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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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