array(3) { ["geoplugin_countryCode"]=> string(2) "US" ["geoplugin_countryName"]=> string(13) "United States" ["geoplugin_currencyCode"]=> string(3) "USD" }
Contact
Contact us

+96522211121

You can call us to discuss any questions you have.

Send Message

E-mail us with comments, questions or feedback.

The core meaning of economy in Islam

Written By -

After more than 1400 years, the Islamic shari’a still proves that it is the best for a stable and good life. Islamic Shari’a is not only suitable for Muslims; it is a complete system that can be implemented in any society, any time and in any place, that’s why a lot of non- Muslims believe in Islamic Shari’a. The Islamic Economy is one of the important things in our shari’a, as economy is the base of development, that’s why Islam put some rules for this. Those rules can be summarized in 3 main points, distribute the wealth fairly, social justice, and ethical trade.

Basics of Economics in Islamic sharee’ah

Economy in Islam depends on selling and buying, not interests and inflation. Plus it depends on distributing the wealth fairly among people; this means that both rich and poor should live good living, which can be implemented through “Zakat” in which the rich gives the poor, it’s a small percentage (2.5%) but it keeps the balance in the society.

Economy in Islam depends on value or the currency not money, the currency in Islam is gold or silver because they don’t lose their value by time, but money does, so Islamic economy depends on exchanging value.

The role of Islamic economics for free market

Islam encourages the free market in which you can sell or buy freely according to supply and demand law, as Islam forbids controlling this law through monopoly. Islam forbids Reba too. So money is not a value itself and it is a product you can buy or sell, and keeping it is a loss. That’s why Islam encourages production and to move the trade circle through selling and buying.

Conclusion

With or against, the Islamic economy proved itself as a successful completed system when implementing it as it is. It’s a system that can be executed anywhere, any time and in any society.