Toward Fair Economy

Abstract

In order that an organized body of knowledge might be classified as science, its hypothetical law must be based on facts. Unlike any other social science, fallacies are the root of the technique of thinking in economics. By the lapse of time theses fallacies have been accepted as if they represent a part of the natural life which people have to live with. Present economic systems are designed to concentrate wealth in few hands. Instability is the main character of present economies. Monetary and fiscal policies failed to realize prosperity. Growing poverty and oppression makes it necessary to review the foundations on which present economic systems are based and to establish a fair economic system. No doubt that a system based on principles set by the Creator of the people is the best for all communities.

In general, all religions handled economic issues, but Islam has set constant comprehensive concepts and rules for establishment of a fair economic system which suits all people in different times and places.

Taking into consideration the complexity of recent economies, different approach has been taken to identify economic topics and to understand the verses of the Holy Qur’an which controls present macroeconomic issues. This explains the different presentation of Islamic economy in comparison with what was introduced by other researchers. First, the analysis highlights features of Islamic economy. Each chapter explains how present economic principles are implemented with regard to the subject economic topic and introduces the related ideological viewpoints of Islam supported by the verses of the Holly Qur’an and the sayings of the Prophet (Pbuh). Second, a fair integrated economic system based on the Islamic rules is introduced. It includes monetary system, financial system and financial security system

Keywords: Islamic Economy, Money, Pricing, Inflation, Monetary system, Financial system, Redistribution system

JEL Classification: A10, D40, E10, E40, E50, E60, F40, F41, F43, G10, G18, H20, H30