Basic Concepts of Islamic Economic Thought and Implementation

Daulay R, Sinambela E, Muda I, Soemitra A and Sugianto S

Published on: 2023-12-29

Abstract

Muslims' ability to engage in muamalah activities is based on Islamic economic principles. The laws of Islamic economics are very specific. Islamic law is founded on the Quran and the Sunnah, which include three components: akidah, sharia, and morality. It has two elements in terms of the Islamic Economic Creed.; First, the understanding of Islamic economics which is a Divine economy, is based on the teachings of tawhid uluhiyyah. Second, the understanding of The Rabbaniyah Islamic economy is to worship Allah through all things that have been created. In the aspect of Sharia, Islamic Economics is Islamic law which is a signpost set by Allah through His Sharia and applies to all economic activities and other activities. In the moral aspect, in carrying out the Islamic economy it is important to uphold the norms and ethics that are the spirit of Islamic economics by transforming transcendental ethics providing protection and justice for individuals and groups, and goals. Islamic economics is a clear law that aims to provide justice for all people by giving them happiness in the world and the hereafter.