Macroeconomic Policy Elements of Economic Justice Realization in Prophetic Teachings

The real objective of Islamic economic system is implementation of justice among economic transactions of human. Economic Justice is mere mental conception and cannot be measured by instruments of physical measurement. Principles of economic justice narrated by the western or conventional economics are limited and made by men, as we have seen cannot lead to the realization of economic justice. On the basis of Prophetic teachings, justice preserves human life and economic self-sufficiency. Due to Islamic justice that is based on the revealed knowledge of Prophet (PBUH), spiritual dimension of the Islamic society is strengthened. Therefore the concept of economic justice described in Prophetic teachings is more perfect and comprehensive than those described by conventional economics. Concept of economic justice in conventional economics is limited to participation in production of wealth and its distribution. But Islam has described all steps and levels of economic justice from barter exchange to redistribution of wealth and income. Concept of economic justice in the Prophetic teachings implies balance and proportion in consumption, production, distribution and exchange of wealth so that economic activities may run on sound healthy lines and members of Islamic society may enjoy prosperity and welfare. Islam has given a detailed code of rules regarding consumption pattern and has pointed out all forms of permitted and prohibited consumption. In the matter of production, according to macro point of view, Islam allows only the production of those goods which have legitimate interests. According to Prophetic teachings, Islamic economics considers two aspects for distribution