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Provision of Public Goods in an Islamic Economy

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  • Muhammad Ramzan Akhtar

    (International Institute of Islamic Economics, International Islamic University, Islamabad.)

Abstract

Islam establishes a welfare society. It obligates the society to make arrangements for need-fulfilment of all citizens. The Islamic economy working with the market and non-market institutions and guided by Islamic values meets the personal and public needs of its people. The market system in a secular economy under appropriate conditions can efficiently meet personal needs of the people; however, it fails to do so in case of public goods. While supplementing the market system with other institutions, the Islamic economy manages to supply optimal quantity of the public goods. The paper studies this issue in the light of the Qur'an, the Sunnah, and Islamic history.

Suggested Citation

  • Muhammad Ramzan Akhtar, 1995. "Provision of Public Goods in an Islamic Economy," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 34(4), pages 879-885.
    • Handle: RePEc:pid:journl:v:34:y:1995:i:4:p:879-885
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    File URL: http://www.pide.org.pk/pdf/PDR/1995/Volume4/879-885.pdf
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    Cited by:

    1. Syed Nisar Hussain Hamdani & Eatzaz Ahmad & Mahmood Khalid, 2004. "Study of Philanthropic Behaviour in Divine Economics Framework," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 43(4), pages 875-894.

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