The Islamic Economics is built on the paradigm which has socio-economic justice as its primary objective (Quran 57:25). This objective takes its roots in the belief that human beings are the vicegerents of One God, who is the Creator of the world and everything in it. They are the brothers unto each other and all the resources at their disposal are a trust from Him to be used in just manner for well- being of alit (repeat all). They are accountable to Him in the Hereafter and will be rewarded or punished for how they acquire or use these resources.
Unlike the secularist market paradigm, human well-being is not considered to be primarily dependent on maximizing wealth and consumption; it requires balanced satisfaction of both the material and spiritual needs of the human personality. The spiritual need is not satisfied by merely offering prayers; it also requires molding of individual and social behavior in accordance with the Shariah (Islamic Teachings), which is designed to ensure the realization of the maqasid al-Shariah the goals of the Shariah, (hereafter referred to as maqasid), two of the most important of which are socio-economic justice and the well-being of all God’s creatures. Negligence of either the spiritual or the material need would frustrate the realization of true well-being and exacerbate the symptoms of anomie, such as frustration, crime, alcoholism, drug addiction, divorce, mental illness and suicide, all indicating lack of inner contentment in the life of individuals. Within this paradigm, more may not necessarily be better than less under all circumstances, as conventional economics would have us believe. Much would depend on how, and what is the impact of this increase on the overall well-being of society. More may be better than less, if the increase can be attained without weakening the moral fiber of society, raisin anomie, and harming the ecological balanceThe survey of the literature on Islamic economics over the past few decades reveals a reasonable degree of agreement on at least two important and fundamental issues. The first concerns what Islam itself is about: ‘Justice and Equity’ as “the focus of the prophetic message,” as Dr. Siddiqi suggests. He further indicates that“Islam is primarily about a spiritual view of life and a moral approach to life’s problems, including the economic problem. The contentment Islam promised man is rooted in this spiritual and moral framework. It is time to demonstrate how modern man can live a peaceful, satisfying life by shifting to the Islamic paradigm that values human relations above material possessions”.