The Practical & Behavioral Issues of Islamic Economic System

By Muhammad Zeeshan Farrukh

Abstract

Due to the consistent failure of conventional economics and finance in achieving economic goals, the need for an alternate system is being felt at every level in the world.

Being Muslims, we believe that Islam is a complete code of life and presents the complete and ideal lifestyle and socio-economic system for humanity that could lead to the real welfare of society. Therefore, there is a need to make analysis for developing proper strategy to present and implement the Islamic economic principles at the local and global level.

Now we are living in a global village where we are dealing with different nations, regions, communities, religions and thoughts. So it is mandatory to think, study and implement the golden principles and practices of Islamic Economic System in a global scenario rather than keeping them confined to only Muslim countries as the Muslim world cannot live in isolation in this time of globalization.

Keeping in view the above-mentioned scenario, this article discusses and analyzes the maximum possible hindrances, issues and challenges, while striving towards practicing Islamic Economic System, with respect to different possible behaviors expected from different schools of thought and beliefs of society and then presents the possible recommendations in this respect. The points discussed in this article may pave the way of serious thinking in this direction and requires concrete steps at authoritative and concerned levels.