Extravagance

This entry examines the Islamic approach toward the concept and practices of extravagance which is discouraged in the strongest terms under the principles of Islamic ethics. Within the context of an Islamic economics perspective, however, it is not easy to identify established mechanisms and rules that apply to the prohibition of these practices, often making the boundaries between what is allowed and what is not vague for the adherents. Therefore, only those who implement the policies of Islamic finance and economics will have a discretion of setting rules to outlaw the overall practices of extravagance in the public economic life.