Islamic Economic Doctrine Between Theory and Practice

Abstract

This study aims to shed light on the Islamic economic doctrine in terms of its concept, defining features, intellectual foundations, ethical principles, and the role played by authority in its development. It proceeds from the premise that the Islamic economic doctrine is not merely an alternative economic system but a comprehensive vision with doctrinal, legislative, and ethical dimensions grounded in divine revelation and framed within the objectives of Islamic law (Maqāṣid al-Sharīʿah). The study defines the doctrine and its methodology in guiding economic behavior through values derived from the Qur’an and Sunnah, and examines its main features, including the prohibition of usury (ribā), the legitimacy of zakāt, and the prohibition of fraud. It emphasizes the ethical dimension as a key distinguishing feature from conventional economic systems. It also explores the role of authority in its development through moral guidance and legislative-regulatory functions, highlighting its contribution to consolidating market ethics and achieving barakah.