@article{2017,title={Islamic Economics and Fair Economic Order},abstractNode={While other religions do not offer a unique economic system, the question of why Islam offers one has been a focal point for discussions. The concept of whether religions should offer a unique economic system is an attractive discussion. Therefore the concept of an Islamic economy is creating the foundation for a discussion. Moreover, even though Islam has a number of core economic principles and builds its economic model over these core principles. Once these principles are established a more distinctive economic model is created and is open to further discussions. Islam’s economic model is shaped with the Quran and Sunnah. However, the contributions of a consensus of Islamic scholars (ICMA) are used to establish permanent boundaries for a current Islamic economic system creates a new conflict. Under the circumstances, two crucial questions should be addressed. The first question: Are the decisions of the ICMA binding, while alterations in the economy and in its theories are accelerated? The latter question: Is the Fair Economic Order (FEO) formed by Necmettin Erbakan which is based on the Quran and Sunnah, which offers solutions to the problems of the macroeconomic components (monetary system, finance, credit, interest, tax, insurance regulations, etc.) an Islamic economic system within itself? In this study, these arguments will be discussed and the situation of the Fair Economic Order will be emphasized. The Fair Economic Order (FEO) follows and accepts Islam’s perspective regarding interest, and does not see interest as a necessity of its economic system. Moreover, FEO does not consider The Zakat (alms) as an economic tool. The perspective regarding tax held by FEO is completely different than contemporary tax system. The state acts as a fifth economic factor by providing opportunities to production, thus establishes a partnership with producers to derive revenue from this partnership. However, while FEO does not allow the printing money without a corresponding value creation, it also demonstrates strong resistance to bank money or fictional currencies, thus the economic revival is confirmed without providing any base for inflation. The 54th Government of Turkey under the administration of Prof. Dr. Necmettin Erbakan made a significant contribution to the literature of science of economics with the exact opposite of stagflation and by proving that the economic revival can be established without inflation. In this sense, FEO provides strong evidence in order to answer how to offer remedies to contemporary issues. However, the main argument regarding whether or not the FEO is an Islamic economy remains. Erbakan’s FEO borrowed its essential principles from Quran and Sunnah to form a new economic order with modern tools by considering the current needs of the economy. FEO contains essential economic dimensions of Islamic economy. Therefore, it would be appropriate to say that the Fair Economic Order is an Islamic Economics Model which can be expressed as an Islamic Economics. To conclude we can say that the Fair Economic System in the Islamic Economics is that which is what the Classical Economics were in the Capitalist economic system.},author={İbrahim Halil SUGÖZÜ},year={2017},journal={Journal of Turkish Studies}}