Question

How did Islam and Muhammed's teachings help in economics?

Answer 1

• According to Nomani and Rahnema, Islam accepts markets as the basic coordinating mechanism of the economic system. Islamic teaching holds that the market, given perfect competition, allows consumers to obtain desired goods and producers to sell their goods at a mutually acceptable price.
• the prophet Muhammad (PBUH) cursed the one who employed a laborer and got the full work done by him but does not pay him his wages." "Pay the laborer his wages even before his sweat dries." The Prophet Muhammad Cursed those who are involved in interest business in any way.