Islamic economic system: from principles to microeconomics and macroeconomics fields (72)

Continuation

From this perspective, a well functioning legal system facilitates the operation of both:

§  markets;

§  and intermediaries.

The operation would overall affect the:

·       level;

·       and quality

of financial services which finally improve:

o   the efficient allocation of resources;

o   and economic growth.

Islamic law has been in existence for more than fourteen hundred years.

Its implementation has been subjected to the willingness of the rulers in the passage of history and civilization.

Used from paper of Abdul Ghafar Ismail and  Noraziah Che Arshad