Islamic economic system: from principles to microeconomics and macroeconomics fields (4)

Authors describe the general framework of the paper:

The rest of the paper is organized as follows:

ü Section 2 - reviews basic principle of Islamic economic system.

ü Section 3 - discusses microeconomics and macroeconomics fields from Islamic perspective.

ü Section 4 - concludes.

Authors write:

BASIC PRINCIPLE OF ISLAMIC ECONOMICS

The basis of Islamic economics is enshrined in the spiritual norms of Islam.

Islamic economic is based on a paradigm which has socio-economic justice as its primary objective (Quran, 57:25).

Unlike the modern economic systems which are based on the mundane philosophy, the Islamic economic system is directly guided by Allah Almighty Himself.

As Islamic economic system was passing through its early stages of development, the Quran guided the Holy Prophet (P.B.U.H.) with regard to its effective enforcement.

Used from paper of  Abdul Ghafar Ismail and  Noraziah Che Arshad