ISLAMIC ECONOMICS, AND HOW IT CONTRASTS WITH BOTH CAPITALISM AND SOCIALISM

This study is an attempt to discuss the Islamic economic teachings of the Qur’an and Sunnah. I will try to answer this question; is there anything which can be clearly identified as  “Islamic economics” or “Islamic political economy”, if so, is it distinctively different from both Capitalism and Socialism? I intend also, to discuss briefly, the main features of the capitalistic and socialistic economies. Moreover, what is the difference between the Islamic economics and both of Capitalism and Socialism.

The analysis reviews the economic teachings of the Qur’ an, the economic teachings of the Hadith  (the prophet’s tradition), the characteristics of Islamic economics, the main features of capitalism, the characteristics of the socialist economy, and the difference between Islamic economics and both Capitalism and Socialism.