Reconsidering the Economic Problem from Islamic Economic Perspective

Abstract

The economic problem has always been a major concern of the social scientists. The economists throughout the history have attempted to address the issues of poverty, inflation and economic instability in conventional economic systems like capitalism and socialism. The fact remains undeniable that so far these sincere efforts have not been able to achieve the goal of social well-being and economic prosperity. Islamic Economics is a relatively new paradigm and based on revelation and moral values which are new concept in conventional economic systems. In the research article, it has been discussed in a logical and deductive method from the sources of Quran and Sunnah that how Islamic Economics addresses the issue of economic problem. Moreover, how the relative scarcity of economic resources has been discussed in Islamic economics. The paper concludes that it is not the issue of relative scarcity and shortage of the resources that causes the economic problems, but it is the secular way of thinking based on greed, faithlessness, materialistic approach, selfishness and immoral behaviour of the people which creates problems.