Noor Fatima from Pakistan, argued that in the light of the history of development of capitalism an Islamic provision and its economic productivity, we believe that it is fair to conclude that Islam has not been a obstacle in the system of market economy in Muslim states. She argued that Islam as religion and culture dimension interacts with the formal institutions of the state and in this case the property rights institutions. Private property rights are sacred in Islam. There is no restriction, except some ethical regulations of free market economy and property rights in Islam. The interest is forbidden and risk sharing is encouraged in Islam to promote the welfare for other individual.

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