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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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In Defence Of And A Plea For Islamic Economics
Universal Message, Volume 12, 1990-1991, pg 13-21
Ausaf Ali
Dr. Javid Akbar Ansari has published an article entitled "The Poverty of Islamic Economics" in The Universal Message, February 1990 Issue, in which he has expressed a hostility to Islamic economics and an attitude towards Islamic economists akin to contempt for... Read More |
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Notions of Private Property in Islamic Economics In Contemporary Iran: A Review of Literature
- By Hamid Hosseini
International Journal of Social Economics, vol: 15, Issue: 9, 1988, pages: 51-61.
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Fourth International Islamic Economics Seminar: Inaugural Address
- By Taha J. Al'Alwani
The American Journal of Islamic Social Sciences, vol: 10, Issue: 4, 1993, pgs: 554-556.
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Budget Deficits and Public Borrowing Instruments in an Islamic Economic System
- By Monzer Kahf
The American Journal of Islamic Social Sciences, vol: 1, issue: 2, 1994, Pages: 200-222.
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Islamic Economics & Banking
- By Tariq Talib Al-Anjari
Witness Pioneer Homepage, 2002, pg 1-11
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The Welfare Effects of Inflation and Financial Innovation in a Model of Economic Growth
- By Abdel-Hameed M.Bashir
Grambling State University,Grambling,Louisiana,USA
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