Islamic Economic System is Promoting Peace and Sustainable Economic Development: The Comparison of Islamic Economics Practices Between Socialist and Capitalist Economic Systems Practices
Islamic Economic System is Promoting Peace and Sustainable Economic Development: The Comparison of Islamic Economics Practices Between Socialist and Capitalist Economic Systems Practices

Summary/Abstract: Some of the economic systems that were applied in the previous centuries have been replaced one by one. Even though some of them are still partially being implemented but socialism is wiped out completely. Although capitalism linked to globalism, it failed to balance income distribution and peace among people. Islamic economy has been implemented in different civilization for many centuries. The Islamic economy has ensured balance of income distribution and peace between people in the years when it was implemented correctly and fully. Islamic economic system is a divine source and peculiar. The Islamic economic system sources are: Qur’an, Hadith, Ijma and Qiyas. All aspects of economic life are done within the confines of Halal and Haram (Lawful and Unlawfulness). Islamic economy has a dynamic system that brings peace and harmony between people and within societies. It has some mechanisms such as zakat, giving alms and charities (infaq) that share income in an important way before and after production. There is an income distribution in societies you cannot encounter a very vast difference in between personal and household income in Islamic economic system. The income distribution imbalance in the some historical and existing Islamic countries is due to the fact that they do not fully implement the Islamic economy. The collapse of the Muslim countries in history is usually caused by political reasons. In this study; Firstly, we introduced our article and summarized Islamic Economic System then, discussed income distribution between Islamic Economics and others, finally it is concluded.

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