Islamic economic system: from principles to microeconomics and macroeconomics fields (15)

According to the authors:

In the field of:

§  production;

§  distribution;

§  exchange;

§  and consumption

only Halal (lawful) means are permitted.

Remaining within the restrictions of Halal and Haram, an individual enjoys full freedom to earn and spend wealth as he likes.

Thus Islam recognizes:

o   free enterprise;

o   human initiative;

o   and individuals potential.

It also recognizes role of:

ü organization;

ü capital;

ü labour;

ü and market forces

in economic field.

Used from paper of  Abdul Ghafar Ismail and  Noraziah Che Arshad