Islamic economics: foundation and practices

The main thrust of the article is to provide readers previously unexposed to the topic with a basic introduction to the ideology of Islamic economics. Islam is a toal way of life, explains the author, and it outlines for its devotees how they should behave in all affairs they take on. Islamic morality dictates that practices leading to wrongfulness, promoting corruption, and involving unethical exploitation are to be avoided. The giving and taking of riba (interest) is specifically forbidden in al-Qur'an. Seeking profit, on the other hand, is approved of by the shari`a . Thus, a number of methods are utilized by Islamic financial institutions in order to garner profits while also staying within the bounds of the Islamically permissible. The author specially notes a root idea in the religion that all things belong to Allah and any wealth in the hands of human beings is actually granted by Him. The author believes that for the purposes of conducting business in today's world, co