceptual analysis of books, journal articles, and classical Islamic sources, this research illustrates how the Islamic paradigm transforms the structure and motivation of demand. Key findings show that Islamic economics limits demand to lawful (halāl) goods, discourages excess (isrāf), and aligns consumption with spiritual objectives and community welfare. This ethical approach challenges the value-neutrality of conventional models and proposes a holistic alternative that integrates economic behavior with moral accountability. The implications extend to economic theory, public policy, and educational frameworks. This study contributes to the emerging literature advocating a pluralistic and values-based understanding of economics, providing both theoretical refinement and practical relevance, particularly in Muslim-majority societies and global debates on ethical consumption.