Islamic Economics

As defined by Dr. Umar Chapra, Islamic economics is a "branch of knowledge which helps to realize human well–being through an allocation and distribution of scarce resources that is in conformity with Islamic teachings without unduly curbing individual freedom or creating continued macroeconomic and ecological imbalances.”



The economics of Karl Marx was based on an epistemology different from the Cartesian theory of knowledge and being which inspired the classicists. He was inspired by Hegal, but he proceeded by "turning Hegal right side up again”.

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Islamic Economic System

The Islamic economic system is the collection of rules, values and standards of conduct that organize economic life and establish relations of production in an Islamic society. These rules and standards are based on the Islamic order as recognized in the Koran and Sunna and the corpus of jurisprudence opus which was developed over the last 1400 years by thousands of jurist, responding to the changing circumstances and evolving life of Muslims all over the globe.

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