Foundations and Principles of Islamic Economics in the Holy Quran: An Objective Study

Islam organized the lives of societies in such a way as to achieve the mission of succession and servitude to God, and it did not leave any area of life without providing the provisions that man needs to achieve his earthly and hereafter interests. This includes economic matters. The Qur’an has laid the foundations for this economic system, and it is left to individuals to strive, under the umbrella of these principles, to create economic systems in light of these foundations. These principles scattered in the Holy Qur’an cannot be limited, but rather they are basic building blocks that we collected through this research. The research includes an introduction, three sections, a conclusion, and indexes. The first section discusses the concept of Islamic economics including its two requirements: the definition of the Islamic economy and the emergence of the Islamic economy. The second topic discusses the foundations and principles of the Islamic economy as presented in the Qur’an, including its nine requirements: the construction of the land (succession), ownership, work, not restricting wealth to a specific group, prohibiting usury, mutual consent, good choice of the worker, facilitation for the insolvent, and prohibition of acts harmful to the economy, such as bribery, extravagance, and gambling. In the third section, the characteristics of the Islamic economy are explained, including four requirements: that it is a divine economy and moral economy, realism, and comprehensiveness.