What is Islamic Economics?

Omer ILYASLI

“Islamic Economics” is a term often referred to as a sub – branch of Islamic jurisprudence; figq in Arabic. The term of Islamic Economics literally translated from Arabic word “al iktisat’ul Islam, or rarely “al fiqh’ul Iktisat.”

To give a more professional definition; referring Umar Chapra; ” that branch of knowledge which helps to realize human well – being through an allocation and distribution of scarce resources that is in conformity with Islamic teachings without unduly curbing individual freedom or creating continued macroeconomic and ecological imbalances.”  [Read more] ...