Islamic Economic System – The Real Solution

By Muhammad Zeeshan Farrukh

Abstract

Due to the constant failure of conventional economic system in achieving the desired socio-economic objectives, there is a need for a viable alternative. The purpose to write this paper is to do ample analysis of Conventional and Islamic Economics to find out the flaws of the existing system and present Islamic economic system as a real viable solution to resolve socio-economic harms.

In this respect; the philosophy, theory and practices of both the economic aspects have been discussed in detail. The historical and contemporary developments have been referred along with the analysis of different scholars and economists.

The research elaborates that the conventional and Islamic economic systems have two different perspectives. The conventional system has serious evils due to which the socio-economic unrest has been created. Throughout history, different socio-economic disorders and unrests have been tried to resolve with new theories, policies or temporary decisions rather than serious consideration of eradication of the real evils from the system. The Islamic Economic system is free from those evils and presents the absolute framework to establish socio-economic welfare in a true sense.

The implementation of the principles of Islamic Economic System can bring revolutionary social effect to the society as it will be the conversion of the social mindset and living behavior of the society.

Thus, this paper presents a comprehensive sketch of the Islamic Economic System at micro and macro levels and emphasizes to adopt it with proper justification. It opens the gate for further wide thinking for the effective implementation according to the needs of a modern era.