The Essence of Economic Policy in Islam

It is necessary, I believe, to try to explain the economic policy in Islam for various reasons, the most important of which are:

1. to ascertain the point of view of Islam concerning the various economic questions
   
2. to understand the point of view of Islam concerning the various doctrines and systems.
   
3. to evaluate any system in the modern world - whatever its nature as to whether it comes close to or departs away from the true application of Islam; and
   
4. to be thoroughly acquainted with the nature and main characteristics of Islamic economics.

The economic policy in Islam presents, I believe, three major characteristics of Islamic economics.

1. It accommodates what is Stable and what is not. This is the characteristic of the doctrine and the system.
   
2. It accommodates public and private interests. This is the characteristic of the harmony of conflicting interests.
   
3. It accommodates material interests and spiritual needs. This is the characteristic of the belief in and fear of Allah in every commercial transaction.

We shall now deal with each of these three points separately.