In this foundational chapter, Professor Dr. Abul Hasan M. Sadeq examines the economic philosophy of the 11th-century scholar Imam Al-Ghazali. The research explores Al-Ghazali's deep insights into market mechanisms, the role of money, and the nature of production. Crucially, the paper bridges the gap between ethico-juristic norms and practical economic behavior, arguing that Al-Ghazali’s concept of Maslaha (public interest) serves as a precursor to modern welfare economics.

By analyzing Al-Ghazali’s views on "halal" earnings and the moral obligations of market participants, Professor Sadeq demonstrates how Islamic ethics regulate greed and promote social harmony. This work highlights Al-Ghazali’s early recognition of the functions of money as a medium of exchange rather than a commodity, providing a historical Islamic critique of interest-based systems. The chapter remains a vital text for understanding the evolution of Islamic economic thought and its relevance to contemporary ethical finance.

Core Concepts: Al-Ghazali, Islamic Economic Thought, Maslaha, Economic Behaviour, Ethico-Juristic Framework, Welfare Economics, Welfare State, AUB.