It is crystal clear fact that the contemporary economic systems have failed to solve the economic problems of mankind. So what should be the next? The Islamic economic order presents a ray of hope for the redemption of humanity from the quagmire of economic problems. The Central aims of Islam is and just social order. Islam envision a certain type of economic order within the larger socioeconomic environment which performs the desired economic functions and reinforced the purposes of the social order.
The Qur’an delineates this vision in a number of objectives, principles and criteria which taken together can be called as the economic doctrine of Islam. This doctrine are not purely of Economics in the sense of what is commonly understood by this term. These are moral-ethical socioeconomic teachings in the realm of social economics, welfare economics and political economy. Islam’s economic doctrines and methodology is seen squarely within the domain of social economics. Islam views man as the agent of change through the vicegerency task assigned to him and through the accompanying free will given to him.
His task is to cut and mould the factors of nature and the sociocultural environment to serve his and God’s purposes this is the challenge of man which has been called the service of God. All Human, physical and institutional factors in the production consumption and distribution of goods and services must be subject to man’s deliberate individual and social choices.E.g.: consumer performance supply, supply and demand production functions, monetary and fiscal institution and policies, educational institution, job programs social services etc. Islam provides the direction of conscious choice through its doctrines and value-judgement or ethics while the Islamic economy is the domain where these choices are actualized.
The world order that conforms to the ideals of Islam has the potential to solve most of the problems of the present-day world. It is the time that the people of the world cast an objective look at what Islam has to offer.
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