One of the figures who introduced Islamic economics was Imam Khomeini who was the founder of the Islamic Republic of Iran. According to him, Islamic economy has several principles that are different from the principles of socialist and capitalist economics.
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On January 3, 1988, a historic letter was delivered from Imam Khomeini to President Mikhail Gorbachev. This letter has since been entered into the annals of history as a piece of remarkably insightful and indeed prophetic writing from one head of state to another.
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Sahifeh-ye-Imam. V 18. P 281
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Sahifeh-ye-Imam. V 5, P 457
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Imam Khomeini then suggested that, if Mikhail Gorbachev desired to become more familiar with Islamic concepts, the Soviet leader should command his scholars to study the philosophical works of al-Farabi, Avicenna, Sohravardi and Mullah Sadra to become familiar with the “nature of knowledge” which is different from the “nature of matter.”
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