Islamic Economics: Foundations and Practices

Abstract

The Islamic economic system is a theoretical construct of an economy whose members follow the Islamic faith. The core of Islamic economics rests on theological foundations – social welfare is valued above material gain and heavy emphasis is placed on a strong belief in and faithful obedience to God. The characteristics of, and principles which underlie, Islamic economics are surveyed. Particular attention is paid to the injunction against interest payments and to the requirement that the faithful pay a capital levy or wealth tax.

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