So if we talk about the Islamic fame work is it is quite detail topic and it is explained
on different occasions in Quran and Holy prophet also teaches us the economic frame work
of Islam. Islamic economic frame work and principles are accordance of shariah and take
material, spiritual, social and political aspects of human life. In this economic frame work
economic resources are use in the most efficient and equitable manner and considering the
human needs. The principles are multi faced ownership, competitive environment, economic
freedom with certain limitations and social justice.
Conventional economic system is driven by materialistic needs, scarcity, self-interest,
opportunity, cost benefit etc. On the other hand, Islamic frame work allow us to utilize the
resources in the best manner so that wastage is minimum.
So, when we talk about the principles of economic frame work it is based on some major
guide lines such as the spiritual material mix of success, the public private mix of property,
Zakat, Waqf, no interest involvement in economic circle in any means. Interest is considered
as war against Allah and Prophet which is totally against the concept of Muslims. These are
the major principals of Islamic economic frame work. In these businesses are not allowed to
deal in any contract or investment of products and services which are prohibited according to
shariah such as alcohol, drugs and many other activities.
Objectives of Islamic economic framework are in accordance with concept that represent
Islamic laws which take public and private aspects of life in to consideration and tries to give
them maximum benefits. It also helps in dealing day to day matters which we come across
which is like brotherhood, socio economic justice, families, mental peace, social harmony,
market mechanism, society an good governance, politics, business etc. Islamic economic
frame work operates to improve human welfare which helps in preservation of enrichment of
Muslim faith, human life, protection of wealth and distribution.
The framework mainly aim to establish a society with ideal platform for everyone which
contain justice, social security, where organizations can are most welcome to do activities
according to guidelines of Islamic law to remove evil deeds from the society and in solidarity
with the needy people.
Islamic economic frame work includes many different element and if those elements are take
in to full use so the society would flourish like the major major elements are the freedom of
doing business, proper way dealing in everything like dealing in weights so it should be
accurate, do charity so that needy also can survive that is why zakat is made compulsory on
wealthy people, modesty is the best characteristic if every one follows it so whole society will
be a better place for everyone. Do charity, be modest, use waqf to get more rewards and uplift
the economic system of state. Utilize the the Baitul maal in a right way so that all the needies
in the society can attain their basic needs.
Economic frame work revolve around the Muslim and the Islamic state, It tries to provide the
basic needs of people in the most decent manner
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