Economics and Islam
"O you who believe! do not devour your property among
yourselves falsely, except that it be trading by your mutual
consent, and do not kill yourselves. Surely Allah is Merciful to
Islam is a complete way of life. Allah, the
Creator of humanity, has given us guidelines affecting many
different aspects of our lives, including the economic
aspect. There is a great deal of information in the Qur'an and
Sunnah which describes how Muslims are to engage in economic
transactions. Just as Muslims are obligated to obey the rules of
Islam regarding prayer, fasting, etc., they are also commanded
to obey the injunctions regarding interest for example.
Reflecting the growing and global Muslim revival, Islamic
banking is widely regarded as the fastest growing segment of the
international banking system. The remarkable growth and
development of Islamic banks all over the world has produced
greater accessibility to different services and transactions
which satisfy the conditions elucidated in the Qur'an and Sunnah.
Judging from the success of some of these banks (e.g.
in Australia), it may be that they are pioneers into a
potentially huge and untapped market. To top it off,
they are helping bring to reality the goal of economic
independence and strength to the Muslim Ummah.