The Efficiency of the Islamic Economic System: Study of Economic Performance in the Period of Omar bin Al-Khattab According to Contemporary Economic Performance Measurement Standards

This study aims to reveal the efficiency of the Islamic economic system by studying the economic performance in the Period of Omar bin Al-Khattab according to the contemporary economic performance measurement criteria, which are six criteria: economic growth, economic efficiency, economic stability, social justice, development priorities, and social cohesion of the state. This is done by relying on the inductive approach and the historical approach (recalling and analyzing evidence and real events during the reign of Caliph Omar bin Al-Khattab). The study reached the efficiency of the Islamic economic system; as evidence and events proved that the economic opinions and policies of Caliph Omar bin Al-Khattab preceded the application of the six criteria for measuring contemporary economic performance with the advantage of adding an Islamic dimension to those criteria; which confirms that the Islamic economic system exceeded theoretical and normative limits - as some describe it - and thus the possibility of replacing it as an economic system. Accordingly, the study recommends that researchers pay attention to the Islamic cognitive heritage and induct and build Islamic economic theory in light of it, and work hard to implement the Islamic economic system in Islamic countries similar to the successful experiences of establishing Islamic banks.