However, of the present day temporal and spatial contexts

However, the business
she can establish and the inheritance she can get falls under the economic
system.

The Government System: is the system which specifies the nature of the
state, its characteristics, rules, institutions, apparatuses, foundations,
together with the ideas, notions, and values according to which state affairs
are regulated, in addition to the constitution and laws which are implemented
by the state (Al-Nabhani, p.
13-15).

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The Economic System: economy is about how to manage your money, how to
thrive, how to secure its sources and look for others (Economic Science), and
how to distribute it (the economic system). The economic system is therefore a
system that looks at how to distribute wealth among people according to their
perception of life (Al-Masri, p. 9 and Al-Nbahani, p. 57).

In a nutshell, objecting to the sovereignty of
Islamic Systems over daily life matters under the pretext of their inability to
be implemented or invalidity of the present day temporal and spatial contexts
is nothing but a claim that defies right and contravenes reality.  There is no room to discuss this issue here
but we have limited ourselves to just mentioning it out of respect for a system
that is now perceived as a historical achievement.

The Islamic approach – and Islamic economy is only
one of its specialized apparatuses – which prevailed from Hegira until the
overthrow of the Islamic caliphate in 1336 Hijri including & containing all
the ups and downs that it witnessed as it went through peace and turmoil. It
was alternately carried out by two authorities: The Governor and the Judge. The
governor was the decision maker, Imam and leader who must abide by Sharia law;
the Judge was the one who settles up disputes between conflicting parties and
the one to whom people could plead even against the Imam.

It has been successively reported through Hadith
Mutawatir that judges, since the time of the prophet, peace and blessings of
Allah be upon him, had been implementing Islamic Sharia laws in every aspect of
life, whether settling up matters in the disputes among Muslims themselves or
between Muslims and other people.  

The closest example to that are the judiciary and
courts records that have been preserved in Istanbul, Damascus, and Baghdad…
etc. The Implementation of Sharia generally revolves around five aspects,
namely, economy, society, education, government and foreign policy (Zayn, p.
401).

Explaining and extrapolating the Islamic
experience – in terms of government – is bound up by two dimensions that should
be observed. First, this extrapolation should not be inspired from the enemies
of Islam, such as Orientalists and their peers. Instead, it should be based on
what the Islamic Ulama (scholars) have themselves established in order to
preserve its essence and reality away from false misconceptions. The second
dimension has to do with imposing over-generalizations on an entire community.
It is methodologically wrong to judge a given community through individual
history or even through particular micro histories such as those of princes,
poets, etc… For example, judging the entirety of the rule of the Umayyad
Caliphate through that of Yazid Ibn Muawiya is both limiting and limited. The
same thing applies to any attempt to judge the Abbasid society through its
singers and poets as an era of debauchery and unjust rule. It is likewise very
limiting to judge the same society as ascetic and isolationist through one
single book such as Al-Ghazali’s Revival
of Religious Sciences.

From what has been previously said, we can
conclude that the success of the Islamic system manifested itself through two
prominent aspects, namely:

Islamic Intellectual Leadership which has made it
possible for Arabs to grow from shepherds to masters and leaders of nations and
from decadence to renaissance enlightened by Islam.

The Islamic Umma culturally, civilly and
scientifically pioneering the world for 12 century, thus proved the success of
its leadership, which is in itself a success of Islam  that attests to its eligibility to lead the
world. 

Given the importance of money specifically and
economy in general, Muslim Ulama (scholars) gave special attention to the conceptualization
of Islamic economy. Different definitions ensued out of this conceptualization,
and the most prominent are:

Some economic researchers define Islamic Economy
as “the economic doctrine of Islam in which economic life is regulated
according to the teachings of Islam by means of the methodological tools and
intellectual assets that this doctrine possesses and which are constituted out
of Islam’s ethical, scientific economy and historical ideas that are connected
to political economy or the explanation of the historical analysis of human
societies (Al-Sadr, 1968)”.

Some others consider Islamic Economy as “a guiding
and regulating force for economic activity according to Islamic guidelines and
economic policies. (Al-Fanjari, 1972, p.55-56)”.

Some other writers tend to believe that it is “the
set of general economic principles that we extract from Quran, Sunnah and the
economic structures that we construct upon those principles bearing in mind
historical and contextual change. (Al-Fanjari, 1972, p. 56 A)”.

Another definition is that it is “the set of rules
and Sharia laws that regulate money gain, expenditure and growth prospects (Al-Qahtani,
2002, p. 2)”.

On the basis of the
previous definitions we can conclude that the Islamic Economy is “a set of
rules, regulations and tools which are applied to the economic activity inside
a Muslim society – as it had already been applied throughout the history of
Islam – to solve its economic problems as regards production, distribution and
exchange issues. This system also includes all what is related to the
distribution, ownership and handling of wealth. Islam has introduced specific
principles and codes that involve a distinguished economic policy. These
principles and this policy have been minutely implemented during the Prophet’s,
Peace and Blessings be upon Him, era and to which the Khulafa Rashidun who came
after him were fully committed. Muslim rulers and Imams throughout the history
of Islam sticked to these principles to different degrees.