Basic principles of Islamic economic and financial system

Islam promotes productive worldly activity and stands against complete rejection of the world. Muslims are to act in the world as a means of seeking God's pleasure. Muslims involved in business are interested in both private benefit and public benefit. Justice and benevolence are important qualities mentioned in al-Qur'an. Other principles of the religion are brotherhood and human equality. While all things belong to God, individuals do have private ownership. While huge differences in wealth are not desirable, not all incomes are equal because not all people have the same talents. Ethics and morality in business dealings are important. Riba is prohibited in al-Qur'an; it is agreed upon that all bank interest can be understood as riba. Banking in an Islamic economy is interest-free. The opinions that bank soundness and viability will suffer with PLS are incorrect. In Islamic economic life, the state's role as an enforcer and an upholder of Islamic tenets is crucial.