Definition of Islamic Economic
Question 1
| |Conventional economic |Islamic economic |
|Definition |The study of how people make decisions about |Islamic economic studies man not only as an |
| |how to spend their resources on needed goods |isolated individual but of a social individual |
| |and services, relies on series of assumptions |having, faith (believing in Allah s.w.t.), |
| |that haven’t changed much in more than 80 years|ethics (believing in the six articles of faith,|
| | |his deeds are accountable to Allah s.w.t. as |
| | |guided by the Shari’ah and responsibility |
| | |(responsible in propagating good doing and |
| | |prohibiting bad doing in the society) |
|Scarcity of Resources |Based on theory of relative scarcity |Not share the idea of relative scarcity which |
| | |means Muslim scholars believe that Allah s.w.t.|
| | |has created resources in abundance as shown in |
| | |the following quranic verses. “To Allah belongs|
| |
| |Conventional economic |Islamic economic |
|Definition |The study of how people make decisions about |Islamic economic studies man not only as an |
| |how to spend their resources on needed goods |isolated individual but of a social individual |
| |and services, relies on series of assumptions |having, faith (believing in Allah s.w.t.), |
| |that haven’t changed much in more than 80 years|ethics (believing in the six articles of faith,|
| | |his deeds are accountable to Allah s.w.t. as |
| | |guided by the Shari’ah and responsibility |
| | |(responsible in propagating good doing and |
| | |prohibiting bad doing in the society) |
|Scarcity of Resources |Based on theory of relative scarcity |Not share the idea of relative scarcity which |
| | |means Muslim scholars believe that Allah s.w.t.|
| | |has created resources in abundance as shown in |
| | |the following quranic verses. “To Allah belongs|
| |