THE ULTIMATE OBJECTIVE

Spread over 57 moslem majority countries, and as significant minorities in the West, and from China to Russia, the estimated 1.2 billion moslems comprise a fifth of the world's population. The lived experiences of moslems, their socio economic conditions, political affiliations, and religious practice can not be essentialised or simplified.
Islamic economics begin with abundance of resources, and assumes the limited needs of individuals. Accordingly, the problem of scarcity in classical economics is due to unnatural assumption of unlimited needs created by artificial means such as advertising. Islam imposes legal and moral restrictions on totality of human behavior, including individuals' needs.
Unity of mankind is an essential of the fundamental Islamic concept, "the God is One", and then "mankind is also one". The distinctions created by nationality, race and color are artificial, and have no place in religion, which stands for human brotherhood. The Holy Qur'an clearly states, that people were created as one nation, but became divided because of their differences (look Qur'an, 10:19). Conflict of interest, prejudices, exploitation, and misuse of power have taken their toll in dividing mankind. However, the ultimate objective of Islam is to reunite all of them (look Qur'an, 11:119).
Individual moslem's choices are subordinate to collective interests of a larger Islamic community. Accordingly, the collectivist social and religious norms of Islam guide the economic behavior of individual moslems.
In Islam, the earth and its resources belong to God, and moslems are only obligated to protect these resources for future generations. Consequently, Islamic values will not allow one to benefit from these resources, and impose cost on others. A complete application of Islamic values will eliminate the problem of negative externalities, and provide a safeguard for environmental protection.

THE ECONOMIC SYSTEM

As a complete way of life, Islam has provided guidelines and rules for every sphere of society. God (Allah), the Creator of all, knows that people love to gather material possession, and that much of their effort are for the sake of gathering the various material means of the world. The relationship between economics and religion only has a very solid ground in Islam.
Ibn Khaldun wrote about the economic system in Islam in the 15th century. The Islam economic system has its own principles and philosophies, and the only way to understand them is to refer back to what is called the primary sources of learning about Islam and its principles. These are mainly The Holy Qur'an, which is viewed by moslems as the word of God, and The Prophetic tradition which explained and elaborated upon how to apply those principles.
Look at this fact: First, Islam seeks to guarantee the freedom of property owners to spend, give away, and invest it as he or she deems fit. Then, Islam has set some standards, based on justice and practicality. Earnings should not be based on cheating and sweandling. The Islamic ideal is based upon absolute justice on the personal as well as the societal level.
Second, Islam is concerned with the spirit of the economic system. There is no monopolization of necessities. Wells and other sources of water, for instance, are unlawful to use and monopolize as personal property, thereby eliminating another potential for oppression.
Third, Islam teaches that God has created provision for every person, who God has brought to life. Interest (riba) is strictly forbidden. Interest is defined as a set return on a loan, and as such implies a profit based on no risk and effort.
Fourth, Islam encourages investment and loan given as a means of charity. Interest has crumbled empires, while making oppressors out of others. The true moslem realizes that the wealth in his or her possession is in actuality in the possession of God. Through such measures, The Prophet Muhammad (peace be upon him) sought to reduce the gap between rich and poor.