What is Islamic Economics?

Financial Economists will normally bifurcate the economy into two; Real Sector and the Finance Sector. Therefore, finance is just a part of the economy. It follows that Islamic Finance is an integral part of the Islamic Economy and it is safe to say that Islamic economics provides the philosophical underpinnings for Islamic finance.

As such, an Islamic finance expert should be well grounded in the fundamentals of Islamic economics which is the study of choices in the Islamic economy guided by the dictates of the Quran and the Prophetic traditions with the objective of ensuring a sound, moral , just and viable social system through the agency of man in this world and ultimately achieving true success, the object of life which is attaining hereafter or paradise.