Economic Development from the Perspective of the Holy Qur'an

Abstract

The present paper focuses on economic development as discussed in the holy Qur'an. It first examines the definitions of the terms 'development' and 'economic development' from the viewpoint of scholars, Islam and the Qur'an. The suggestions of the holy Qur'an for economic development are then classified into two types of spiritual and material (such as the impact of piety upon economic development, expenditures for charity, negation of usury as a negative factor in economic development, …) and explained. The results of the analysis revealed that economic development depends on the individuals in a society who should have faith in God and the Book of Revelation and rely on commentators' exegetic interpretations of the Quranic verses and implement Quranic suggestions to attain success; such development takes place when Islamic societies become self-sufficient.

Keywords

• the qur'an
• economics
• development
• islam
• economic development