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Islam and Islamic Economics do not deny the market forces and investments in market economy. Even the profit motive is acceptable to a reasonable extent. Private ownership is not totally negated.
The Islamic economic system is the collection of rules, values and standards of conduct that organize economic life and establish relations of production in an Islamic society. These rules and standards are based on the Islamic order as recognized in the Koran and Sunna.
These days everyone has heard of Maqasid Al-Shariah. So much has been written about it, and the term continues to appear in so many articles on Islamic Finance. And of course many people have also read the warnings by many scholars of the overuse, and misuse of the term. But this would have to wait another article.