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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... Read More |
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Whither Islamic Economics?
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On The Prohibition Of Riba (Interest) And It's Implications For Optimum Economic Performance
- By A. S. Mika'ilu
Hamdard Islamicus -- Vol. 12 Issue 1; 1989
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Islamic Economics: Ownership And Tawhid
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Running An Economy Without Riba
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Thoughts on Islamic Economics -- Dacca, Bangladesh, 1980
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Towards A Model Of The Economics Of Islam
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Comtemporary Apects of Economic and Social Thinking in Islam. 1968
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