The objectives of economic policy in the early Islamic period

The basic axioms of the Islamic economic system are drawn from al-Qur'an and from the sunna. In al-Qur'an, there is a call for mutual cooperation in the society and for sacrificing individual interests for the good of the whole community. The Islamic economic approach stays away from exploitation and promotes justice. The rulers of the early Muslims sought to improve consumption pattterns. They also sought to ameliorate the disparities of wealth and of income in the community. Necessary goods were, by their plan, to have prices consistent from day to day. The supply of goods was to be secured. The output of production was to be increased. The Muslim rulers aimed to meet the needs of the whole community and they engaged in social welfare efforts. In the early years, an increase in population was aimed for. In exchanges, the buyer was to be safe from dishonesty. Efforts were also put forth to set up an armed defense system for the Muslim community.