Islamic Economics: Nature and Need

It is usually a ticklish task to define a subject. However, the following definition is only a tentative attempt to express the core of meaning as is discernible from the literature: Islamic economics aims at the study of human falah achieved by organising the resources of earth on the basis of cooperation and participation. Falah is a both-worldly concept. In this world it represents three things: survival, freedom from want, power and honour. The Qur’an uses the term falah or its derivates at 40 places. A perusal of these verses leads us to determine the conditions of falah at the spiritual, economic, cultural and political levels.
Keywords: Islamic Economics, Nature