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There is no doubt that the Holy Prophet (peace be upon him) was sent to the whole of mankind as a comprehensive role model of life, being an embodiment of guidance and teachings of every need and field of human life. The most important and influential branch of society, economics was also given much consideration in the life and teachings of the Holy Prophet (P.B.U.H), as He Himself strictly prohibited many forms of contracts being exercised in the society of that era. Furthermore, Prophet (P.B.U.H) instructed for some principles to be followed in trade and economics. Besides these do’s and don'ts, we cannot ignore the valuble policies that were enforced by him for the progress and development of the Muslims in this field as well. In this article we have discussed these three things (Do's, Don'ts and policies) of Islamic economics, particularly derived from the life and teachings of the Holy Prophet (s.a.w.s). This detailed discussion will be followed by a brief statement about the importance of these teachings and instructions in the contemporary era in which mankind is suffering from the aftermath of the man made economic systems (i.e. Capitalism and Socialism).