Islamic economy

An Islamic economy has a particular ideology that contrasts with those of capitalism and communism. Communism was developed as a means of dealing with the problems of capitalism. Islam, like communism, places certain limits of individual freedoms and contains an element of state control in the economy. Yet the godlessness and materialism of communism lead to some profound problems. The Islamic approach is the superior one for humanity. Some economic concepts appear the Qur'an, whose guidelines foster an ideal economy; some ahadîth concern hoarding and the institution of zaka . Islam is a synthesis between the poles of wealth for all and wealth only for the industrious. Islamic concepts include those of charity and bayt al-mal . The state in Islam is the key element of justice.