DefinePK

Abstract

 
 The economy holds the status of a backbone for any country or state. To stabilize and strengthen a nation, a stable economy is essential. The study of economics, particularly in the context of capitalist, socialist, and mixed economies, reveals various contemporary economic systems that, with their distinct theories and ideas, have significantly impacted the global economy.
While these systems have gained widespread recognition worldwide, they have also led to unintended consequences, such as social inequality, moral decline, and numerous environmental issues, alongside their primary goals of unlimited capital growth, prosperity, and material development.
In contrast, the Islamic economic system emerges as a comprehensive framework on the global stage. It is rooted in social justice, ethics, and welfare, with its foundation based on the Quran and Sunnah. This system not only emphasizes material prosperity and development but also focuses on the enhancement of moral and spiritual values. According to the Islamic perspective, the purpose of the economy is to ensure the welfare of humanity and to uphold the principles of social justice, which are fundamentally different from contemporary economic thoughts.
This paper aims to present a comparative analysis of contemporary economic thoughts and Islamic economic theories, highlighting the contrasts and commonalities between the two. This analysis will not only help us understand the core foundations of these theories but also prompt us to consider how Islamic economic principles can be integrated into modern economies to create a balanced and just economic system.