Economics and Islam

Qur'an 4:29
"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 you."Quran [4:29]

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. MCCA 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. 2

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