Detailed Answer [^1]...

Detailed Answer [^1]: Imam Khumayni referred to these methods as the “traditional jurisprudence.” [^2]: Islamic laws are, thus, divided into two categories: “divine laws,” which refer to practical religious laws or “fatwa,” and “authoritative laws,” which pertain to the orders or “hukm” issued by the leader. [^3]: For every aspect of human life, Islam has put forth a set of universal institutions.

Taken together, these institutions, in all their aspects, form a structure or “system,” which works towards the objectives that are based on Islamic principles. Thus, the “Islamic economic system” is the set of universal institutions applying to the aspects of economics. Previous…