Islamic economics

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Islamic economics (Arabic: الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of specific moral norms and values about individual and social economic behavior. Therefore, it has its own economic system, which is based on its philosophical views and is compatible with the Islamic organization of other aspects of human behavior: social and political systems. Over the years, the term Islamic economics has been applied to various theories, but several recurring principles often emerge. They are based in primary sources such as Qur'an and hadith, but also historical practices in the Medinan First Islamic State and the Rashidun Caliphate. Contemporary Islamic Economics synthesizes these principles into proposals such as 100% backed gold bullion standard, full reserve banking, implementing a land tax, using profit-and-loss-sharing (PLS) financing, promoting a welfare state economy , nationalizing...

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