Salient Features of Islamic Economics
Topic:
Salient features of Islamic economics compared with capitalism and socialism
Lahore College for Women University
“Islamic Economics and its Features” System: System can be defined as: “System (from Latin systema, in turn from Greek systēma) is a set of interacting or interdependent entities, real or abstract, forming an integrated whole.” We can also define system as “A group of D that interact regularly to perform a task.” There are many systems regarding state and most important is economics system of a country let us discuss it and explain the economic system of a country with reference to Islam. Economics system:
An economic system is a system that involves the production, distribution and consumption of goods and services between the entities in a particular society. The economic system is composed of people and institutions, including their relationships to productive resources, such as through the convention of property. In a given economy, it is the systemic means by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources. Examples of contemporary economic systems include capitalist systems, socialist systems, and economic system of Islam. Economic systems are the economics category that includes the study of respective systems.
We can also define economics system as:
"An organized way in which a state or nation allocates its resources and apportions goods and services in the national community.”
As we have discussed above that basically there are four types of economic system let us discuss Islamic economic system and its features in detail.
Islamic Economic System:
Islamic Economic System implies a mood of satisfying the economics needs of the members of organized society in accordance with is injection of Quran and Sunnah. The mood of spending production, distribution and exchange of wealth is determined by the tenor of these
Salient features of Islamic economics compared with capitalism and socialism
Lahore College for Women University
“Islamic Economics and its Features” System: System can be defined as: “System (from Latin systema, in turn from Greek systēma) is a set of interacting or interdependent entities, real or abstract, forming an integrated whole.” We can also define system as “A group of D that interact regularly to perform a task.” There are many systems regarding state and most important is economics system of a country let us discuss it and explain the economic system of a country with reference to Islam. Economics system:
An economic system is a system that involves the production, distribution and consumption of goods and services between the entities in a particular society. The economic system is composed of people and institutions, including their relationships to productive resources, such as through the convention of property. In a given economy, it is the systemic means by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources. Examples of contemporary economic systems include capitalist systems, socialist systems, and economic system of Islam. Economic systems are the economics category that includes the study of respective systems.
We can also define economics system as:
"An organized way in which a state or nation allocates its resources and apportions goods and services in the national community.”
As we have discussed above that basically there are four types of economic system let us discuss Islamic economic system and its features in detail.
Islamic Economic System:
Islamic Economic System implies a mood of satisfying the economics needs of the members of organized society in accordance with is injection of Quran and Sunnah. The mood of spending production, distribution and exchange of wealth is determined by the tenor of these