After explaining the fine distinction between the approaches...

After explaining the fine distinction between the approaches of pure economics and any socioeconomic system, we discuss a positive answer to the question as to whether or not Islam offers an ideological and practical framework for a distinct socioeconomic system of its own. We emphasize, inter alia, that the ideological framework of Islam is comprehensive enough not to permit any indiscriminate "laissez faire" in economic activities.

Furthermore, we stress the fact that Islam's promise of socioeconomic justice and fair play could not be fulfilled without an appropriate economic system that goes beyond mere theoretical or hypothetical analyses and considerations. Then, we proceed with refutation of the allegation that Islam has brought us ethical knowledge only, and not any salutary ideological and practical framework for regulating our economic life, so that its practical significance is no more than that of a moralist!

At the same time, another skeptical allegation that Islam's purview does not extend from the individual to his society is also denied. In conclusion, we affirm that Islam does envisage an appropriate socioeconomic system. This is because of the Islamic ideological coverage of all aspects of individual and social living. A major factor in rendering Islam effective is realization of an Islamic economy.

This calls for a better socioeconomic order than what capitalism and communism seek: such as implicit in Islam's emphasis not only on moral rectitude and individual integrity, but really wholesome human interactions.[^1] [^1]: The points summarized above are highlighted in the topics discussed by the author in this booklet.Ed. Previous…