Ilm al-iqtisad al-Islami

Definition of "Ilm al-iqtisad al-Islami"

Lit: Islamic economics. Tech: It has been differently defined by different scholars. Some of the definitions are: (i) Islamic economics is the knowledge and application of injunctions and rules of the shari‘ah that prevent injustice in the acquisition and disposal of material resources in order to provide satisfaction to human beings and enable them to perform their obligations to Allah and the society. (ii) Islamic economics aims at the study of human falah achieved by organizing the resources of earth on the basis of cooperation and participation. (iii) Islamic economics is the study of the behaviour of the Muslims who organize the resources, which are a trust, to achieve falah.