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Redefinig Economic Systems as an Islamic Economic System

Objective: Need for the new economic model has been realized at the international level, as numerous and significant flaws have appeared in both two systems capitalism and socialism, which are becoming a great cause for economic crises in almost every economy of the word, in this regard, this study has been carried out on the redefining Islamic economics as a new model, that how it can take out those problems and flaws which has appeared in both structure. Methodology: Islamic economic system doesn't emphasize only on the economic variables it also considers the social variables which have been neglected by both previously and currently practicing systems (socialism and capitalism).current study is a comparative analysis of all said systems. Findings: It has been also observed that in spite of having great strength to winkle out all the economic problems, without interest how we are able to get the profit and what different types of new loan system that is RIBA free and helpful for getting a good profit. Practical Implication: In Islamic economic system the private property is being debated. Government or state should be involved in the only condition if the market is failed to provide public good and education.

Objective: Need for the new economic model has been realized at the international level, as numerous and significant flaws have appeared in both two systems capitalism and socialism, which are becoming a great cause for economic crises in ...