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  1. In the light of Islam, the pillars of the economy can be described as follows:
    Zakat: This is an Islamic tax system, where Muslims are required to give a portion of their wealth to the poor and the needy. This helps in reducing economic inequality and promotes charity and generosity.
    Riba (Interest): Islam prohibits the charging or paying of interest, as it is seen as exploitative and unjust. Instead, Islamic finance promotes profit and loss sharing, which allows for a more equitable distribution of risk and reward.
    Trade: Islam encourages honest and fair trade practices, including fulfilling contracts and avoiding exploitation, fraud, and deceit.
    Charity: Giving to those in need, such as the poor and the vulnerable, is considered to be a religious obligation in Islam and is a means of purifying one’s wealth.
    Cooperation: Islamic economics emphasizes cooperation and mutual support, as opposed to competition and individualism. This is reflected in the principles of mutual cooperation and solidarity in economic transactions.
    Social Justice: Islam places a strong emphasis on the concept of social justice, which requires that economic activities should be fair and equitable for all members of society, regardless of their religion, race, or gender.
    These principles form the foundation of Islamic economic thought and are seen as integral to promoting fairness, equity, and prosperity in society

  2.  

    Basic principles and dreams of Islamic economy

    Fundamental Principles of Islamic Economics

    The conditions are as follows:

    Yalit Amwal refers to a simple trust and not a lot. The earth and its inhabitants are the right of all human beings. In Majumla Amrali, the effect of the article Hajit has gone. The real wealth and our Mufti economic center are human beings. He paid attention to it and it is common to him. Hammam is the foundation of a wonderful economy and maintaining chaos in the beginning is a shari’a duty for every citizen to earn as much as possible economically. The key to the system of public education is the duty of the state.

    Prevention of Istgar and Iktaz

    Collective interest prevails over individual interests.

     

     

  3. The Islamic economic system, on the one hand, aims to guarantee individual liberty, freedom of choice, private property and enterprise, the profit motive and possibilities of unlimited effort and reward. On the other hand, it seeks to provide effective moral filters at different levels of life and activity and established institutions in the voluntary sector, as well as through state apparatus to ensure economic development and social justice in the society.
    Islam does not prescribe a particular economic system but provides the core elements and principles, which form the basic philosophy of a system or an economy. Islam provides primarily normative principles for economics and finance. However, it is not devoid of positive economic statements or hypotheses. Several areas of economics are truly positive and cannot be different in an Islamic or in any other framework.