An introduction to the economic philosophy of Islam

Islam's values are not open to compromise, regardless of any outside influence or pressure. Furthermore, Islamic economics is not an independent and separate field; rather, it is part of a coherent and complete outlook on life. Spheres of life are not to be segregated. In Islam, no principle may become obsolete with time, for the religion is unchanging. There are differences between the Jewish concept of race and Islam's lack of emphasis on lineage. A comparison of modern economic theory and Islamic economics shows that the idea of wealth is vastly different in the two ideologies. The idea of trusteeship in all cases is embedded in Islam, while modern economics contends that a person may possess absolute ownership of an object. Differences in views on the nature of wealth have tremendous implications for economic philosophy. Islamic economics, then, is a separate entity with its own terms and precepts.