A Study of Important Features of Economic System in the Era of the Holy Prophet P.B.U.H and contemporary Challenges

Abstract

In establishing a peaceful and healthy society, the economic justice plays a pivotal role. In order to establish such system Islam has set certain standards, based on justice and practicality. The main objective of this paper is to highlight these standards in the light of the teachings of the Holy Prophet (P.B.U.H.). The paper has focused on the economic teachings of the Prophet (PBUH) in the micro and macro level and concluded that these teachings are unique in respect of welfare, justice and practical. The Muslim Ummah is facing different challenges including interest based economy, poverty, inflation, balance of trade and foreign debt. This paper recommended that the Muslim Ummah should follow the teaching of the Prophet (PBUH) in order to economic growth and equitable distribution of wealth.