There are several things that encourage the need to study the characteristics of Islamic economics

1. Correcting the confusion of views evaluating the capitalist economy(give respect to the principle of property rights) and socialists (give appreciation for equality and justice) does not conflict with Islamic economic methods.
2.  Help Muslim economists who have been involved in conventional economic theory in understanding Islamic economics..
3. Assist those who are interested in the study of fiqh muamalah in conducting a comparative study between Islamic economics and conventional economics.

While the source of the characteristics of Islamic Economics is Islam itself which includes three main principles. All three fundamentally and together regulate economic theory in Islam, which is the basis of faith, morals and legal principles (muamalah).

There are several characteristics of Islamic economics as mentioned in Al-Mawsu'ah Al-z'lmz'yah wa al-amaliyah al-islamz'yah which can be summarized as follows:

1 .Property Belonging to Allah and Man Is the Caliph over Property

This first characteristic consists of two parts, namely :

first, all property and equipment of production belong to (belongs to Allah SWT)

لِلّٰہِ مَا فِی السَّمٰوٰتِ وَ مَا فِی الۡاَرۡضِ ؕ وَ اِنۡ تُبۡدُوۡا مَا فِیۡۤ اَنۡفُسِکُمۡ اَوۡ تُخۡفُوۡہُ یُحَاسِبۡکُمۡ بِہِ اللّٰہُ ؕ فَیَغۡفِرُ لِمَنۡ یَّشَآءُ وَ یُعَذِّبُ مَنۡ یَّشَآءُ ؕ وَ اللّٰہُ عَلٰی کُلِّ شَیۡءٍ قَدِیۡرٌ

To Allah belongs all that is in the heavens and all that is in the earth.
And if you give birth to what is in your heart or you hide, surely Allah will make an account with you about your deeds.
So Allah forgives whom He wills and punishes whom He wills, and Allah is Able to do all things”

2 .Economics Bound By Faith, Sharia and Morality

The relationship between Islamic economics and the Islamic creed is clear in many ways, such as the Islamic view of the subjugated universe (available) for the benefit of mankind. The relationship between Islamic economics and creed and sharia allows economic activity in Islam to become worship. While d1 between the evidence of economic and moral relations in Islam

Prohibition on the owner in the use of his property that could cause loss to the property of others or the interests of society. Prophet Muhammad SAW. said: “ Must not harm yourself and others” (HR. Ahmad). Prohibition of committing fraud in transactions. The Prophet SAW said: "Those who deceive us do not belong to our group".

Prohibition of hoarding (save) gold and silver or other monetary means, thus preventing the circulation of money, because money is indispensable for realizing economic prosperity in society. Menjmbun (save) money means hindering its function in expanding the field of production and preparing employment for workers. The word of Allah in the QS. at-Taubah verse 34:

يَا أَيُّهَا الَّذِينَ آمَنُوا إِنَّ كَثِيرًا مِنَ الأحْبَارِ وَالرُّهْبَانِ لَيَأْكُلُونَ أَمْوَالَ النَّاسِ بِالْبَاطِلِ وَيَصُدُّونَ عَنْ سَبِيلِ اللَّهِ وَالَّذِينَ يَكْنزونَ الذَّهَبَ وَالْفِضَّةَ وَلا يُنْفِقُونَهَا فِي سَبِيلِ اللَّهِ فَبَشِّرْهُمْ بِعَذَابٍ أَلِيمٍ

"O you who believe, indeed most of the Jewish scholars and the Christian monks really devour people's wealth in a false way, and they hinder (human) from the way of Allah. And those who hoard up gold and silver and spend it not in the way of Allah, then tell them (that they will get) painful torment”

3. Balance between Spirituality and Materiality

Several Western scholars have their own interpretations of Islam. They claim that Islam is a self-preserving religion, but tolerant (open yourself up). In addition, these experts stated that Islam is a religion that has a religious element (concerned with the afterlife) and secularity (in terms of the world).

Indeed, Islam does not separate between the life of this world and the hereafter. Every human activity in the world will have an impact on his future life in the hereafter. Therefore, our worldly activities must not sacrifice the afterlife. This was confirmed by Allah SWT. dalam Al-Qur’an, among others, in the following verses:

وَابْتَغِ فِيمَا آتَاكَ اللَّهُ الدَّارَ الْآخِرَةَ ۖ وَلَا تَنْسَ نَصِيبَكَ مِنَ الدُّنْيَا ۖ وَأَحْسِنْ كَمَا أَحْسَنَ اللَّهُ إِلَيْكَ ۖ وَلَا تَبْغِ الْفَسَادَ فِي الْأَرْضِ ۖ إِنَّ اللَّهَ لَا يُحِبُّ الْمُفْسِدِينَ

“ and seek what God has bestowed upon you (happiness) the afterlife, and do not forget your part of (enjoyment) worldly and do good (to other people) as God has done good, to you, and do not do any harm to (face) earth. Indeed, Allah does not like those who do damage.” (QS. Al-Qashash: 77)

4. Islamic Economics Creates a Balance between the Interests of the Individual and the Public Interest

The meaning of balance in the Islamic social system is, Islam does not recognize absolute rights and absolute freedoms, but has certain limitations, included in the field of property rights. Only justice can protect the balance between the limitations set in the Islamic system of individual and public property.

Economic activities carried out by someone for their own welfare, cannot be done at the expense of and at the expense of the interests of others and society in general. This principle is said by Allah SWT. in the following verses:

مَا أَفَاءَ اللَّهُ عَلَىٰ رَسُولِهِ مِنْ أَهْلِ الْقُرَىٰ فَلِلَّهِ وَلِلرَّسُولِ وَلِذِي الْقُرْبَىٰ وَالْيَتَامَىٰ وَالْمَسَاكِينِ وَابْنِ السَّبِيلِ كَيْ لَا يَكُونَ دُولَةً بَيْنَ الْأَغْنِيَاءِ مِنْكُمْ ۚ وَمَا آتَاكُمُ الرَّسُولُ فَخُذُوهُ وَمَا نَهَاكُمْ عَنْهُ فَانْتَهُوا ۚ وَاتَّقُوا اللَّهَ ۖ إِنَّ اللَّهَ شَدِيدُ الْعِقَابِ

"Any booty (do-i) which Allah gave to His Messenger (from property) who comes from the inhabitants of the cities then is for God, for the Apostle, kinsfolk, orphans, poor people and people on the way, so that the wealth does not circulate only among the rich among you. What the Messenger has given you, then accept it. And what he forbids you, then leave. And keep your duty to Allah. Indeed, Allah is severe in punishment”

5. Individual freedom is guaranteed in Islam

Individuals in the Islamic economy are required to carry out activities both individually and collectively to achieve goals. However, such freedom must not violate the rules that have been outlined by Allah SWT. the Qur'an and the Hadith. Thus that freedom is not absolute.

Word of Allah SWT. in QS. al-Baqarah ayat 188 mention;

وَلَا تَأْكُلُوا أَمْوَالَكُمْ بَيْنَكُمْ بِالْبَاطِلِ وَتُدْلُوا بِهَا إِلَى الْحُكَّامِ لِتَأْكُلُوا فَرِيقًا مِنْ أَمْوَالِ النَّاسِ بِالْإِثْمِ وَأَنْتُمْ تَعْلَمُونَ

“And let not one of you consume the property of another part of you in a false way and (Don't) you brought (affairs) the property to the judge, so that you may consume some of the property of others with (the way to do) sin, even though you know”

6. The State Is Authorized To Participate In The Economy

Islam allows the state to regulate economic problems so that the needs of society both individually and socially can be fulfilled proportionally]. In Islam, the state has the obligation to protect the interests of society from injustice committed by a person or a group of people, or from another country. The state is also obliged to provide social security so that all people can live properly

The Messenger of Allah (may peace be upon him) said:

"Whoever leaves the burden, let him come to me; because I'm maula (the protector) . (Al Mustadrak by Al-Hakim).

”SiaPa who left descendants (which is wasted, child (he is coming) to me and (Becomes) My responsibility . (HR. Al Bukhari and Muslim).

7 . Consumption Guidance

In terms of consumption guidance Allah SWT says in QS. al-A’raff ayat 31

يَا بَنِي آدَمَ خُذُوا زِينَتَكُمْ عِنْدَ كُلِّ مَسْجِدٍ وَكُلُوا وَاشْرَبُوا وَلا تُسْرِفُوا إِنَّهُ لَا يُحِبُّ الْمُسْرِفِينَ

"O son of Adam, wear your beautiful clothes in each (enter) mosque, eat and drink, and do not exaggerate. Lo! Allah loveth not the extravagant”

8. Investment Guide

About the criteria or standards in assessing investment projects, alMawsu'ah Al-ilmiyah wa al-amaliyah al-islamiyah views there are five criteria that are in accordance with Islam to serve as guidelines in assessing investment projects, that is:

a) A good project according to Islam.
b) Provide as much sustenance as possible to members of the community.
c) Eradicate infidelity, improve income, and wealth.
d) Maintain and develop wealth.
e) Protect the interests of community members.

9. Alms

Zakat is one of the characteristics of Islamic economics regarding property that is not found in other economies. Economic systems outside of Islam do not recognize God’s demands on property owners, in order to set aside certain assets as a cleanser for the soul from being stingy, envy, and revenge.

10. Prohibition of Riba

Islam emphasizes the function of money in its normal field, namely as a transaction facility and a means of valuing goods. Among the factors that divert money from its normal fields is interest (fish).

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• Prohibition of Riba and the Benefits of Avoiding Riba
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• Pillars of Prayer

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