ECONOMIC TEACHINGS OF MUHAMMAD (PBUH)

en conceived in the Western society, which has its mainsprings in the ancient Roman and Greek civilisations. The Present day economics has evolved over a period of two countries and most of its analysis and philosophy are rooted in the assumptions and values of the Western civilisations, something it has accepted a priori. Although the value premises of economics are rarely made explicit yet there is a consensus that it has mostly been nourished by utilitarianism, hedonism, laissez-faire and individualism. Even the opposite stream of socialist economics remains a product of an a reaction to the same cultural milieu. These assumptions have, almost always, been in the subconscious of most of the economic philosophers and analysts, and constitute the hidden conditions on which so-called economic laws and doctrines are based often camouflaged under the blanket phrase " other things remaining the same"

Islamic economics conceives man in the framework of the Shariah. He is free to act anyway he likes, subject to the over-riding considerations of the will of Allah. His individual as well as collective behavior are guided and regulated by a super-decree given by the shariah. The Western Economics conceives man in the framework of individualism and hence unsuitable for a society where the revealed Shariah holds the highest position.