Economics » Overview - Finance In Islam

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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Third International Conference on Islamic Economics
The American Journal of Islamic Social Sciences, vol: 9, issue: 3, 1992, pages: 427-431.
Muhammad Anwar

The Third International Conference on Islamic Economics was held in Kuala Lumpur, Malaysia, during 23-25 Rajab 1412/28-30 January 1992 under the auspices of Malaysia's International Islamic University (IIU) and in collaboration with the Islamic Development Bank (IDB) and the International... Read More

Saudi Development Plans between Capitalist and Islamic Values
- By Michel G. Nehme

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The Islamic Gold Dinar: Socio-economic Perspectives
- By Ahamed Kameel Mydin Meera & Hassanuddeen Abdul Aziz
Proceedings of the 2002 International Conference on Stable and Just Global Monetary System International Islamic University Malaysia (2002)
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Possible Political and Regulatory Issues of Introducing the Islamic Dinar
- By Mohd. Ma’sum Billah
Proceedings of the 2002 International Conference on Stable and Just Global Monetary System International Islamic University Malaysia (2002)
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Money and Exchange Rate in an Islamic Economy
- By Habib Ahmed
The paper discusses the nature of money in an Islamic economy and determines its value (exchange rate). The determinants of the demand for and the supply of money from an Islamic perspective are first discussed. Money supply in an Islamic economy is backe
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Stabilization and Growth in an Open Islamic Economy
- By Abbas Mirakhor and Iqbal Zaidi

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Islamization of Insurance —A Religio-Legal Experiment in Malaysia

Religion and Law Review, Vol-2, Issue-I, Yr- 1993, Pgs- 16-40. Read More

Geniza: The Unfolding Truth

Mohammed Imad Ali: In the mirror of history were the earlier generations smarter or are we? Read More

Need to Combine Islamic Economic History with Islamic Institutional Economics

Prof. Murat Cizakca Read More

Riba in Islam

The Foundations of Islamic Finance

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