Islamic Economics

4 April 2015
Theoretical overview of the concept of Islamic economics, wherein economic activity is based on the teachings of the Koran. Identifies two primary branches of Islamic economics, the liberal school and the Tawhid school.

Islamic economic practices are governed by tents from the Koran and are embodied in Islamic law, known as shari’ah. These tenets govern business, economic decisions, and other aspects of social discourse in Islamic societies. Islamic economics is based on several religious laws set forth in the Koran, as interpreted by various scholars, and modern economics in particular have been shaped by readings of the Koran beginning in the 1940s. Analysts note the way society expresses its form in Islamic theocracies and the power of shari’ah, or Islamic religious law.

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