Fundamentals of islamic economic system pdf

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fundamentals of islamic economic system pdf

Principles of Islamic Economic System or Islamic Economics | AIMS UK

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Economic Crisis vs. the Islamic Solution

Principles of Islamic Economic System

The fundamentals of the Islamic economic system start with the differences it has with the capitalistic, communistic, socialistic, and other mixed types of economic engines that have existed over the past centuries. Islamic economics incorporates at least seven major characteristics that in some ways mirror their capitalistic and socialistic counterparts, but are still unique and vibrant to the economic system of Islam. The system itself consists of organizations, institutions, and social values that exemplify the production, exchange, and consumption of goods and services. Those who follow Islam are encouraged to lead a life of material gain in a way that it shows respect for others, makes their place secure in the world, and provides a source of happiness for their families. Basic consumption is a fundamental part of all economies, including those who follow Islam. People have needs and businesses exist to fulfill them either through goods or services. The government serves to keep down activities that are considered non-Islamic in nature such as the black market, gambling, smuggling, and similar activities.

The fundamentals of the Islamic economic system start with the differences it has with the capitalistic, communistic, socialistic, and other mixed types of economic engines that have existed over the past centuries. Islamic economics incorporates at least seven major characteristics that in some ways mirror their capitalistic and socialistic counterparts, but are still unique and vibrant to the economic system of Islam. The system itself consists of organizations, institutions, and social values that exemplify the production, exchange, and consumption of goods and services. Those who follow Islam are encouraged to lead a life of material gain in a way that it shows respect for others, makes their place secure in the world, and provides a source of happiness for their families. Basic consumption is a fundamental part of all economies, including those who follow Islam.

Allah is the Sustainer 2. Everything Created for Service and Use of Man 4. Concept of Halal and Haram 5. System of Sadaqat and Zakat 6. Prohibition of Interest 7. Ban on Hoarding of Wealth 8. Policy of Moderation 9.

Characteristics and Principles of Islamic Economic System:

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