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.
Toward a Definition of Islamic Economics: Some Scientific Considerations
- By Muhammad Arif
Journal of Research in Islamic Economics, vol. 2, No. 2, Winter 1985, pp. 87-103
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The Economic System in Contemporary Islamic Thought: Interpretation and Assessment
- By Timur Kuran
International Journal of Middle East Studies
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On The Prohibition of Riba (Interest) and Its Implications For Optimum Economic Performance
- By A.S. Mika'ilu
The Economic System of Islam: A Discussion of Its Goals and Nature (Part I) (Introduction)
- By M. Umar Chapra
The Islamic Quarterly: A Review of Islamic Culture
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