Definition of Islamic Economic

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| |Conventional economic |Islamic economic | |Definition |The study of how people make decisions about |Islamic economic studies man not only as an | | |how to spend their resources on needed goods |isolated individual but of a social individual | | |and services, relies on series of assumptions |having, faith (believing in Allah s.w.t.), | | |that haven’t changed much in more than 80 years|ethics (believing in the six articles of faith,| | | |his deeds are accountable to Allah s.w.t. as | | | |guided by the Shari’ah and responsibility | | | |(responsible in propagating good doing and | | | |prohibiting bad doing in the society) | |Scarcity of Resources |Based on theory of relative scarcity |Not share the idea of relative scarcity which | | | |means Muslim scholars believe that Allah s.w.t.| | | |has created resources in abundance as shown in | | | |the following quranic verses. “To Allah belongs| | |...
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