The Financial and Economic System in Light of the Holy Qur'an: a Legislative and Intentional Foundation

Abstract

  This research paper is a foundational study of the financial and economic system in light of the Holy Quran and its most prominent objectives. The Quran is considered a comprehensive system and a divine/godly source of legislation, incomparable to man-made systems, as it considers both material and spiritual aspects. This study aims to clarify the types of financial transactions found in the Quran and how Islamic law addresses them, taking into account all rights and obligations, and to elucidate its overarching objectives in this area. The researcher employed both inductive and analytical methodologies, collecting Quranic texts related to financial and economic matters and analyzing them with the help of scholars, including Quranic commentators (mufassireen), jurists, and linguists. The paper affirms that the financial legislation in the Quran is precise and its objectives are noble, based on a balanced ethical foundation that achieves justice, encourages mutual support and balance, and prevents injustice, exploitation, and usury in all its forms.   The paper is divided into two main sections: the legislative foundations of financial and economic transactions in the Holy Quran, including a comprehensive explanation of the concept of financial transactions in the Quran, the types of transactions (such as buying and selling, usury, zakat, and voluntary charity), and the characteristics and overarching objectives of financial and economic transactions in the Quran.   The paper concludes that the Islamic economic system rejects injustice, exploitation, and fraud, and commands justice and benevolence to achieve a secure life characterized by truth and mutual support, with the welfare of people being its foremost objective.