Islamic Economy Institutional Structure
August 01, 2022
The institutional structure of the ideal Islamic economy rests on rules governing property, production, exchange, trust, markets, and distribution and redistribution, among others.
All property ultimately belongs to the Creator, who has made all created resources available for humans, to empower them to perform what their Creator expects of them. Individuals are free to acquire and accumulate property as long as it does not violate the rights and the interests of the society and individuals. Islam prohibits the concentration of wealth and imposes limits on consumption through its rules prohibiting overspending (israf), waste (itlaf), and ostentatious and opulent spending (itraf).
Islam places great signi...