Abstract

In the paper published in the previous issue of this journal, it was argued that there is need to have a more rational and realistic theory of consumer behavior and hence a different framework for analyzing consumer behavior needs to be developed. This part develops an outline of how the Islāmic theory of consumer behavior needs to be developed keeping in view the more rational and realistic elements of consumer behavior discussed in the previous part. The paper begins with explaining the need for an “Islāmic” Theory of Consumer Behavior and then explains how the Islāmic rules and norms fit in this theory. This gives us a framework to understand how a consumer will be making choices and make consumption decisions, if he were imbued with Islāmic teachings and behaving in Islāmic environment. The Islāmic alternatives for such concepts as rational behavior, wants and utility have been discussed to become core elements of Islāmic theory of consumer behavior. It has been argued that rational understanding of consumer behavior in an Islāmic framework leads us to use Islāmic teachings on consumer behavior as a fast track towards alleviating poverty, accelerating sustainable development, reducing class conflicts and promoting peace and harmony in the society.

Keywords

Consumer Behaviour; Objectives of Life; Sound Mindedness of Consumers; Third Dimension.