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Objectiv Islamic economic system
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Islam also prevents the government from taking property through the imposition of taxes, except in certain cases where it is obligatory upon all Muslims to care for, e.g. jihad or famine. Tax then is taken only on the person’s wealth, which exceeds what an individual normally uses for the basic needs and luxuries. In this way, it achieves the right of livelihood for everyone individually, and at the same time it facilitates the securing of the luxuries. The system also sets certain limits within which the individual can earn in order to satisfy his/her basic needs and luxuries, and organizes his relationships with others according to a particular fashion. So Islam prohibits the production and consumption of alcohol by Muslims, and it does not consider it an economic material. Islam prohibits the taking of Riba (usury, interest, etc.) and its usage in transactions in the Islamic state. It does not consider interest as an economic commodity, whether for Muslims or non-Muslims as interest will lead to inflation that cripples the economy.
Allah (swt) says:
“…Allah has permitted trade and has forbidden riba.” [The Holy Qur’an, Al-Omran 275]
Allah (swt) also declares war only on those who deal in Riba:
“O you who believe, fear Allah and give up what remains of your demand for riba, if you are indeed believers. If you do it not, take notice of war from Allah and His Messenger.”[The Holy Qur’an, Al-Omran 278:279]
The Islamic system does not interfere in the production of wealth or the amount of production; rather it only encourages working and earning of property. Many Ahadeeth encourage the earning of property. The Prophet Muhammad (saw) shook the hand of Sa'ad ibn Muadh (ra) and found his hands to be rough. When the Prophet (saw) aske...
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... even as Allah has been kind to you, and seek not corruption in the earth." [The Holy Qur’an, Al-Qasas 28 :77]
The Islamic Economic system brings all productive resources into use, including man-power, land, water resources and all naturally occurring substances such as minerals and metals. In this model, steps must be taken to root out corruption and all harmful practices even if they are economically lucrative. Islam encourages modesty, charity, mutual help and consideration toward society. It discourages selfishness, extravagance, greed and unnecessary waste. According to the Islamic economic system the Islamic state would be self-sufficient in the attainment of technologies and will not lend or borrow on interest because it aims to liberate people and uplift their material conditions and not to further annihilate them by crippling interest based loans.
In “A Wall of Fire Rising”, it states that the son of the Assad family, “was into all manner of odd things” (p. 230). It mentions the rich having a varying interest in many hobbies and shows the peasants in the shantytowns struggling to survive and not having any other activity besides trying to find viable work. The point is made quite clear that the distribution of wealth in this country could not even be considered a distribution at all. The money did not circulate, except in the case of whatever a poor family could afford, which was not much. This was not a country where you could work your way into power without even a step up. If anything, this country could be considered more authoritarian, in which those in power stayed in power until someone tried to overthrow them. In the case of the poor indigenous, this would prove increasingly difficult with no work and a strenuous
The Qur’an (which is extremely reliable as it is the Islamic holy law and read and practiced by most Muslims) read, “ And give full measure when you measure out and weigh with true balance. This is fair and better in the end” (Doc 2) This discusses how that trade is meritable when it is done with honesty and respect for others and the Islamic church itself. Similarly a monk believed that profit lead to eventual charity. He said, “ Sixteen years as a merchant, and began to think of spending on charity, to God’s honor and service, the goods which he had laboriously acquired. He therefore too the cross as a pilgrim to Jerusalem” (Document 3) This is important as it depicts that once one has worked for years to acquire his assets he will return those to not only charity but God. Muslims also believed that trade had once been beneficial and flourishing, but recently mishandled. The Islamic court said, “ The aforementioned has now acted contrary to the old custom; We do not agree with this” (Doc 7). This quote depicts how in the Islamic realm they believed that merchants and trade had the possibility of being great. These all directly supports the previous claim which said that trade is great when handled
“But the believers who do good works, both men and women shall enter paradise”(Document B). This shows that this religion has benefits for both men and women which was not a popular thing. The Qu’ran provides rewards to all people in their religion, as long as they follow the Qu’ran. In Islam it is against the law to take, someone’s belongings in unjust means (Document B). This shows that Islam protects personal belongings, this may be an appealing to those not in the Islamic faith.The Islamic faith has a property peace and a responsibility to help each other which includes giving to the
Islam is one of the largest religions existing today, with a total of about 1.6 billion1 followers, according to Pew Research Center. The sheer immensity of people following this religion is staggering, but the influence that Islam has had on world history is even more important. Without Muslim advances in areas such as math, science, and medicine, the western world wouldn’t have existed.
The culture of Islam has its positive aspects, as well as its negative aspects. Islam bestowed many unfortunate people the opportunity to gain more knowledge about their surroundings, and the adversities that they may face on a daily basis. Islam also created alliances, and trade contracts with other surrounding countries, allowing them to receive resources that other religions and groups could not envisage. However, to gain these privileges, Islam had to first fester the lives of many civilians that dared step in its path. Islam not only ruined the lives of people, but it ruined whole kingdoms. Many people felt an...
A decent number of people find it easy to consider poverty as ‘will of God, ' therefore, absolving themselves of any blame for the miseries created by the poor conditions in the society. In regard, they also draw one’s attention to several references in the Holy Bible to make their point. Likewise, there are some people, who highlight the importance of charity and spending on the poor people to alleviate poverty. Nearly all the Muslim societies have many believers affirm that poverty cannot prevail if all wealthy Muslims just paid their Zakat regularly. Some people even believes in going to the extent of claiming that the implementation of the Islamic system of Zakat would bring so many resources that the nation would not need to apply any other tax to manage its affairs. However, such claims cannot be supported by some research or reliable data. Away from the will of God scenario, corruption is one of the leading causes of poverty. Even more, all countries have corruption, even affluent governments. Corruption does not negate all that is right or explain all that is bad. There are some nations have corruption extensive, painful as it is, according to “Corruption Is Just a Symptom.” in Wall Street
Zakah curbs the materialistic whims of muslims, all over the world by reminding them of the less fortunate and by removing excessive wealth that could lead to extravagant lifestyles.
Islamic finance is a financial system that operates according to Islamic law (which is called sharia) and is, therefore, sharia-compliant. Just like conventional financial systems, Islamic finance features banks, capital markets, fund managers, investment firms, and insurance companies. However, these entities are governed both by Islamic law and the finance industry rules and regulations that apply to their conventional counterparts. Therefore, islamic finance is to be assets based as oppose to the currency based whereby investment structured on exchange or ownership of assets, and money is simply mechanism for transaction process. It would based on two sources which are Al-Quran and As-Sunnah.
The Kingdom of Saudi Arabia is a petrostate. It is a petrostate in the sense that the oil sector dominates the national economy and international exports. (Colgan 226) This is due to Saudi Arabia’s one crop economy, oil. (Ali 100) Oil accounts for 70-80% of the state revenue as well as roughly 95% of export revenues. Before the discovery of oil in the 1930s, the economy rested on Islamic pilgrims. Containing the Grand Mosque, Al-Masjid al-Haram, Saudi Arabia gets a large influx of believers every year for the Hajj, one of the Five Pillars of Islam. During this time of year, income was made by food and shelter sold to the travelers. This was enough to support the state, but not enough to make it the monetary power it is today. What allowed for Saudi Arabia’s climb in the world economic ladder was oil. Oil has been a valuable industrial resource since the beginning of World War 1. Since then the demand for oil has progressively become higher and higher amongst industrial nations, allowing for oil rich states to receive large amounts of affluence. Among these oil rich states is Saudi Arabia, the region with the highest capacity for oil production out of the entire Middle East. From their remarkably high oil production, Saudi Arabia was able to gain considerable amounts of wealth and political significance. Oil in Saudi Arabia politically affected the Saudi government in both their foreign and domestic policy by providing economic power, the ability to fund wars, the ability to use economic diplomacy.
On the board on Monday morning, there were numbers one through five and they each had a religion written next to them. 1 was Hinduism, 2 was Christianity, 3 was Judaism, 4 was Buddhism, and I was lucky enough to get 5: Islam. Oh, I know so much about Islam culture and their religion, are you kidding? I don’t even know where Islam is. I’m just kidding, it’s not a country. There are many differences between Islam and the United states like our religion, clothes, and food, and becoming a Christian or a Muslim, but Islam is the second largest religion in the world, so it’s important to a lot of people. The followers of Islam are called Muslims. Becoming a Muslim is not an easy process. You must do a long list of tasks. After you become a Muslim you must do everything in your power to try to have a good Muslim lifestyle.
Religion, in many forms, has had the most profound influence on human society throughout history. It’s been the basis for many human traditions, value systems, and conflict throughout the history of human civilization. Understanding religious traditions, relationships, and foundational beliefs enables humans to understand their differences and better prepare themselves to make decisions regarding religious interactions in the appropriate context. Religions are considered to be reliable and important in answering the most profound questions of human existence; where do we come from? What should we do while we are here? Since religion is so important so are the holy texts, because they put into words/ writing of guideline of what that religion is all about. In this essay I will attempt to explore and discuss a passage from Gospel of Luke 10:25-37 “The Good Samaritan” and “Surah Ar Rahman” from 55th Sura of the Qur'an and their relation to that particular religion.
First of all, let us outline how Islamic banks actually work and what their main differences are in comparison with conventional banks. In this banking system, banks are operated by Islamic laws (known as Sharia), so Islamic economic principles are considered as primary guidance. Two basic doctrines behind Islamic banking are the sharing of profit and loss and, significantly, the prohibition of the collection and payment of interest . Hence unlike conventional commercial banks, Islamic banks do not pay or charge interest on lending or borrowing of money. This is because the Sharia’s strictly prohibits, among other things, the receipt and payment of riba (interest) /. The interpretations to clarify the meaning behind this restriction suggests that earning or charging extra amount of money from debtor has to be seen something as immoral behavior, because making pressure on your borrower is actually unfair from the view point of Islam. To make it clear, the religion of Islam basically promote the principle of justic...
...e misinterpretation done by extremists and terrorists. Although the Qur’an might have controversial and sometimes rebuttal verses it all depends on the audience and the preacher. “The future of Islam and Muslims is inextricably linked to all of humanity. All of our futures will depend on working together for good governance, for freedom of religion, speech, and assembly, and for economic and educational advancement. Together we can contain and eliminate our preachers of hate and terrorists who threaten the safety, security, and prosperity of our families and societies.” Esposito’s final comment about what we as humanity should do in order to save the future of Islam is almost unimaginable yet it is at the same time the only rational way for human prosperity and peace.
...ot achieved , contractors are not allowed to operate freely . And they expect that the government will take resources from the rich and give it to the poor. Therefore, the moral aspects are an essential element of the difference between the market economy and Islamic concepts .