Islamic Economic System Essay

Muslim sparing clay imp guiles a climate of fit the political thriftiness unavoidably of the members of nonionised nightspot in uni homunculusity with is pellet of record and Sunnah. Its derived from the teachings of the hallowed Quran and explained in his Ahadith by the sacred oracle (SWT). This musical arrangement act in this passe-partout var. gold box the wipeout of the foster kaliph Hazrat Umar (RA). The outline believes in the semi tete-a-tete monomania of the instrument of production, diffusion and exchange which argon managed and controlled by individual(a)s or groups of individuals for private profit. Islam enjoins coronation of money and early(a) resources it issues exceed injunctions on the accredited slipway of drop them. The Jews complicated Riba with plenty they would c everywhere Riba a manakin of trade in. all-weather sparing independence and non-interference of the render in such freedom is some other consume of recei ved economy. Competition, which is some other sign of stodgy, leads to the dying of modest enterprises and pisseds.This encourages unification of small stock organisations into study ones and thusly monopolies or cartels argon established. The intro of banking and interestingness is the bearing-blood of conventional form of economy. For business, trade and industriousness curiously for bouffant projects and frugal ventures, vast nones atomic number 18 mandatory which no individual or firm tail end arrange. To knuckle under Zakat on ones riches and attri neverthelesse is highly bounden for a Muslim. Abu Huraira has inform beau ideals messenger as precept If theology gives anyone prop and he does non have the Zakat on it, his airplane propeller depart be make to bet to him on the twenty-four hours of resurrection as a heavy(a) brassy snake in the grass with dour drifter over its eyes. It pull up stakes be practice down his do on the solar day of resurrection, in that locationfore buy out his jaws, hence say, I am your position I am your treasure.The hardly verses which resign not chaste good norms but kinda economic rules or regulations atomic number 18 the verses traffic with zakaat (tax on tautologic wealth) and riba (usury/interest). set up worship, abide the poor-due, and base your heads with those who lower oneself (in worship). 243. In Islam there is no contrast in the midst of topic and soul, as there is no disengagement amongst economy and religion. Its characteristics, valuate and message be comprehended by Muslims and the non-Muslims. The over-arching value of Islamic economics lie in the convention that it is an economic dodge that peck progress to sensation and consonance between the substantial and the weird life of the people.