I Fondamenti Di Principio Di Un’Economia Islamica (The Principle Foundations of an Islamic Economy)
Moneta e Credito, Vol. 58, No. 232, December 2005, pp. 175-94.
20 Pages Posted: 22 May 2012 Last revised: 21 Apr 2013
Date Written: December 15, 2005
The Quran is the primary source for the teachings and tenets of Islam. There are two to three other sources of Islamic doctrines to which one may also refer. As times change, the community may change social and economic policies rooted in Islamic values in order to meet a society’s shifting socio-economic needs. A few basic principles are the foundation of the Islamic economic and social system, however, and must be adhered to at all times. Freely elected leaders are expected to work with society at large to formulate policies supporting economic prosperity, public education, healthcare, economic equity and a social safety net. All physically and mentally competent Muslims are required to work for their livelihoods, and those with a sufficient level of assets are obliged to pay taxes that help the state fund welfare and other social programs. The ruling authority in an Islamic state must maintain social and economic stability and ensure a fair distribution of income. Islam, however, prescribes that it is up to the Muslim community itself to determine its specific socio-economic needs and work to fulfill them. While our definition of the Islamic economic system is supported by a number of modern specialists in Islam and Islamic economics, it is not in complete accord with those of religious figures and establishments connected with a state authority. The legitimacy of our interpretation is confirmed by contemporary examples of tension between a growing number of Muslims and state religious authorities over interpretations of Islamic rule.
Note: Downloadable document is in Italian.
Keywords: sistema economico islamico, Corano
JEL Classification: B19, N45, P49
Suggested Citation: Suggested Citation