Economic principles of Islam

Islam aims to mold a society in which each person can thrive and develop himself and his personality. Such a society cannot emerge in a laissez-faire environment, which leads to inequality, exploitation, and the frustration of Islamic objectives. A person's development involves more than mere material advancement; humans are more than just economic beings. Economic justice is the basic element of social justice. Only after a person's basic needs are met can he develop morally, intellectually, etc. The Qur'an encourages believers to seek material gains. There are guidelines, however, for permissible economic activity. Wealth must be earned, riches must come through effort. Injustice in commerce is not allowed. The Islamic state has a role in setting the country's economic priorities and interferes to protect socioeconomic order. The economy cannot be left to run itself since it is a means of overall social development. Production should be of life's necessities. Labor is the