The Structure of Islamic Economic System
One of the main functions of a government is to sustain all its population at or above the prosperity level which expresses the feasible material standard of living that an economy can provide. Governments failed to realize prosperity and financial distress is increasing. This book aims to discuss in simple wording each of the factors that causes the failure of the present economic systems to real More
Financial distress is increasing. Corruptions are going on around the world. Prices are soaring. Poor is becoming poorer. Living standard of middle class is declining. Relatively small number of individuals and corporations are controlling huge pools of capital. Public debt is increasing. Confidence in currencies is deteriorating. The bursting of several financial bubbles in last decades points to the fact that present economic systems failed to achieve the economic goals.
Failure of present economic systems to realize prosperity makes it necessary to review the foundations on which present economic systems are based and look for establishment of an alternative system that would reflect fair economy.
Failure of present systems reflects the failure of the ideologies based on human thoughts. Capitalism which is centered on liberal thoughts failed to sustain people at or above reasonable prosperity level, and socialism failed to realize equality. Fallacies are the root of the technique of thinking in economics.
Unlike human thoughts, the ideological concepts of the Islamic Economic System are based on justice. The book presents an alternative economic system in light of the Holy Qur’an and the sayings of the Prophet (Pbuh). Almost all Muslims do not know the structure of the Islamic economic system. Non- Muslims and those who believe in secularism will have the chance to make a comparison based on knowledge.