The Economic System of Islam (part 2 of 2): Its Ideology

The Ideological Basis of Economic Activity The ideological basis in Islam may be summarized into six basic principles: The cornerstone is that everything has to start from the belief in God as the Creator, Lord, and Sovereign of the universe.  This implies willingness to submit to God’s will, to accept His guidance, and to have … Read more

The Economic System of Islam (part 1 of 2): The Sources of Islamic Economics

Introduction As a complete way of life, Islam has provided guidelines and rules for every sphere of life and society.  Naturally, a functioning economic system is vital for 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 … Read more