Islamic economic jurisprudence

Islamic economics (Arabic: الاقتصاد الإسلامي‎‎), is a term used to refer to Islamic commercial jurisprudence or fiqh al-mu'āmalāt (Arabic: فقه المعاملات‎‎), and also to an ideology of economics based on the teachings of Islam that takes a middle ground between the systems of Marxism and capitalism.

Islamic commercial jurisprudence entails the rules of transacting finance or other economic activity in a Shari'a compliant manner, i.e., a manner conforming to Islamic scripture (Quran and sunnah). Islamic jurisprudence (fiqh) has traditionally dealt with determining what is required, prohibited, encouraged, discouraged, or just permissible, according to the revealed word of God (Quran) and the religious practices established by the (Islamic) Prophet (sunnah). This applied to issues like property, money, employment, taxes, along with everything else. The social science of economics, on the other hand, studied how to best achieve certain policy goals, such as full employment, price stability, economic equity and productivity growth.

In the mid-twentieth century, campaigns began promoting the idea of specifically Islamic patterns of economic thought and behavior. By the 1970s, "Islamic economics" was introduced as an academic discipline in a number of institutions of higher learning throughout the Muslim world and in the West. The central features of an Islamic economy are often summarized as: (1) the "behavioral norms and moral foundations" derived from the Quran and Sunnah; (2) collection of Zakat and other Islamic taxes, (3) prohibition of interest (riba) charged on loans.

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