ECONOMY THE ISLAMIC APPROACH pdf download

Economy The Islamic Approach by Mufti Nasim Ahmad Qasmi

ECONOMY THE ISLAMIC APPROACH

The first thing that needs to be kept in mind as far as Islamic economy 1s concerned, is that Islam is not on economic system in the sense in which the term ‘economic system’ is used today.

 Islam is rather a whole way of life, and economy is an important branch thereof.

But it would be improper to introduce or consider Islam an economic system, like capitalism or socialism.

 So, when we talk about Islamic economics, or the fundamentals of the Islamic economic concepts, then we should not expect to find in the Holy Qur’an or the Sunnah of Allah’s Messenger, fully formulated economic theories like those of Adam Smith, Marshall and other leading economists, because Islam, as such is not an economic system.

Islam is a way of life, and economics constitute a small though important part thereof.

However, Islam does not hold economic activities to be the purpose of life.

So when I am now going to talk to about economics, then you should keep mind that if one was to look in the Holy Qur’an and the Sunnah for economic terminologies and