An analysis of allocating scarce resources: a study on the perspectives of Islamic economic system

Abstract

This study aims to find the connectivity of the allocation of scarce resources in terms of the perspectives of the Islamic economic arena. The data collected for this study are from the secondary sources primarily such as the Holy Quran and the Sunnah (the traditions of the apostle, Mohammed - PBUH). In this study, the scarcity and choices, the relative scarcity, the positive and normative goals, the free play of market forces of demand and supply, the market structure, the cooperation, the role of state, and the production are likely identified as the primary aspects which are predominantly connected with the allocation of scarce resources in the way of Islamic perspectives in the Islamic economic system.