ISLAMIC ECONOMIC SYSTEM
ISLAMIC ECONOMIC SYSTEM
Definition of Economics
A. Ibnu Khaldun’s Definition Economics is the study of humankind’s civilization and human association. It also refers to activity related to humankind’s livehood, its development, progress and prosperity. The economic problem resides in efforts spent by people to obtain earnings that they used to satisfy their needs and necessities, for refinements and luxuries, and for acquisition and possession. Hence we can conclude that Economics is the study of human efforts in obtaining resources and using them, through exchange, for the fulfillment of necessities, needs and refinements as well as for the purpose of acquisition.
What is Islamic Economic System?
Several definitions of Islamic economics are ventured by Muslim Economist :
A. Hasanuz Zaman
Islamic economic system is the knowledge and application of injuction and rules of the Shari’ah that prevent injustice in the acquisition and disposal of material resources in order to provide satisfaction to human beings and enable them to perform their obligations to Allah and the societies.
B. Zaidan Abu al Makarim
Islamic economic system is the sciences that deal with wealth and its relation to man from the point of view of the realization of justice in all forms of economic activities.
C. M. Akram Khan
Islamic economic system is the study of human falah achieved by organizing the resources of earth on the basis of cooperation and participation.
In conclusion, Islamic economic system identifies a study of human behavior with regard to acquiring and using resources for the satisfaction of necessities, needs and other desires. This study is based on the assumptions of the Islamic paradigm.
Methodology of Elaborating Islamic Economic System The Islamic economic system is derived from the Qur’an and Sunnah .The Qur’an, as it is well known, does not devote special sections or chapters to any single issues or aspect of life. As for the Sunnah, the sayings and the actions of the
Definition of Economics
A. Ibnu Khaldun’s Definition Economics is the study of humankind’s civilization and human association. It also refers to activity related to humankind’s livehood, its development, progress and prosperity. The economic problem resides in efforts spent by people to obtain earnings that they used to satisfy their needs and necessities, for refinements and luxuries, and for acquisition and possession. Hence we can conclude that Economics is the study of human efforts in obtaining resources and using them, through exchange, for the fulfillment of necessities, needs and refinements as well as for the purpose of acquisition.
What is Islamic Economic System?
Several definitions of Islamic economics are ventured by Muslim Economist :
A. Hasanuz Zaman
Islamic economic system is the knowledge and application of injuction and rules of the Shari’ah that prevent injustice in the acquisition and disposal of material resources in order to provide satisfaction to human beings and enable them to perform their obligations to Allah and the societies.
B. Zaidan Abu al Makarim
Islamic economic system is the sciences that deal with wealth and its relation to man from the point of view of the realization of justice in all forms of economic activities.
C. M. Akram Khan
Islamic economic system is the study of human falah achieved by organizing the resources of earth on the basis of cooperation and participation.
In conclusion, Islamic economic system identifies a study of human behavior with regard to acquiring and using resources for the satisfaction of necessities, needs and other desires. This study is based on the assumptions of the Islamic paradigm.
Methodology of Elaborating Islamic Economic System The Islamic economic system is derived from the Qur’an and Sunnah .The Qur’an, as it is well known, does not devote special sections or chapters to any single issues or aspect of life. As for the Sunnah, the sayings and the actions of the