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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Islam And The West: Towards a New International Economic Order
Journal of Islamic Banking and Finance Vol. 3 No. 2 Arpil-June 1986
HRH Prince Mohamed Al-Faisal Al-Saud

It is without doubt today that there is a resurgence of Islam in the world. It is, therefore incumbent upon us to analyse and study this newest ideological development. The importance of studying and understanding Islam is not only important for Muslims whose lives are dominated by it in all... Read More

The Implementation of Justice in Economics and Business
- By Nik Mustapha Hj. Nik Hassan

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Islamic Economics Foundations and Practices
- By Sami M. Abbasi and Kenneth W. Hollman

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Islam and Economic Development (I)
- By Dr. Rodney Wilson
An earlier version of this paper was presented to the British Society for Middle Eastern Studies (BRISMES) Conference at Lancaster University in July 1982
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Nature and Methodology of Islamic Economics: An Appraisal
- By Ziaul Haque
This is a shortened version of the paper which was presented at the Eighth Annual General Meeting of the Pakistan Society of Development Economists, January 7-10, 1992, Islamabad.
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The Spirit of Capitalism and Pakistani Islam
- By Hafeez Malik

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The Equate project: An introduction to Islamic Project Finance

Journal of Project Finance, Vol 5, Issue 4; New York; Winter 2000 Read More

Geniza: The Unfolding Truth

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

Islamic Economics Needs a Great Deal of Creative Thinking: Dr. Umer Chapra

Riba in Islam

The Foundations of Islamic Finance

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