Thus, it seems that all muslims activities can not be separated from the religion.The shari'a which contains Qur'an and Sunnah is the foundation of an Islamicsociety.As mentioned above, Islam covered all muslims activities including theeconomics matters. Khan argues that the basic economics concept in Islam isthat the ownership of everything belong to God alone. Man is God's vicegerent onearth. God has subjected to man's service.
Legal ownership of the individual,that is to say, the right of possession, enjoyment and transfer of property, isrecognized and safeguard in Islam. But all ownership, as Khan explains, subjectto the moral obligation that in all wealth all sections of society have right toshare.
As a consequence, the Islamic economic should be based on shari'a andmerely to implement Allah's will.Moreover Islam constitutes the special framework in the finance andbanking issues. Above of all Qur'an ordains the prohibition of interest (
) bywhich is meant the receipt and payment of interest.
This can be considered thatan Islamic business cannot deal in any negotiable instrument that would entail thereceipt or payment of interest. It is because of the Muslim's believe that aninterest is prohibited for all purposes and in all its form. From the Islamic viewpoint of view,
is prohibited because it tends to draw wealth into the hands of small circle. In the case of loans which bear interest, the lender in effect takesadvantages of and makes a profit from the need or distress another.