The basic principles of Islamic economics

Islamic economics is presented differently from Western economics: whereas Westerners wrote books on theory, the Prophet Muhammad (SAW) and those around him lived by the Qur'an and were practical-minded. Reasons why the Islamic economic system is not fully appreciated today include: the fall of the Abbassids and of the Umayyads ended the world dominance of Islamic economics; the Sufis and the Ulama condemned worldly life and such reproach possibly deterred economic activity; and European economics took center stage in the world. Islamic economics concerns itself both with a believer's routine behavior and with the distribution and consumption of resources. It covers a broad range and has a huge scope while it is rooted in the Islamic faith and its precepts. Some activities are permissible; others are not. Muslims are encouraged to be active. The Qur'an praises consumption of permissible goods. Equitable distribution of wealth is crucial in Islam. An Islamic economy uses the in