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Shiavault - a Vault of Shia Islamic Books Towards An Islamic Economy The Moral Basis Of Economics In Islam Sometimes it is argued that the socioeconomic aspects of Islam represent only a part of its overall ethical code, rather than any specific methodology of economic significance, since, morality constitutes the basis of the Islamic teachings. This argument treats the Islamic teachings as no more significant than passive moralizations normal for all religions.

It presupposes that the practical significance of the Islamic teachings is confined to their promotion of morality in and among individuals. Further, it implies that the Muslims' sublime rapport with God and their brotherhood with the co-religionists do not extend to any regulation of the social welfare aspect. In short, the sceptics give an impression that the Islamic teachings serve as mere recommendations.

In their judgment, these differ from any secular economic methodology, in the same way as a moralist's exhortation of individuals towards mutually establishing salutary human relationships does from a social reformers planned improvement of his people's conditions and seeking to determine their social rights! In support of the above argument, the sceptics acknowledge that Islam teaches Muslims to unite and practise human brotherhood.

They recognize that Islam enjoins its adherents from doing anything contrary to the divine prescriptions of rectitude, truthfulness, honesty, moderation, consideration, patience, and similar other virtues, on the part of the individual Muslims, or even mankind as a whole. The alleged absence of systematic content of economic significance in Islam is not borne out by the actual position.

The skeptical interpretation in this regard seeks to reduce the idea of an Islamic economy from its real position of a school of thought to an imaginary level of recommendatory, moral exhortations. No doubt, morality permeates Islam.

It’s essentially moral teachings are comprehensive enough to render the individual and societal conditions, including the economic status, wholesome; this is made possible through mutually salutary human relationships in the appropriate societal conditions envisaged in Islam. Islam commands its followers to abstain from and oppose any kind of oppression, selfish exploitation and injustice.