Islamic 'economic system': fundamental issues

The talk about adopting an Islamic economic system has been unsophisticated, as has the talk about adopting an Islamic political system. The problem with such shallow understanding is that politics provides a framework for economic practices. One should not speak of transforming the system instantaneously. Rather, expert economists ought investigate the issues involved in a switch. Islam opposes the idea that wealth is equivalent to happiness. There needs to be a change in the thinking of people, which will lead to institutional changes. Ideas are the engine of reform and must be developed to maturity. Islamic societies need to overcome their worship of money. Total selfishness does not necessarily optimally benefit the community at large. The development of an entire economic system should not be a hasty process; the change is to be a slow one. Reformist governments should be careful, as there is little room for error. There is a need for 'scientific objectivity.' Being c