Transformation of Islamic Economics into a Global Economics: An Analysis in the light of Capitalist and Socialist Systems of Economics

This paper aims to evaluate the modern notion of Islamic economics in the light of the capitalist and socialist systems of economics. It explores that each economic system claims to establish a just economic order in the light of the ethical economics, which ensure the fair distribution of wealth and resources to lessen the class differences and to eliminate poverty. The medieval history of the world economics reveals that the Muslim empire was succeeded to establish an economic system which was based on the ethical principles of economics such as fair distribution of wealth, alleviation of poverty, accessibility to basic necessities to all and abolition of feudalism etc. It is, however, a matter of great concern that the contemporary system of Islamic economics seems to be failed to overcome or even to reduce these issues