​Summary of Islamic Economic Framework

​​Islamic economy is based on Quran, Sunnah of Prophet and his Ahl Al-Bayt. These three sources are guiding foundations. Muslims need a research-based entrepreneurial collaborative economy. Consumer demand is driven by need and necessities, desire and utility, quality, quantity and cost. The latter three depends on human capital, productivity and research-based approach to GDP creation rather than purely exporting raw materials for GDP creation. Muslims must define their own needs and desires to create their own solutions and fulfillment thereby creating their own GDP and market locally and through international trade. To achieve this, they need an Islamic government. Muslims need to form a confederacy to exploit full benefits from the acquired factors of production. Islamic economy is a welfare economy. Government spending, business spending, consumer spending and export must not violate welfare of society and nation, human rights and environment as defined by Islamic law. A single united Muslim stock exchange should empower entrepreneurs and businesses. Muslim consumers must support them by engaging in economic activities. Islamic taxation targets monetary and natural resources items. Recipients are targeted through centralized planning. Job creation is driven by consumers which should be motivated through collaboration of businesses and government planning. Muslim economy should take full advantage of the global institutions World Bank, IMF and WTO even though these are unfair without losing sovereignty. Diplomacy and Islamic unity should be used to acquire this as effectively as possible. 

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