Islam and the economic system

The Qur'an and the sunna outline the characteristics of the Islamic economic system. They address individual obligations, property rights, the prohibition of riba , competition and cooperation, work and wealth, economic justice, and the concept of baraka. Other topics regarding Islamic economics are the importance of contracts in such a system and the role of the state in an Islamic economy. The critical question is whether or not the Islamic economic system is viable. The answer: it is indeed both logically and internally consistent. Since the Islamic economic system is an integrated whole, putting bits and pieces of it into practice may not necessarily produce the desired results. Real incidents in the near past support this point. A totally Islamic economic system has not yet come into existence in the modern world.