Some examples of how Islamic economics differs from conventional economics

Well, there are many differences, but let me mention a few. First of all, Islamic economics is based on a worldview that acknowledges the existence of God as the Creator and Sustainer of everything, and His guidance as revealed in the Qur’an and the Sunnah. This worldview gives a moral and spiritual dimension to economic activity, and makes it accountable to God in this world and the hereafter. Conventional economics, on the other hand, is based on a secular and materialistic worldview that ignores or denies God’s role in human affairs, and makes economic activity an end in itself, rather than a means to achieve higher goals.

Secondly, Islamic economics recognizes that human beings are not only rational self-interested agents, but also moral beings with social responsibilities. Therefore, it balances the individual and collective interests, and promotes cooperation rather than competition. It also encourages moderation rather than extravagance, and contentment rather than greed. Conventional economics assumes that human beings are rational self-interested agents who seek to maximize their utility or satisfaction by consuming more goods and services. Therefore, it fosters individualism rather than collectivism, and competition rather than cooperation. It also encourages consumerism rather than conservationism, and greed rather than gratitude.

Thirdly, Islamic economics adopts a holistic approach to human well-being that includes not only material but also spiritual, moral, social, and environmental aspects. Therefore, it measures economic performance not only by quantitative indicators such as GDP or income per capita, but also by qualitative indicators such as justice, equity, peace, happiness, and harmony. Conventional economics adopts a narrow approach to human well-being that focuses mainly on material aspects. Therefore, it measures economic performance mainly by quantitative indicators such as GDP or income per capita, but ignores or neglects qualitative indicators such as justice, equity, peace, happiness.