RELEVANCE OF PROPHET MUHAMMAD'S ECONOMIC TEACHINGS IN ADDRESSING MODERN ECONOMIC CHALLENGES IN ISLAMIC WORLD: A QUALITATIVE REVIEW
Keywords:
Islam, Welfare, Labour, Wealth, SocietyAbstract
The research delves into the applicability of Prophet Muhammad's (peace be upon him) economic teachings in resolving current economic issues in the Islamic world. Despite having enormous natural and financial resources, most Muslim-majority nations continue to experience systemic economic challenges in the form of poverty, inequality, unemployment, and financial instability. Using a qualitative, review-based approach, this paper analyzes classical Islamic sources such as Quranic verses, hadith literature and the Prophet's biography alongside contemporary scholarship to determine the most salient economic principles from the Prophet's teachings. Financial ethics, prohibition of interest (Riba), regulation of markets, redistribution through zakat, and social justice are the themes that the analysis is based on. The implications of the conclusions are that these early Islamic economic guidelines provide workable, ethical systems for resolving many of the contemporary economic issues confronting the Islamic world today. Political, institutional, and cultural constraints are still considerable obstacles to their universal adoption. This review adds to the emergent literature on Islamic economics by re-imagining the early prophetic guidance and advancing a recontextualization of the teachings in contemporary economic policy.
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