The notion of worldview can be described as a holistic view of nature, society, and human experience that is expressed in the system of values of a specific individual. Its typology can be built on different grounds: usually, religious and secular worldviews are distinguished as the two most basic types with their particular branches. Elements of worldview include ideas about the nature of reality and knowledge, the world around God, the meaning of life, and human behavior. In this way, an individual’s worldview may be compared to a map that helps to navigate life.
In the first chapter, it is explained that the Islamic worldview is based on the divine revelations of Allah, which are of spiritual, moral, scientific, philosophical, socio-political, and economic character. The foundations of Islam and its dogmas are based on faith in Allah, Prophet Muhammad, Koran, Judgment Day, and in the afterlife retribution, which is manifested in the belief in Paradise and Hell. The Qur’an and Sharia law guide the lives of Muslims. Islam considers statutory regulations as a particle of a single divine law and order. Hence, the sacred meaning is also attributed to the decrees and prohibitions that make up the norms of Sharia. Sharia law is created on an interpretation of the ideas found in the Qur’an and the Sunnah and contains religious prescriptions, legal standards, and moral and domestic regulations.
The interrelation between a worldview prevailing in a particular society and its economic system is complex and requires defining these notions: the definitions and their explanations are provided in the second chapter. A financial system is a set of interdependent financial elements that form integrity, which is the economic structure of society. Four main types of economic systems exist and are the most dominant in history and widespread throughout continents.
A traditional economy is a financial system in which experience, customs, and traditions determine the practical use of resources. Command economy may be characterized as a scheme where the state makes production decisions and distribution. Consequently, in a capitalist economic system, an individual can act as a proprietary of production resources. In contrast, a socialistic economic system is distinguished by public ownership and exploitation of the means of production.
The third chapter introduces the Islamic financial system and its main elements: Islamic financial markets, direct financial markets, and indirect financial markets. Moreover, the Islamic financial system should obey the following principles: risk sharing, the sanctity of contracts, interest and speculative transaction prohibition, and obedience to Sharia law. These principles stem from an Islamic concept of money, where everything belongs to the creator, and resources should not be wasted. Thus, the relationships between the creator, resources, and humans as Allah’s vicegerents are the primary basis for the Islamic financial system.
The societal system of the UAE is harmonious with the broader Islamic worldview and its ideas about economic management, which plays a crucial role in creating a productive, competitive economy. Following the UAE Constitution, the governors of the Emirates are supposed to care about the citizens to ensure their well-being, stability, and prosperity of the state. The foundation of UAE society is based on Sharia law, security, and equal opportunities for all citizens. Natural resources and wealth are considered state property, which allows its use through natural rent in the interests of all UAE citizens.