Abstract
In this paper, the contention is that economic systems are mostly
influenced by socio-moral and metaphysical norms and values;
and as such they cannot be assessed in isolation and abstraction.
Rather, it is crucial to examine those elements that determine
our socio-moral and metaphysical attitudes, which, in turn, are
likely to regulate our economic life as well. It is highly unlikely
that the present day economic systems will navigate the human
ship back to the shore. Because, primarily present day economic
systems, fail to play an operational role in directing the human
behavior or economic events. It purely rationalizes them. Islam,
on the other hand, believes in justice and fair-play in all walks of
life. Man is a viceroy of Allah on earth and has been given
limited rights of ownership. In order to ensure welfare of the
citizens, it is necessary for the state to interfere in economic
affairs. Elimination of interest, establishment of the institution of
Zakat and Sadaqat, rightful allocation of economic resources,
discourage hoarding, concept of Halal and Haram and wellbeing of individual and community are the distinguishing
features of the economic system of Islam.
Maimoona Saleem, Ayaz Khan, Muhammad Saleem. (2018) Business Ethics in Islam , The Dialogue, Volume 13, Issue 3.
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