Islamic Economics: A Short History

economic thought in the qur"àn and sunnah 91

it is an Islamic policy, or a philosophy, that is well embedded in the
Qur"àn and Sunnah.
Having looked at the framework of the Islamic economics in the
Qur"àn and the Sunnah, we turn our attention in the following chap-
ter to studying the development of Islamic economics during a much
wider and richer era than that of the Prophet: the Rightly-Guided
Caliphate.

Figure 2.1: The objective of the Islamic entrepreneur (El-Ashker, 1987)

Secular utility

Life

Ritual utility

Life-after

Wages, training,

Other employment oriented

objectives benefits, etc.

Non-profit

objectives

Financial

reward

(Profit)

Entrepreneurs Society Employees

Economic Development Social Justice

Ownership by Trusteeship

Islamic beliefs