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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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Muslim Economic Thinking: A Survey of Contemporary Literature - Part Three
First International Conference On Islamic Economics (Slected Papers)
Dr. Muhammad Nejatullah Siddiqi
III
ECONOMIC SYSTEM OF ISLAM: SOME SPECIFIC ASPECTS Within the basic framework outlined above our writers have discussed such specific aspects of the system as public finance, money and banking, social security and insurance, industrial. relations and... Read More |
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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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Developing an Interest-free Economy
- By Justice Muhammad Taqi Usman
Encyclopedia of Islamic Banking and Insurance, Institute of Islamic Banking and Insurance, London, 1995, 104-108
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Islamic Economics: The Emergence of a New Paradigm
- By By John Presley and John
New Horizon-23, January 1994, pg. 13 - 15
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Islamic Economics As A System Based On Human Values
- By By Prof. Dr. Sabah Eldin Zaim
Journal of Islamic Banking and Finance, Vol. 6, Issue No.2, Pg. 13-21
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Privatisation in Pakistan
- By M Abdullah Yusuf
Journal of Economic Cooperation Among Islamic Countries, Volume :18, Issue 1-2, Jan / April 1997, 107 - 120
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