Islamic Economics: a Progressive Perspective

We are living in an industrial society whose very foundation is economics, and no progress or development is possible without consideration of the economic situation and adopting appropriate economic policies. It is therefore very important to examine the Islamic prescriptions in this respect. We may have to creatively interpret certain principles and doctrines prescribed by Islam relating to socio-economic problems if it is to help us sort out our economic difficulties in the industrial age. However, one word of caution is in order here. The Quran, the principle source of Islamic teachings, is primarily a religious scripture, and not a book of any physical or social science. It provides broad guidelines concerning the spiritual and material aspects of life. It also gives us a concept of society. It is with the help of this concept of society and these broad guidelines that we can deduce divine guidance: by restructuring and reformulating, if necessary, certain concepts validly accepted by the well-meaning theologians of earlier ages.