Is there an Islamic way to pursue economic theory?

Is there an Islamic way to pursue economic theory?

Quick Response

Islam has embraced a new approach towards economics, which is in the preliminary stages of development. Islamic economics is meant to promote transaction of finance or other economic activities with the consideration of the Sharia and other Islamic guidelines and traditions. The Islamic approach is considered to be neither capitalist nor socialist. This is meant to minimize the drawbacks attributed to the two economic systems. The primary features of the Islamic economics include a collection of Zakat and other Islamic related taxes, prohibited Riba (interest) upon loan applications and payment and embraced behavioral norms and moral foundations borrowed from the Sunnah and Quran. This approach is meant to bridge the gap between the rich and the poor hence promoting prosperity in the society…

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