Banking and insurance in Islam

An Islamic economy operates under a certain ideology and has as its central relationship the one between the individual and the community. In order to understand the Islamic economy, one needs to understand some of Islam's essential teachings. One key concept is that all things belong to God. Another is that humanity is God's viceregent and must obey His commands. In line with these concepts, shari`a contains some guidelines for economic life. Among these are that hoarding is wrong, that excessive spending is inappropriate, that gambling is wicked, and that dealing with usury is impermissible. No people are to be oppressors, for justice is a key element in the social order. Islam's economic system, because of its divine origin, strikes the ideal balance between the materialistic opportunism of some nations and the utter selflessness of others. An Islamic economy is based on cooperation, integration, and duty.