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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Islamic Economic Model: La Riba (Interest-Free) Banking A historical Analysis outlining attributes of the Islamic economic system and the fallacy of the dominant interest based capitalist order

A.Haahsani

A considerable body of literature has appeared, mostly in Islamic countries, on an alternative economic system to that of the West. In the developing world there is increasing realization that the interest-based capitalist system has failed to solve the problem of poverty and economic... Read More

The Islamic Welfare State and its Role in the Economy
- By Dr. M. Umar Chapra
This chapter was a part of the 'Islamic Perspectives,' Islamic Foundation.
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Euro and Gold Dinar : A Comparative Study of Currency Unions
- By Muhammad Anwar
Proceedings of the 2002 International Conference on Stable and Just Global Monetary System International Islamic University Malaysia (2002)
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Some Economic Aspects of Mudarabah
- By Dr. Muhammed Nejatullah Siddiqi
Review of Islamic Economics, Vol. 1, No.2 (1991).pp.21-33.
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Teaching of Economics at the University Level in Muslim Countries
- By Dr. Muhammed Nejatullah Siddiqi
Paper presented at the first world conference on Muslim Education, Mecca, April, 1977.
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The Economic Enterprise In Islam
- By Dr. Muhammed Nejatullah Siddiqi

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Islamic Investment Opportunities in India

Do we know which country is the most shariah compliant 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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