Economic principles in Islam are based on ethical values and social justice, aiming to create a fair and equitable society. Islam emphasizes responsible stewardship of wealth, prohibiting practices like usury (riba) and encouraging charitable giving through obligations such as zakat.
Islamic finance operates on principles of profit sharing and asset backing, fostering cooperation and mutual benefit in economic transactions. Fair trade and ethical business practices are promoted, emphasizing honesty, transparency, and mutual consent. Additionally, Islam encourages a strong work ethic and entrepreneurship while emphasizing the importance of environmental sustainability. Overall, Islamic economic principles prioritize ethical behavior, social welfare, and sustainable development, providing a comprehensive framework for economic activity that aligns with principles of justice and compassion.
