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Islamic economics


Last Modified:  30 Mar 2012 05:48  GMT

Many people always try to fit in the Islamic Economic Principles into the modern economic terminologies instead of adopting a vice versa approach.



Last Modified:  24 Dec 2011 09:20  GMT

Some people wonder as to why the religion Islam has its own economic system. What the uninitiated do not realize is that Islam is not like many other religions limited only to focusing on the aspects of Man’s relationship with God, rather Islam is a complete system of life – guiding mankind in every sphere of life.



Last Modified:  23 Dec 2011 09:07  GMT

Islam is a complete code of life: a comprehensive socio-politico-economic-religious system. Unlike other religions, which focus mainly on the Man-God relation, Islam guides mankind in every sphere of life; be it how to establish a just political system, or how to lay a foundation for a sound economic system, or how to strengthen the bond with the Creator; Islam encompasses everything.



Last Modified:  23 Dec 2011 06:49  GMT

Muslims consider interest as a modern equivalent to Riba; that is an income that is not earned or is unfair. The main problem with Riba is that from the very start it represents an unfair situation for one of the two parties in a business transaction or loss. Regardless of the circumstances, Muslims consider that the very concept of an interest rate is inherently unjust either to the lender or the receiver. Usury, the common translation for Riba, is simply an excessively high interest rate. Sinc ...



Last Modified:  23 Dec 2011 06:32  GMT

Riba (interest or usury) is fundamentally prohibited both by the Qur'an and the Sunnah. On the concept of interest, there is no doubt or dispute among Muslims that it is absolutely prohibited. In a modern economy in which interest is a fundamental part, this can lead to a necessary change of objectives and perspectives when working within the framework of Islamic economics.



Last Modified:  22 Dec 2011 07:30  GMT

Riba is a fundamental concept in Islamic economics. Riba is explicitly prohibited by the Qur'an and by Islamic law. This goes contrary to many capitalist practices in modern economics. The word Riba can be literally translated as “increase”. However, it is usually understood as usury, or interest. That is, it is an increase that has nothing to do with an item's true value. In other words, an increase that is not due to simple supply and demand or to an improvement in a particular item. Riba ...



Last Modified:  22 Dec 2011 05:54  GMT

Islam is not a religion that demands that its followers live in austerity with promises of better things in the afterlife. The concept of acquiring goods through hard work is a basic part of Islam and the Qur'an directs Muslims to take advantage of all the great things that God has placed on Earth for humanity. The concept of private property is well established in the Qur'an, although it is still governed by considerations that are specific to Islam and Muslims.



Last Modified:  22 Dec 2011 05:50  GMT

The Islamic economic system places restriction on the means by which any individual may obtain wealth. While many of the same principles of supply and demand as in traditional Western economics apply in Islamic finance, everything is tempered by a strict adherence to the laws of the Qur'an. As such, Muslims are encouraged to enjoy everything that was put on Earth by God, but not everything is meant for consumption and there are some practices and goods that are considered unlawful or Haram.



Last Modified:  21 Dec 2011 06:52  GMT

Islam is extremely strict in its prohibition of interest (Riba.) Riba is an unfair, unearned, and undeserved income which is usually used to denote business transactions like money lending or credit. Muslims argue that Riba is at the heart of most of the ills of the modern economic system. Islamic economics proposes that instead of interest, a more fair approach would involve profit sharing; that is, in which both parties gain an proportional income depending on the investment or business in que ...



Last Modified:  03 Sep 2011 08:04  GMT

Islam is extremely strict in its prohibition of interest (Riba.) Riba is an unfair, unearned, and undeserved income which is usually used to denote business transactions like money lending or credit. Muslims argue that Riba is at the heart of most of the ills of the modern economic system. Islamic economics proposes that instead of interest, a more fair approach would involve profit sharing; that is, in which both parties gain a proportional income depending on the investment or business in ques ...



Last Modified:  03 Sep 2011 03:31  GMT

Riba is a fundamental concept in Islamic economics. Riba is explicitly prohibited by the Qur'an and by Islamic law. This goes contrary to many capitalist practices in modern economics. The word Riba can be literally translated as “increase”. However, it is usually understood as usury, or interest. That is, it is an increase that has nothing to do with an item's true value. In other words, an increase that is not due to simple supply and demand or to an improvement in a particular item. Riba ...



Last Modified:  03 Sep 2011 03:27  GMT

Muslims consider interest as a modern equivalent to Riba; that is an income that is not earned or is unfair. The main problem with Riba is that from the very start it represents an unfair situation for one of the two parties in a business transaction or loss. Regardless of the circumstances, Muslims consider that the very concept of an interest rate is inherently unjust either to the lender or the receiver. Usury, the common translation for Riba, is simply an excessively high interest rate. Sinc ...



Last Modified:  03 Sep 2011 03:25  GMT

Riba (interest or usury) is fundamentally prohibited both by the Qur'an and the Sunnah. On the concept of interest, there is no doubt or dispute among Muslims that it is absolutely prohibited. In a modern economy in which interest is a fundamental part, this can lead to a necessary change of objectives and perspectives when working within the framework of Islamic economics.



Last Modified:  21 Aug 2011 12:51  GMT

The unique thing about Islamic economics is that the main problem it considers is distribution. Islam makes a difference between luxury items and needs and there is a lesser lack of necessary assets in Islamic economics. Islamic economics believes that the resources that are available in the world are more than enough to meet the basic needs of every human being on the planet.



Last Modified:  21 Aug 2011 12:48  GMT

As a significant amount of the money in the world starts to become concentrated in the Middle East, a significant portion of the world's economy is being managed according to Islamic precepts. More than a trillion dollars in assets may be under Islamic law right now, due to the huge revenue generated by middle eastern oil and the investing of this revenue.




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