Objectives of Islamic Economics
Table on Content:
• Indruduction p.2
• Objectives of Islamic Economics o Right of Property p. 3 o The problem if equality p. 3-4 o Social Justice p. 4
• Characteristics of Islamic Economics o Production of Wealth p.5 o Distribution of Wealth p.5 o Law of Demand and Supply p.5 o Halal and Haram p.5
• Conclusion p.6
• References p.7
Introduction
The basis of Islamic economics is enshrined in the spiritual norms of Islam. Unlike the modern economic systems which are based on the mundane philosophy, the Islamic economic system is directly guided by Allah Almighty Himself. As Islamic economic system was passing through its early stages of development, the Quran guided the Holy Prophet (P.B.U.H.) with regard to its effective enforcement. Since this system is Divine guided, it is spiritual. Additionally, all important aspects of the Islamic economic system and the applicable norms are thoroughly discussed in the Holy Quran. Whether it is production, consumption, distribution or the financial system, they all have been discussed in this Divine Book sufficiently. Quran itself declares that Allah Almighty created the human being as His
• Indruduction p.2
• Objectives of Islamic Economics o Right of Property p. 3 o The problem if equality p. 3-4 o Social Justice p. 4
• Characteristics of Islamic Economics o Production of Wealth p.5 o Distribution of Wealth p.5 o Law of Demand and Supply p.5 o Halal and Haram p.5
• Conclusion p.6
• References p.7
Introduction
The basis of Islamic economics is enshrined in the spiritual norms of Islam. Unlike the modern economic systems which are based on the mundane philosophy, the Islamic economic system is directly guided by Allah Almighty Himself. As Islamic economic system was passing through its early stages of development, the Quran guided the Holy Prophet (P.B.U.H.) with regard to its effective enforcement. Since this system is Divine guided, it is spiritual. Additionally, all important aspects of the Islamic economic system and the applicable norms are thoroughly discussed in the Holy Quran. Whether it is production, consumption, distribution or the financial system, they all have been discussed in this Divine Book sufficiently. Quran itself declares that Allah Almighty created the human being as His