There is a misconception in some sections that establishment of Islamic economy means establishment of Arab economy as it existed 1400 years back at the time of the Prophet (S. M.) this is not correct. Islamic economy would be totally up-to-date in its method of organization and use of technology. Only the principles and framework will be derived from the Quran, the techniques of the Prophet and the practices of the early days of Islam.
Similarly, it is wrong to say that Islam does not give an economic system. We recognize capitalism as an economic system, though its basic characteristics are only the recognition of the private right of ownership and freedom of economic activity for the individual, even though its only basic characteristic is the social ownership of means of production. Islam gives us a much more comprehensive guidance in economic matters such as prohibition of interest, compulsory levy of zakat, freedom of work and enterprise, concern for the poor, distinction between the Halal (permissible) and Haram (prohibited) in income, consumption and production and so on. As such Islam undoubtedly gives mankind an economic system not found in other religions. An economic system does not mean only the details of organization, which are more or less the same in all economic systems.