Islamic economics refers to the knowledge of economics or economic activities and processes in term of Islamic principles and teachings. Islam has a set of special moral norms and values about individual and social economic behavior.Islamic economics aim for moral development, promoting unity, social justice, fair and equitable distribution, circulation of wealth and providing basic human needs. In an interest based economy, there is no share kept aside for the poor. The rich amass all the wealth while the poor are left with nothing.
Sources of Islamic Economics:
Islamic economics is a framework that integrates principles from Islamic law (Sharia) with economic theory and practice. This system seeks to align economic activities with Islamic values and ethics, focusing on justice, equity, and social welfare. Here are some key aspects: