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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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Islamic Economics & Banking
Witness Pioneer Homepage, 2002, pg 1-11
Tariq Talib Al-Anjari
Introduction Why did Islam prohibit interest? What is the logic behind that? What types of interest has Islam prohibited? These are certainly the questions that face a lot of both Muslim and non-Muslim economists. When Islam was introduced 1400 years ago, one of the main... Read More |
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Islamization of economics in Iranian Universities
- By Sohrab Behdad
Volume: 27, Year: 1995, Pages: 193 - 217
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Money, Interest And An Alternate Macroeconomic System
- By Usamab A. Uthrnan
Department of Finance & Economics, King Fahd University of Petroleum and Minerals (KFUP1VI), Dhahran, 31261 Saudi Arabia.
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Welfare Economics : A new framework
- By Mohammad Ishfaq and Dr. Nadeem Inayat
Journal of Islamic Banking and Finance, vol: 12, issue: 2, 1995, pages: 7-17.
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Islamic Finance & Beyond: Premises and Promises of Islamic Economics
- By Dr Muhammad Nejatultah Siddiqi
A Talk
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Definition, Nature And Scope of Islamic Economics- A Review
- By Muhammad Ramzan Akhtar
Journal of Islamic Banking & Finance
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