Adam Smith underscored the importance of economic liberty, particularly through laissez-faire principles. This hypothesis, initially proposed by the Physiocrats, was further systematized by Smith and garnered significant attention in economics. His book is a seminal text that highlights the significance of free trade and market liberty. Smith contended that government involvement in the economy should be minimal, asserting that the primary responsibilities of the state were to guarantee internal and foreign security, uphold justice, and deliver certain public services. His perspectives were endorsed by other economists, including Ricardo, Mill, and Hayek. Islamic economics shares several similarities with liberal economic theories in several respects. Although Islam endorses free trade and market liberty, specific limits and interventions are permissible to facilitate market equilibrium. Islam’s perspective on markets endorses market liberalization, which is constrained by the pursuit of social justice and the collective welfare of society. Islamic law also seeks to prevent market destabilization by forbidding monopolies and hoarding practices. This indicates that there are certain similarities between liberal economics and Islamic economics; yet, Islamic economics possesses a more socially equitable framework.