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[2] Islamic economics is a broad field, related to the more specific subset of Islamic commercial jurisprudence (Arabic: فقه المعاملات, fiqh al-mu'āmalāt). It is also an ideology of economics similar to the labour theory of value, which is "labour-based exchange and exchange-based labour".
By the 21st century this Islamic Banking movement had created "institutions of interest-free financial enterprises across the world". [32] Loans are permitted in Islam if the interest that is paid is linked to the profit or loss obtained by the investment. The concept of profit acts as a symbol in Islam as equal sharing of profits, losses, and ...