Essay On Islamic Economy

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Islam tells about the pattern of life, economic and otherwise, is a recognized postulate which is infrequently challenged, today, by any one, Muslims and non Muslims alike. In the last few centuries of Islam, Islamic scholars did not emphasize on this issue because of their lack of knowledge about few words which were not subjected to distortions which are now introduced among the Muslim community throughout the world in the last two centuries. Role of state in Islam is idealized on the way early companions implemented the dealings of state. Islam requires the authority of the state to act in the concerns of community, justice is provided to all, to endorse Islam globally and to redistribute wealth. The term Islamic Economics may be acceptable as recognition of the study based on the supposition of Islamic axioms in the social- political- cum legal environment and social principles and morals which guide the economic deeds of men and women in the Islamic environment. The scope of economics as redefined from Islamic perspective is the human behavior, in all its facets, under all sorts of ethics and religious values and…show more content…
Islam prohibits interest based businesses as seen in the West. Not only interest, but also gambling and discourages hoarding of money or supplies. These are inter-related to each other. An efficient economy is characterized by a quick and universal steadiness of demand and supply. Hoarding of money distorts the flow of money if it is for the sake of saving the wealth. Islamic economy creates wealth through manufacturing of goods and adding value to it. This does not mean that Islam is against service sector but according to Islamic economy, the emphasis is on real economy. Islamic economy, to all intents and purposes, only has real economy, consequently all participants engage in the same

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