Economic Theology of Islam

Often, the literature revolving around Islamic Economics centers to a Muslim audience. However, the root theory from the authentic scriptures (Qur’an and Hadith) addressed economic ideals within the interfaith society at its time. When observed further, this paper connects well-known macroeconomic and microeconomic theories within the principles of Islamic Economics. Through the values and ethics that define Islam, society and its individuals must strive to embody such disciplines of love, integrity, perseverance, gratitude, humbleness, patience, and sound decision-making. These disciplines happen to be the overarching theme within the scriptural foundation of Islamic Economics. The paper further reasons that these values can create a natural order within economies and financial markets. The equitable and transparent information market and sustainable transfer of wealth can create an organic and naturally flowing system, as dictated by the original “invisible hand” theory in economics.