Volume 19, No. 2, 2022
Important Principles Of Islamic Economics And, Its Basic Trends
Fazeelat Abdul Baqi , Dr. HM Azhar Usama , Dr. Hafiz Atta Ul Mustafa
Abstract
Islamic economics has been having a revival over the last few decades. However, it is still in a preliminary stage of development. In contrast with this, conventional economics has become a well-developed and sophisticated discipline after going through a long and rigorous process of development over more than a century. Is a new discipline in economics needed? If so, what is Islamic economics, how does it differ from conventional economics, and what contributions has it made over the centuries. This article tries to briefly answer this questions. It is universally recognized that resources are scarce compared with the claims on them. However, it is also simultaneously recognized by practically all civilizations that the well-being of all human beings needs to be ensured. Given the scarcity of resources, the well-being of all may remain an unrealized dream if the scarce resources are not utilized efficiently and equitably. For this purpose, every society needs to develop an effective strategy, which is consciously or unconsciously conditioned by its worldview. If the worldview is flawed, the strategy may not be able to help the society actualize the well-being of all. Prevailing worldviews may be classified for the sake of ease into two board theoretical constructs secular and materialist, and spiritual and humanitarian.
Pages: 9803-9820
Keywords: Economics, Islamic Thoughts, Ideas, Contemporary Issues, Worldwide Economics.