The principle foundations of an Islamic economy

Abstract

The Quran is the primary source for Islamic teachings and tenets. While the community may adapt social and economic policies in order to meet a society's shifting socio-economic needs, the basic principles of the Islamic economic and social system, however, must be preserved. Freely elected leaders are expected to work with society to formulate policies supporting economic and social stability, economic prosperity, public education, healthcare, economic equity, a fair distribution of income and a social safety net. All physically and mentally competent Muslims are required to work for their livelihoods, and those with a sufficient level of assets are obliged to pay taxes to fund welfare and other social programs. While our definition of the Islamic economic system is supported by a number of modern specialists in Islam and Islamic economics, it is not in complete accord with those of religious figures and establishments connected with a state authority. JEL Codes: P40

Keywords

• Islamic economic
• Quran