Economic System of Islam and Its Effect on Growth and Development of Entrepreneurship

VII. Conclusions 
Islam is founded upon the notion of Tawhid, a total commitment to the will of God. Total 
compliance with God’s vision of how man should regulate his relation to Himself, other men, and 
nature guides the Islamic man in every aspect of life, including the economic life. His vision is 
focused on both the material world and the hereafter. This double perspective obliges him to de-
velop a very different outlook on life compared to his secular counterpart.
The distinguishing element of an Islamic economy is that entrepreneurs act under the 
guidance of norms drawn from the traditional sources of Islam. They promote the avoidance of 
waste, extravagance and ostentation. They discourage activities that create harmful externalities.
They stimulate generosity and work hard, charge fair prices, and pay others their dues. 
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Document Outline

• “Economic System of Islam and Its Effect on Growth and Development of Entrepreneurship”