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As a complete way of life, Islam has provided guidelines and rules for every sphere of society. Naturally, a functioning economic system is vital of a healthy society, as the consumption of goods and services and the facilitation of this by a common medium of exchange play a major role in allowing people to realize their material and other goals in life.
Islam has set some standards, based on justice and practicality, for such economic systems to be established. These standards aim to prevent the enmity that often occurs between different socioeconomic strata, and while they consider money to be among the most important elements in society, the gathering of which concerns almost every human being who participates in transactions with others, they do not lose sight of the fact that its position is secondary to the real purpose of human existence, the worship of Allah (God).
There are three foundational principles that comprise the economic system in Islam: personal property, freedom of activity, and the right of money. An Islamic economic system is not necessarily concerned with the precise amount of fiscal income and expenditure, imports and exports, and other economic statistics. While such matters are no doubt important, Islam is concerned with the spirit of the economic system.
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International Seminar on Islamic Economics and the Economy of Indian Muslims
Journal of Objectives Studies,Vol. 2, 1, Jan. 1990/ 1409 H, 127-137
Staff writer
The International Seminar on ‘Islamic Economics and the Economy of Indian Muslims’ was organized during July 21-24, 1989 by the Institute of Objective Studies (IOS) at Hamdard Convention Centre, New Delhi. Read More |
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Behavioral Norms in the Islamic Doctrine of Economics a Critique
- By Timur Kuran
Journal of Economic Behavior and Organisation, Vol.4, 1983, 353-379,University of Southern California, Los Angeles, CA 90089-0035, USA
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"Islamic Economics" - Policy Between Pragmatism And Utopia
- By Volker Nienhaus
Economics (TVEBINGEN),Volume – 25, 1982, 80-100,Department of Economic and Fiscal policy, University of Bochum
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The Basic Principles of Islamic Economics
- By S. M. AbulKalam
Vol. 8, Issue 3, July-Sept 1991, Pg. 16-24
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A Case For Islamic Economics: An Indian Perspective
- By Dr. Faridi
Journal Of Objective Studies,Volume: 6, I, Jan. 1994 / 1415 H, 157 – 168
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The Economic Challenge for the Ummah
- By Justice Taqi Osmani
At the International Conference of the World Muslim Congress,Justice Taqi Osmani addresses the basic economic problems facing Muslims, Issue No. 96, Feb2000, Pg.10-12
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| Islamization of Insurance —A Religio-Legal Experiment in Malaysia
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