ABSTRACT
The Islamic economic system is based on Divine principles and Shariah-based ethics that shape economic life and establish means of production in an Islamic society. These Divine principles and values are based on the Qur’anic injunctions, Prophetic Traditions and Islamic jurisprudence. It is older than any other economic system (such as socialism, communism and capitalism) that is practiced in non-Muslim lands. It has lived on for centuries, and, instead of exhibiting signs of outdatedness, has proved its worth. This chapter elaborates the positive and prohibitive aspects of sales and trade in the light of Islam. Also, discussed in detail are key features such as means of wealth acquisition, halal consumption, balanced approach, state obligation, property rights, freedom to work, social welfare, justice and benevolence; as well as some prohibited aspects like hoarding, non-Shariah compliant contracts, usury, miserliness and dealing in prohibited goods.
