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Economics of Islam

Islam is characterized and distinguished form the other great religions of the world in that it is not merely a religious system but a practical and effective system of life as well, complete in every detail, with the political, social and economic aspects, all provided for. However I will confine my discussion to the system of economy given by Islam.

Economics is universally regarded as a science and has been progressively built up by various nations during the past centuries Aryans, Jews, Greeks and Romans have also contributed to the world history with their economic expressions. If economics is also to remain in the sphere of religion, it is because the intention thereby is to build the economy of a country and regulate its economics affairs on an ethical basis, which would prevent the occurrence of injustice and perpetuate a state of affairs where there will be equal opportunities and rewards for all, workers as well as employers. Economic historians covered only the history of Christian Europe, but not of the contemporary Muslim world.

The Muslim economic ideas aretraced out from three main sources:

2. The post Quranic, early religious Musli


ľ Ismail Muhammad Syed, Capitalism Socialsim and Islamic Economic Order, Oriental Publications, Lahore, 1989

ľ Baqir Muhammad, Iqtasiduna: Our Economics, World organizations for Islamic services, Tehran Iran, 1982.

i. The prohibition of interest on loans. The object of this that no individual can become rich without work, or at the expense of the other individuals.

Some topics in this essay:
ECONOMIC SYSTEM, Holy Quran, Capitalist Communist, Islamic Capitalist, Al Hashar, Muhmmad Islamic, Islamic Economic, Christian Europe, Indeed Islamic, Lissez Faire, economic system, islamic economic, islamic economic system, islamic system, capitalist economic, communist economic, communist economic system, capitalist economic system, private ownership, economic systems, personal gain, system based, socialist economic, socialist economic system, private ownership property,

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Approximate Word count = 4641
Approximate Pages = 19 (250 words per page double spaced)


  

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