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Features of Islamic economics.
Sept. 27, 2023

The Islamic economy is characterized by a number of features that distinguish it from other economic systems. The most important of them are the following:

1) Islam covers all aspects of human life, including economic ones, at the level of the individual and society. Islamic economics is part of the universal comprehensive system of Islam, a part is based on and shares with the whole its foundations, characteristic features, and values. According to the above, Islamic economics is based on faith, belief and religion as a solid basis that distinguishes it from other systems. The close connection between economics and religion is expressed in the following: -Creed is the starting point. This is the most important characteristic of Islamic economics; the close connection between Islamic economics and Aqeedah is indicated by a verse from the Koran. -If people accumulate gold and silver and do not spend it on good purposes in order to get closer to Allah, then their wealth can be called illicit treasure. It becomes such when people do not pay obligatory donations, which include zakat, as well as other obligatory donations in the path of Allah.

2) Islamic economics is a synthesis of material and spiritual. Economic activity is of a worship nature. Cohesion and harmony between the material and spiritual in the Islamic economy is a unique property that encourages cooperation and solidarity, mercy, and compassion. The injunction of Zakat and the motivation for Sadaqah is nothing but a sure sign and a clear argument pointing to this feature. The Islamic economic system has its goal to improve Islamic ethical values ​​like brotherhood, truthfulness, justice, Ihsan, love for other people, preference of others for oneself, about which The Qur'an and Sunnah testify.

3) Although religious enthusiasm and the degree to which people adhere to ethical standards influence the Islamic economic system, it does not rely on or depend on voluntary actions in its functioning. The principles and rules of the economic system are the main factors in shaping the behavior of agents of economic activity.

4) The Islamic economic system is characterized by dynamism. What is meant here is that there are no fixed, cooled laws in it that would regulate everything in detail down to the smallest detail, but only it defines the general features, lines and basic principles and leaves their details and details to society, for their determination and decision in accordance with changing circumstances and over time.

The Islamic economic system leaves freedom of choice for people on many economic issues and relationships to independently decide on the basis and in accordance with the Qur'an and Sunnah. The Islamic economic system is not a correction to the capitalist system (a revised version of capitalism) and is not an alternative or replacement for the failure of the socialist system or state capitalism or the welfare state. This is a real system that comes from Shariah, which forms a constitution for life. Thus, Islam covers all aspects of human life, including economic ones, at the level of the individual and society.

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