Islamic Law contain comprehensive principles, valid through the ages in respect of the whole of mankind. Islamic Laws are established for purpose of universal brotherhood, sociology-economic justice and material well-being of the people. The whole basis and sources of Islamic Laws are a standing and perpetual miracle - miracle in the sense that Islamic Laws are more progressive and scientific than the other established systems of law in the worlds. Islamic Laws have always been found to yields new truths and fresh guidance in every age at every level, guidance has also been furnished to mankind through a series of fundamental and eternal revelations vouched by Allah to the Prophet (peace be upon him).
Modern economics deals mainly with the problems involving money and profit but the sources of Islamic Economics provider that the system of Islam is much more concerned about the human welfare. It is also concerned about the spiritual, moral and ethical principles. An Islamic approach to economics is much more balanced than the non-Islamic economic systems. In modern economics the choice is greatly dependent on the whims of few individuals. They may or may not take into account the requirements of the society but Islamic principle are concerned and take into account the requirements of the society. It is at this stage necessary to go into the very basis and sources of Islamic Laws to establish it is a standing guidance for mankind for all times to come. we all know that the of Islamic Laws are basically four:
(a) "The Holy Qur'an,
(b) The Sunnah and Hadith,
(c) Ijma
(d) Qiyas and Ijtihad.
Modern economics deals mainly with the problems involving money and profit but the sources of Islamic Economics provider that the system of Islam is much more concerned about the human welfare. It is also concerned about the spiritual, moral and ethical principles. An Islamic approach to economics is much more balanced than the non-Islamic economic systems. In modern economics the choice is greatly dependent on the whims of few individuals. They may or may not take into account the requirements of the society but Islamic principle are concerned and take into account the requirements of the society. It is at this stage necessary to go into the very basis and sources of Islamic Laws to establish it is a standing guidance for mankind for all times to come. we all know that the of Islamic Laws are basically four:
(a) "The Holy Qur'an,
(b) The Sunnah and Hadith,
(c) Ijma
(d) Qiyas and Ijtihad.
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