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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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The Nature And Methodology Of Islamic Economics
University of Sokoto, Nigeria; 1988
Sule Ahmed Gusau
The basic concepts and methodology of Islamic economics are bound to be different from that of western economics. This is because, whereas western economics centres on materialism, Islamic economics looks at material wealth merely as a part of the greater system — the Islamic system of life.... Read More |
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Third International Conference on Islamic Economics
- By Muhammad Anwar
The American Journal of Islamic Social Sciences, vol: 9, issue: 3, 1992, pages: 427-431.
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Economic Change And Re-Interpretation Of Islamic Values
- By Dr. Rodney Wilson
British Society for Middle Eastern Studies Bulletin, vol: 9, 1982, pages: 107-113.
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Islamic Economics Research Bureau, Bangladesh
- By Shah Muhammad Habibur Rahman
Journal of Islamic Banking and Finance, Volume 14, Oct-Dec 1997, pg 23-29
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Definition, Nature And Scope of Islamic Economics- A Review
- By Muhammad Ramzan Akhtar
Journal Of Islamic Banking And Finance, Volume 17, No 1, Jan-March 2000, pg 53-61.
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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
- By A.Haahsani
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