Islamic economics - its foundations and concepts

When an attempt is made to transform a society, it is necessary to evaluate the system being replaced. As drives are put forth to develop new technology, an effort must be made to set up a new economic and social order. This order will not only put forth an Islamic outlook in academia and in social policy, but will also make the social sciences in general more responsive towards the welfare of communities. Islamic economics seeks to achieve a maximum human well-being, and thus promotes economic activity. Economic life is part of a total existence in which there needs to be peace and tranquillity. Positive economics has been presented as an ''objective'' study. The trend, however, is that values are taking more and more of a place in scientific work. People now are increasingly unsatisfied with the separation of values and economic study. The norms of al-Qur'an and the Sunnah are universal concepts. Private property and the freedom to use it are important in Islam. The idea o