The economic system of Islam (7)

The rules governing permissible and forbidden economic behavior on the part of consumers, producers and government, as well as questions of property rights, and of the production and distribution of wealth, are all based on the Islamic view of justice.

The following topics will be discussed in the following articles:

(a)   individual obligations, rights, and self-interest;

(b)  property rights;

(c)   importance of contracts;

(d)  work and wealth;

(e)   the concept of barakah;

(f)   economic justice;

(g)   prohibition of interest (riba);

(h)  competition and cooperation; and

(i)   the role of the state.

The Ideological Basis of Economic Activity

The ideological basis in Islam may be summarized into six basic principles:

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