Encyclopedia Of Islamic Economy Economic Perceptions In Islam By Muhammad Moinuddin Khan
Encyclopedia Of Islamic Economy Economic Perceptions In Islam By Muhammad Moinuddin Khan. Islam as a faith and as a system is relevant for all times. Amongst a number of issues dealt with by Islam, the economy is an important one, especially as in running a smooth and peaceful life, it plays a pivotal role. In general, the term 'economy' means: careful management of resources, production of goods, consumption, services, and supply of money. Economy can broadly be categorized into income, expenditure and business transactions. The basis of the economy is money, which is a means of getting things easily and rightfully. Hence, its attainment and proper management is a must. Of all the ways adopted to generate money and increase it, Islam condemns those means which may land a person in trouble in the future or which put an extra burden on him. Interest on money is such a system, which keeps getting increased with the passage of time, without any risk factor.