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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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Monetary Policy In An Islamic Economy
Institute of Policy Studies, Islamabad, Pakistan, 1983, 27 - 68
Dr M. Umer Chapra
Monetary policy has to be as important an instrument of public policy in an Islamic economy as it is in its capitalist counterpart. The objectives and tools must, however, be different because of the differences in the goals and the nature of the two systems and because of the... Read More |
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Foundations of Islamic Economics
- By A. B. M. Masudul Alam Chowdhry
The Criterion, Vol. 9, 4, 1974, 17-25
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Report on the Third Orientation and Training Course in Islamic Economics, Banking and Finance
- By Staff writer
Islamic Economic Studies, Vol: 3, Issue: 2, June 1996, 95-97
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International Seminar on Islamic Economics and the Economy of Indian Muslims
- By Staff writer
Journal of Objectives Studies, Vol. 2, 1, Jan. 1990/ 1409 H, 127-137
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The Financial System and Monetary Policy in an Islamic Economy
- By Mohsin S. Khan and Abbas Mirakhor
Journal of King Abdul Aziz University: Islamic Economics, Vol 1, No. 1, 1989, 39-58
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Conference Report: Islamic Economics and the Economy of Indian Muslims
- By Syed Iqbal Mahdi
The American Journal of Islamic Social Sciences, Vol:6, Issue: 2, Dec 1989, Pg. 358-360, Dhu al Hijjah 17-20, 1409/July 21-24, 1989
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