12 Islamic Economics: A Survey of the Literature Part II
Fundamentals of an Islamic Economic System
But seek, with the (wealth) which Allah has bestowed on thee, the Home of the
Hereafter, nor forget thy portion in this world: but do thou good, as Allah has
been good to thee, and seek not (occasions for) mischief in the land: for Allah
loves not those who do mischief. (Qur’┐n 28: 77)
As the earlier quote in 2.1 of this article from Muft┘ Mu╒ammad Shaf┘‘
indicates, an Islamic economic system is a means to an end, rather than an end
in itself.1 A defining characteristic of capitalism is the pursuit of wealth, and
the use of wealth as a yardstick to define development and progress.2 This
limited focus has been criticized by Islamic economists. Mawd┴d┘, for
example, writes that difficulties and complexities in understanding economics
arise because
…economic problems, which form a part of the larger problems of human
existence, have been separated out of the collectivity and considered in isolation.
This tendency eventually grew to the extent that economic problem became the
central problem of human existence. This second mistake was even larger than
the first