Undergraduate students enrolled in principles of economics courses quickly encounter a set of basic concepts and assumptions common to the discipline.  First, that economics springs from the perennial problem of too many wants competing for scarce resources, and so focuses on choices made to deal with that dilemma.  And then the assumption that economic decision makers pursue their rational self-interests.  That is, we don’t intentionally make decisions that leave us worse off.  From this foundation, the discussion generally turns to an examination of market dynamics.  Capitalism American-style is commonly depicted as a system characterized by private property rights, market-set prices, and the quest for profit. 

This paper explores Islamic views on the economic concepts of self-interest, private property, prices and profits by examining relevant passages in the Qur’an, the sacred book of Islam.  Those writings lead to the observation that, while all these pieces of the economic puzzle are present and sanctioned by the Qur’an, Muslim believers are called upon to make choices consistent with (1) a dualistic approach to decision making and resource control (Allah is the controlling partner) and (2) a definition of self-interest that places substantial emphasis on preparation for the hereafter while also reinforcing one’s responsibility to others here and now.  Property ownership, commercial success and profits are all viewed favorably as long as they are seen as the means to an end rather than ends unto themselves.  On the topic of price setting, the Qur’an says little.

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