In order to regulate the economic activities in the society, the Quran insists that transactions must be governed by rules so that there will remain no disputes among the people. For instance, to avoid misunderstanding or injustice, contracts should be written along with witnesses. The Quran commands believers to fulfill promises and contracts and emphasizes that this is a duty for which they shall be rendered accountable on the Day of Judgment. Honoring of obligation is a hall mark of the believers. On the other hand violation of one‟s commitment is prohibited. Believers are also commanded to pay their debts, give full measure, return what is entrusted to them and avoid fraud and cheating.In this way a full-fledged economic system based upon equity and justice can be formulated by properly seeking the guidance from the Holy Quran.