Islamic economic system -- a review

Since economic behavior is merely one sphere of human activity and since religion addresses all spheres of one's life, economics must be a component of religion. The Qur'ân as well as developments in Western economic thought support this understanding. An economic system may consist of three components: its precepts and philosophy; its economic principles; and its methods of calculation. How a system functions is related to what it values and deems important. Shari'ah does not dictate every small detail of an Islamic economy; the system has room to develop and bend. All property belongs to God. The Day of Judgment and after-life consequences affect worldly decisions. There should be equity in wealth distribution and moderation in spending. Zakat is meant for those the Qur'ân dictates as deserving. Zakat and the ban on Riba influence consumption behavior. Inheritance laws ensure that wealth in an Islamic society does not long remain concentrated. An Islamic system of marke