Institutional Setup in Market Economy and Islamic Property Rights

Noor Fatima, Muhammad Zubair and Zubair Sarfaraz
Additional contact information
Noor Fatima: Assistant Professor,
Muhammad Zubair: Associate Professor,
Zubair Sarfaraz: Legal Consultant,

Global Economics Review, 2018, vol. 3, issue 1, 12-20

Abstract: This paper argues that there is an ever-growing demand to correlate between Islam and Economics. Property-right and ownership is the basic concept of the modern economic structure of a liberal economic system. A property right is well explained in Islam and that also an essential element for the market economy, this paper discusses the Islamic perspective of property rights and how far it is complementary with the market economy. Since property rights of Islam are central to the structure of the economic system, Islam also emphasizes on economically good life depends on free trade. Free trade demands a recognized system of property rights, as a market base system demands a healthy competition of commodities, which ultimately needs private property rights for the protection of capital of producers and owners. The distribution of wealth is the main argument of the Islamic Economic System, which helps states in the fair distribution of resources.

Keywords: Property-Rights; MarketEconomy; Institutional-Setup; Islam and Economics; EconomicFreedom (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:aaw:journl:v:3:y:2018:i:1:p:12-20

DOI: 10.31703/ger.2018(III-I).02

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