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Institutional Setup in Market Economy and Islamic Property Rights

Author

Listed:
  • Noor Fatima

    (Assistant Professor,)

  • Muhammad Zubair

    (Associate Professor,)

  • Zubair Sarfaraz

    (Legal Consultant,)

Abstract

This paper argues that there is an ever-growing demand to correlate between Islam and Economics. Property-right and ownership is the basic concept of the modern economic structure of a liberal economic system. A property right is well explained in Islam and that also an essential element for the market economy, this paper discusses the Islamic perspective of property rights and how far it is complementary with the market economy. Since property rights of Islam are central to the structure of the economic system, Islam also emphasizes on economically good life depends on free trade. Free trade demands a recognized system of property rights, as a market base system demands a healthy competition of commodities, which ultimately needs private property rights for the protection of capital of producers and owners. The distribution of wealth is the main argument of the Islamic Economic System, which helps states in the fair distribution of resources.

Suggested Citation

  • Noor Fatima & Muhammad Zubair & Zubair Sarfaraz, 2018. "Institutional Setup in Market Economy and Islamic Property Rights," Global Economics Review, Humanity Only, vol. 3(1), pages 12-20, June.
    • Handle: RePEc:aaw:journl:v:3:y:2018:i:1:p:12-20
    DOI: 10.31703/ger.2018(III-I).02
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    References listed on IDEAS

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    2. Eggertsson,Thrainn, 1990. "Economic Behavior and Institutions," Cambridge Books, Cambridge University Press, number 9780521348911, August.
    3. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
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    8. Askari, Hossein & Iqbal, Zamir & Krichene, Noureddine & Mirakhor, Abbas, 2013. "Understanding Islam: Development, Economics and Finance," MPRA Paper 56016, University Library of Munich, Germany.
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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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