Page 1 of 4

Nature of Islamic Economics

Continues for 3 more pages »
Read full document

Nature of Islamic Economics

Page 1 of 4
‘Nature of Islamic Economics’
‘’Islamic economy identifies and promotes an economic order that conforms to Islamic scripture and traditions". Economic problems started with the birth of men and become more complicated with the development in the wants of men as the men is surrounded by wants. According to western scholars economics is the study of wants and scarcity and the reaction towards the ends and wants of the people. Adam Smith is regarded as the Father of economics due to his famous book ,’’The wealth of nations ‘’ in 1776 A.D. But five centuries before Adam Smith Madan’, and ‘Al-Muash’ etc. our well known economists are Muhamad bin Hassan tossi (1274 A.D), Ayatollah Mahmoud Taleghani (1911 - September 9, 1979), Ibne Khaldun (1332 A.D to 1406 A.D). The industrial resolution have given an edge I almost every field to western nations. Due to the advancement of western arts and science and more and new concepts that the modern institutions in Islamic countries has started providing education and training in those areas. The awareness of the need to re orientate the arts and science has risen among Muslim academicians and educationists of the countries which have won independence in the 20th century.

‘Difference between Islamic and Modern economics’ Islamic economics and modern economics both deals with same subjects but there approaches are different well there is a basic difference between them in the modes of study ,goals, lines of approach and in several other respects. Islamic economics can also be justified as an identification of an area of studies that is based on the assumption of the existence of Islamic axioms in the socio-political-cum –legal environment and the system of values and the ethics which guide the economic behavior of men and women in an Islamic society. While Modern economics deals with the systematic relations among individuals involve in production of wealth ,distribution of and exchange of wealth and...