Islam and the Quran

Islamic Economics

With the name of Allah the Beneficent the Merciful,

      Whatever Allah- the holder of all creatures- does, is beautifully done. His beneficence is infinite and his mercy abundant. He is the sovereign of the Judgment Day. He is the only to whom we are slaves and the only to ask help from .Selam and Salat to His messenger Mohamed, to his family and to the ones who follow his path.

      Income is the profit made by the selling of properties, the profit made by the rent gained as the result of a property given to use, or the profit made by the fulfillment of tasks (job). These actions should be firmed with the mutual consent and free of the false ways; otherwise, the lack of fulfillment of one of the sides leads to demolishment. The Glorified Allah commands:

“You who believe do not devour your property among yourselves falsely, except that it is trading by your mutual consent. Do not kill yourselves; surely Allah is Merciful to you. Whoever does this in a hostile way and unjustly, We will soon cast him into fire. This is easy to Allah. (an-Nisa /the Women 4/29-30)

      Trading is the selling of goods and services, while interest is the profiting from the loan. Trade and interest might be as old as human history. Islam has regarded interest as a baseless way of income and has banned it. This work is the comparative study of trade and interest.

      The book is the product of the collection of the many studies undertaken with various academics and businessmen since 1973 as well as the collection of the answers of the questions of ordinary people. I want to thank everyone who has contributed.

      The endeavor belongs to us while the success belongs to Allah.

                                                                                           Prof. Dr. Abdulaziz Bayindir

                                                                                               Istanbul University

                                                                                          The Faculty of Theology
                                                                                             Academic Staff

                                                                                               Istanbul –September 2007

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