The Economic System of Islam (original) (raw)
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Journal of Social Research and Behavioral Sciences, 2019
Some of the economic systems that were applied in the previous centuries have been replaced one by one. Even though some of them are still partially being implemented but socialism is wiped out completely. Although capitalism linked to globalism, it failed to balance income distribution and peace among people. Islamic economy has been implemented in different civilization for many centuries. The Islamic economy has ensured balance of income distribution and peace between people in the years when it was implemented correctly and fully. Islamic economic system is a divine source and peculiar. The Islamic economic system sources are: Qur’an, Hadith, Ijma and Qiyas. All aspects of economic life are done within the confines of Halal and Haram (Lawful and Unlawfulness). Islamic economy has a dynamic system that brings peace and harmony between people and within societies. It has some mechanisms such as zakat, giving alms and charities (infaq) that share income in an important way before and after production. There is an income distribution in societies you cannot encounter a very vast difference in between personal and household income in Islamic economic system. The income distribution imbalance in the some historical and existing Islamic countries is due to the fact that they do not fully implement the Islamic economy. The collapse of the Muslim countries in history is usually caused by political reasons. In this study; Firstly, we introduced our article and summarized Islamic Economic System then, discussed income distribution between Islamic Economics and others, finally it is concluded.
IJPSAT, 2020
This chapter aims at comparing the major Islamic views on economy to previously experienced views such as socialist, fascist and capitalist attitudes. The role of government, interest rates, public and private property rights and regulations, implementation difficulties, market mechanism and financial management, wealth accumulation are the main areas of concern in this paper. This chapter is a short extract taken from the master thesis advised by F.
Comparative Study Of Islamic Economic Law And The Capitalist
Jurnal Ilmiah Al-Syir'ah
The implementation ofthe capitalist system has eliminated the Islamic values in economic practice. After the financial crisis hit the world, the capitalist system reaped many questions and its greatnessbegins to be doubted. The capitalist system implementationprecisely creates new problems in the economy. The concept of individualism which is the main key in capitalist practice only creates economic injustice and misery of the poor. The only economic theory that is expected as a light in dealing with economic problems is an economic system that is able to create justice,the welfare of all parties and blessings both the world and the hereafter. The theory is the Islamic economics which in practice is inseparable from Islamiceconomic law. Islamic economic law that underlies the Islamic economic system is totally different from the capitalist economic system.Keywords: Islamic Economic Law; Islamic economics; Capitalist Economy
Economic System of Islam and Contemporary Pakistan
Al-Tafseer, 2019
Economics is a fundamental part of every society, similarly, Islam is one of the dominant faith practiced all around the world and a complete code of life. It has given some specific guidelines regarding economics. The article discusses the core concepts of the economic system with reference to Islamic teachings. It covers concepts of Zakat, Riba and general guidelines about economic activity within a state, with reference to Pakistan. The paper has made the Quran and the state of Medina as the point of reference to understand the spirit of the economic system implemented in that milieu. And has tried to understand the contemporary basic economics affecting and influencing common life. Keywords: Zakat, Riba, Islamic Economic System, Usury.
Journal of Comparative Economics, 1985
The Islamic economic system is a theoretical construct of an industrial economy whose members follow the Islamic faith. This essay surveys the elements of such a system, as presented in a series of recent books on Islamic economics. Particular attention is paid to the injunction against interest payments and to the requirement of paying a wealth tax with regard to aggregate saving.
This article attempts to focus on the discipline of Islamic Economics in which why it is differ from any conventional economics such as capitalism, communism and etc. Firstly, the paper addresses the theories of economics such as Conventional Economics versus Islamic Economics. Secondly, it discusses on how Islam view attaining knowledge regards to economy as one of the most important knowledge (Fardh Kifayah) in the ummah. Finally, a proposal on the specific sub- ject of the the benefits of practising Islamic Economics will be presented in the article.
Capitalism and the Islamic Economic System
Ideal Islamic Economy, 2017
Capitalism and the Islamic Economic System DOES CAPITALISM DEFINE AN ISLAMIC ECONOMY? There are two reasons for beginning this chapter with this question. First, there is the distinct impression from a number of books and articles over the last four decades that the Islamic economic system shares a number of common features with capitalism. Second, from a historical perspective, there is the proposition that capitalism borrowed a number of its vital economic institutions from Islam beginning in the eleventh century. The answer to the question is important because an affirmative response obviates the need for our book. In this chapter, we try to address the question and present the case that the answer to the question depends on how one defines and envisages capitalism. We argue that a narrow consideration of capitalism, from an economic point of view or the vantage of economic history, would indicate certain common features between capitalism and an Islamic economy, such as embracing private property, profit-seeking and reliance on markets. These commonalities were far more important to pre-Enlightenment capitalism and to a version of capitalism referred to as "mercantile capitalism." Since the Enlightenment, however, capitalism has picked up other characteristics in its evolution that has allowed it to expand its domain of influence beyond economics to social, political, cultural, art, and religious spheres. It is no longer just an economic system, but like Islam itself it is a whole way of life-as such, it differentiates itself not only from Islam but also from Christianity and Judaism.
1. IJBGM - ISLAMIC ECONOMICS - AN ECONOMIC.pdf
The biggest problem today is the increased disparity and inequity that exists in the world. Fortunately, this has been realized and many economic systems emerged that attempted and aimed to bring about more equity and reduce poverty in the world, but failed to do so. Although this is true that the existing systems, namely capitalism, socialism and welfare state, have to different extents been successful in expansion of economies but simultaneously has led to increased inequitable distribution of wealth. The paper attempts to present centuries old 'Islamic economics' as an alternative to existing systems, the root of which is in economic justice that leads to social justice as well.