Islamic Economics differs fundamentally from man-made laws and systems in defining economic problem. It represents the only wholly independent, alternative economic paradigm in the world today. It is based on principles revealed from Islamic sources as norms for human welfare that offer a strikingly alternative set of parameters for economic activity.
Some of the Salient Features of islamic economic system include
Some of the Salient Features of islamic economic system include
- Allah is the sustainer
- God is real owner of everything and man is merely a trustee
- Everything created for service and use of man
- Concept of halah and haram
- System of sadaqat and zakat
- Prohibition of interest
- Ban on hoarding of wealth
- Policy of moderation
- Condemnation of monasticism and materialism
- Equity and not equality
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