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The Structure Of An Islamic Economy

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Chapter Summary

This chapter focuses on the institutional mechanism a society must put in place to discharge the two fundamental economic functions; that is allocation and distribution. It is this institutional mechanism that, in the ultimate analysis, becomes the visible feature of the economy, and thus determines its structure. The chapter considers the positions of some of the Islamic economists on the issues relating to market mechanism and competition. It emphasizes that fiqh have to come to terms with the requirements of the modern age in which it cannot remain aloof from the institutional form a government takes in an Islamic society, for it is the government which is supposed to enforce the given structure of a society's property rights. The chapter concludes that the laws pertaining to disclosure of information will not only be essential but perhaps more stringent in an Islamic economy than is the case in the capitalist economies.

Keywords: Islamic economy; market mechanism; property rights



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