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Title: INTRODUCTION TO ISLAMIC ECONOMY
Description: This short notes on Islamic Economy provides a brief information on the subject of Islamic Banking and Finance. The neatly arranged notes and language used can be easily understood by the readers.
Description: This short notes on Islamic Economy provides a brief information on the subject of Islamic Banking and Finance. The neatly arranged notes and language used can be easily understood by the readers.
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ISLAMIC ECONOMY
INTRODUCTION
MEANING
The knowledge and application of
injunctions and rules of the Shariah that
prevent injustice in the acquisition and
disposal of material resources in order to
provide satisfaction to human beings and
enable them to perform their obligations
to Allah and society
...
Tauhid : Oneness of Allah who is the
Creator of all creations, including man
...
(verses)
2
...
Man need to uphold the
risalah / Shariah
...
3
...
(verses)
DISTRIBUTION,
CIRCULATION &
INJUNCTIONS
EQUITABLE DISTRIBUTION
OF WEALTH
Islam recognizes private property,
market forces & profit motive for man
This right is limited by obligations
(zakat, sadaqah & waqf) to others and
subject to moral boundaries (riba,
gharar,
maysir,
ghabn,
ihtikar)
governed by the Sharia
...
Wealth is kept
under constant circulation and chances of
concentration are eliminated
...
Speculation,
Insurance,
Overtrading, Sale w/o possession &
Securing profits by exploiting immoral
desires of people
PROFIT SHARING
& 2 DIMENSIONS
PROFIT SHARING
Islam enjoins an economic system that
promotes the concept of participation in a
transaction backed by real assets, utilizing
the funds at risk on a profit-and-loss-sharing
basis -free from Riba : Musharakah &
Mudarabah
CAPITALISM
V SOCIALISM
CAPITALISM: An absolute &
unconditional right to private property
'FREEDOM'
SOCIALISM: Total denial of rights to
private property with the exception of
ownership of some articles of personal
use 'EQUALITY'
BALANCED VIEW
A capital provider contributes money which
is bound to be converted into assets having
intrinsic utility
...
The sharing of
profits is based on ratio
...
'Better the circulation, Better the economy'
2 DIMENSIONS
Spiritual Dimension - Spiritual Socialism
Legal Dimension - Controlled & internally
managed capitalism
SPIRITUAL SOCIALISM
Allah is the real owner
Whatever one has is bounty (Fazl) of Allah
The rightful share is the fulfillment of
basic necessities
Whatever is in excess of one's basic needs
is the right of others but all this is
voluntarily, our beloved prophet (saw),
Sahaaba (raw), Aulia Allah lived on this
level, these people are the model &
pacemakers for the society
THE OBJECTIVES
Everyone to function according to his
ability, aptitude, own choice & liking
Market forces to be operative
Everyone to get what is rightfully his
Equal participation in profit & loss
Wealth to circulate in equitable manner
Gap between rich & poor to be narrowed
Title: INTRODUCTION TO ISLAMIC ECONOMY
Description: This short notes on Islamic Economy provides a brief information on the subject of Islamic Banking and Finance. The neatly arranged notes and language used can be easily understood by the readers.
Description: This short notes on Islamic Economy provides a brief information on the subject of Islamic Banking and Finance. The neatly arranged notes and language used can be easily understood by the readers.