The knowledge economy and its effects on economic development (Islamic Perspective)

Abstract

Knowledge economy is the circulation of funds and their management by modern technology for the purpose of obtaining legitimate profits. Thus it has an important and strategic role in the development of banks in general and Islamic banks in particular in their contemporary concept, with the addition of technologies and communications. The   positive result will be reached with the development of daily financial transactions in banks.  Our true religion (Islam) has preceded man-made systems in its interest in the knowledge economy since ancient times. It has legal rulings, and thus electronic financial transactions have become one of the means of permissible earning in the true Sharia.  This is because the knowledge economy is based on Islamic legislation and based on the foundations, interests and rules regulated by Islam. We can benefit from modern technology.