Bulletin of Islamic Research
Vol. 3 No. 4 (2025)

From Riba to Zakat: An Analytical Study of Islamic Economic Principles and Their Distinction from Conventional Economics

Nahid Ayad (University of Zawia, Ez Zauia, Libya)
Mowafg Abrahem Masuwd (University of Zawia, Ez Zauia, Libya)
Safa Alrumayh (University of Zawia, Ez Zauia, Libya)



Article Info

Publish Date
10 Jun 2025

Abstract

This research explores the foundational principles and ethical framework of Islamic economics as a distinct paradigm from conventional economic systems. Anchored in Islamic legal and moral philosophy, the study examines core concepts such as the prohibition of Riba (interest), the obligation of zakat (almsgiving), the avoidance of Gharar (excessive uncertainty), and the requirement for halal (permissible) transactions. Using a qualitative content analysis approach, the research draws on instructional material to identify how these principles are articulated and positioned within Islamic economic thought. The analysis reveals that Islamic economics is not merely a financial model but a value-based system emphasizing justice, social welfare, and divine accountability. Unlike conventional economics, which prioritizes utility maximization and market efficiency, Islamic economics centers on moral responsibility, risk-sharing, and ethical profit. The findings highlight the potential of Islamic economics to address contemporary issues such as inequality and unsustainable growth. This study contributes to the literature by offering a structured interpretation of Islamic economics grounded in scriptural sources and pedagogical content. Its originality lies in clarifying the ethical-spiritual foundation of Islamic economics and its relevance in modern discourse on sustainable and equitable economic systems.

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Journal Info

Abbrev

bir

Publisher

Subject

Religion Humanities Education Law, Crime, Criminology & Criminal Justice Social Sciences

Description

Aims The Bulletin of Islamic Research aims to advance Religious Studies through an interdisciplinary investigation of the role of religion particularly Islam in addressing contemporary global challenges, including globalization, social transformation, and sustainability. It examines the influence of ...