ANALYSIS OF ISLAMIC TEACHING ON ECONOMIC GROWTH: THE NATURAL ECONOMIC GROWTH CONCEPT

Abstract

Purpose of Study: The aim of this paper is analyzing Islamic teaching on economic growth. Methodology: The methods are the constructing method to differ Islamic teaching from the economic growth concept and the conceptualizing method to form the Islamic economic growth concept. Results: The results are Islamic teaching prefers to place economic growth as an implicit issue, while economic right as an explicit issue and the Islamic economic growth rate is the natural economic growth rate that contains social surplus. The rate is higher than the population growth rate. Other results are a normal industry and the Bayt al-mal is not as an instrument of fiscal and monetary policies. The concept can be compared to the Historical, Keynesian and Classical and Neoclassical concepts. Implications/Applications: The Islamic economic growth concept can be used to avoid economic problems, to cause economy runs normally and to have a social surplus.