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The principle foundations of an Islamic economy

Author

Listed:
  • Hossein Askari

    (George Washington University, Washington (USA))

  • Roshanak Taghavi

    (Columbia University, New York (USA))

Abstract

The Quran is the primary source for Islamic teachings and tenets. While the community may adapt social and economic policies in order to meet a society's shifting socio-economic needs, the basic principles of the Islamic economic and social system, however, must be preserved. Freely elected leaders are expected to work with society to formulate policies supporting economic and social stability, economic prosperity, public education, healthcare, economic equity, a fair distribution of income and a social safety net. All physically and mentally competent Muslims are required to work for their livelihoods, and those with a sufficient level of assets are obliged to pay taxes to fund welfare and other social programs. While our definition of the Islamic economic system is supported by a number of modern specialists in Islam and Islamic economics, it is not in complete accord with those of religious figures and establishments connected with a state authority.

Suggested Citation

  • Hossein Askari & Roshanak Taghavi, 2005. "The principle foundations of an Islamic economy," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 58(235), pages 187-205.
    • Handle: RePEc:psl:bnlaqr:2005:33
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    Cited by:

    1. Rehman Scheherazade S. & Askari Hossein, 2010. "An Economic IslamicityIndex (EI)," Global Economy Journal, De Gruyter, vol. 10(3), pages 1-39, October.
    2. Hossein Askari & Roshanak Taghavi, 2006. "Economic failure in the Middle East," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 59(236), pages 81-111.
    3. Carlo D'Ippoliti, 2014. "Introduction: welcoming a new editorial board," PSL Quarterly Review, Economia civile, vol. 67(268), pages 3-8.

    More about this item

    Keywords

    Islamic economic; Quran;

    JEL classification:

    • P40 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - General

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