Ideologies of Fiqh Hanafi and Partial Economics
Modern Economic concepts are divided into microeconomics and macroeconomics. The former relates to individual consumers and firms, while the latter demonstrates the economic concepts and issues at national and international level. This article examines certain important concepts of microeconomics in the light of Islamic Laws with specific reference to research of Shaykh Ahmad Raza. The article highlights important parallels, similarities and differences between the treatment of these concepts of microeconomics and Islam to conclude that Islamic teachings do include specific guidance about modern Economic concepts.