Imam Al-Ghazali's Islamic Economic Thought and Its Relevance in the Modern Era

The rapid development of the modern economy brings various challenges, from intense business competition to the emergence of economic practices that pay little attention to moral values. Under these conditions, the thoughts of Islamic economic figures still hold strong relevance as a guide. One figure whose thinking remains relevant today is Imam Al-Ghazali. Imam Al-Ghazali, whose full name is Abu Hamid Muhammad ibn Muhammad al-Ghazali, was a scholar, philosopher, and Islamic thinker who lived between 1058 and 1111 AD. Through his various works and thoughts, Al-Ghazali stressed that economic activity is not solely aimed at obtaining profit, but must also be able to create benefit and welfare for society. One of Al-Ghazali’s thoughts relevant to Indonesia’s current conditions is the importance of ethics in economic activity. According to Al-Ghazali, honesty is the main foundation in trade. Business actors must avoid deception, fraud, and practices that can harm other parties. This principle becomes increasingly important in the digital era when buying and selling transactions are conducted online and involve many parties who do not meet face to face. Besides emphasising the importance of honesty, Al-Ghazali also taught that fulfilling the basic needs of society is crucial. The government has a responsibility to ensure that the public can obtain access to basic necessities, education, and health services. This thought remains relevant to various development and community empowerment programmes currently implemented by the Indonesian government. Al-Ghazali also emphasised the balance between individual and societal interests. In his view, a person is allowed to seek profit and develop their business, but must still pay attention to its impact on society. This value is reflected in various sharia economic practices, the management of zakat, waqf, and other social activities aimed at helping groups in need. Amidst the increasingly complex development of the global economy, Al-Ghazali’s thinking provides a lesson that economic success is not only measured by the size of profits, but also by the benefits felt by society. Therefore, values such as honesty, justice, responsibility, and social concern need to be continuously applied to create a more just, prosperous, and sustainable economic system. Thus, Imam Al-Ghazali’s thoughts are not only part of the history of Islamic economics, but also remain relevant as a guide in facing various economic challenges in Indonesia today.