Economic System of Europe and Economic Teachings of Islam: A Special Study in the Context of the views of Mufti Taqi Usmani

Abstract

Islam provides humanity with a smooth path to a successful life and provides the guiding principles of worship and society as well as economy. Humanity can continue on the path of development by following them. In the development of any nation, its economy plays a very important role. Therefore, a peaceful society grows with the stability of the economy. And in this field, the personality of Mufti Taqi Usmani is being valued in the Islamic world and his opinions are being valued in solving the problems faced by the Islamic economy. In this article, the four basic problems of economy in the context of European economic system: (1) determination of priorities (2) distribution of resources (3) distribution of income and (4) development by presenting the views expressed by Mufti Muhammad Taqi Usmani, Islamic economic system has been introduced. Since Mufti Taqi Usmani is a well-known figure in Europe and the whole world, his ideas are popular in the Western world as well as in the Islamic world. We dare to try to cover as much as possible in this paper, so that people can easily transact according to Islamic teachings and meet the requirements of religion.

Key Words: Humanity, Successful, Economy, Development, Determination, Distribution, Principles, Peaceful, Society.