We do not know what those, who doubt the existence of Islamic economy and the solution of economic problems in Islam, think of the early period of Islam when the Islamic system was applied to the collective life of the Muslims. Did the Muslims not have any economic life at that time? Is it not a fact that at that time the leadership of the society was in the hands of the holy Prophet SAWS? Did he not have a solution for the problems of his society, including the questions relating to production and distribution?
Is there any harm if we say that his solutions represented the Islamic way of the organization of the economic system and in the final analysis formed the economic theory of Islam?
It cannot be imagined during the Holy Prophet's SAWS time the society had no economic system, for no society can exist without having its own ways of production and distribution of wealth.
At the same time the economic system prevailing in the Islamic society during the Holy Prophet's SAWS time cannot be considered to be disconected with Islam. The Holy Prophet SAWS had a great mission to fulfill. He guided the Muslims at every step and set an example for them. The economic system also must have been evolved by him or atleast it must have had his approval. In other words, the sources of the economic system of the early period of Islam were either the sayings of the Holy Prophet SAWS, or the methods employed as the patron and ruler of the community, or the conduct of other people having had his approval. The system derived from any of these sources must have the Islamic form and label.
