Behavioral economics between theory and practice Islamic Economic Estimation

Abstract

This study aimes to explain the concept of behavioral economics and its relationship to psychology, sociology and other sciences and to clarify the most important theoretical and practical aspects of it within the framework of public policies of countries, and its relationship to Islamic economics, and ways for Islamic financial institutions to benefit from behavioral economics, as today it is one of the most influential modern economic schools In the field of economics and public policy making in pursuit of local development, behavioral economics is expected to contribute effectively to Islamic economics and finance. The study included two studies, the first is on the theoretical side of behavioral economics in terms of concept, origins and its relationship with other sciences, and the second topic is on the applied side in terms of international applications of behavioral economics in the field of public policies, in addition to the view of Islamic economics in aspects of behavioral economics, and the most important approaches and economic applications Islamic finance for this science, especially in the field of Islamic financial institutions. The study concluded that the field of behavioral economics is fertile for the benefit of Islamic financial institutions in general, including: reorienting the behavior of banking customers, and the entry of all individuals into Islamic banking services (financial inclusion) and behavioral financing. The study recommended the necessity of spreading societal awareness of the importance of behavioral nudges in improving their standard of living, and solving the country's economic problems through the media, conferences, workshops and research efforts, and also recommended the need to benefit from international experiences in behavioral nudges, conduct more studies on behavioral economics and the possibility of generalizing it to financial institutions Islamic.