Munich Personal RePEc Archive

Understanding Islam: Development, Economics and Finance

Askari, Hossein and Iqbal, Zamir and Krichene, Noureddine and Mirakhor, Abbas (2013): Understanding Islam: Development, Economics and Finance.

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Abstract

In this paper, the foundational rules governing human, economic and financial development in Islam, as understood from the Quran and from the life and traditions of the Prophet Muhammad (pbuh), are summarized. These rules pave the path to development as the basis of institutional structure, which in turn, underpin the path of economic and social progress. The essential elements in the life of a Muslim—the unity of creation, freedom and freedom of choice, economic and human development, economic system and financial practice—are developed.

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