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
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sources (BOOKS‚ INTERNET‚ ARTICLES‚ ETC). Table of Contents MCQS Islam…………………………………………………………………….…………………. Pophet Muhammad (pbuh)…………………………………….………………… Battles of Islam…………………………………………………………………………. Salaat…………………………………………………………………..…………………. Zakat………………………………………………………………………………………. Saum/fasting…………………………………………………………………………… Hajj…………………………………………………………………………………………. Prophets of Islam……………………………………………………………………. Al-Qur’an…………………………………………………………… …………………. Ummul Momnieen………………………………………………………
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ZIA-UL-HAQ AND ISLAMIZATION When General Zia-ul-Haq took over as the Chief Martial Law Administrator on July 5‚ 1997‚ Islamization was given a new boost. General Zia-ul-Haq was a practicing Muslim who raised the slogan of Islam. The Islamic sentiment has always been fully alive in Pakistan. Various governments have used this to their benefit. There are people who doubt Zia’s reasons for raising the Islamic Slogan; whether it was for political purposes to counter balance Bhutto’s appeal or was it
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of Islam in different ways (Dunn 1). The Five Pillars of Islam are Faith (shahada)‚ Prayer (salat)‚ Charity (zakat)‚ Fast‚ and Pilgrimage (hajj). Shahada is the declaration of faith‚ i.e. the professing that there is only one God (Allah) and that Muhammad is God’s messenger. Salat is the Islamic prayer. It consists of five daily prayers that are recited while facing the Ka’bah in Mecca. Zakat or alms-giving is the practice of charitable giving by Muslims based on accumulated wealth‚ and is obligatory
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sickness‚ disability‚ unemployment or old age.’ What responsibility do we have as Muslims to address this issue? - In Islam helping people who live in poverty or are poor are to be given a lot of importance. One of the 5 pillars of Islam is ‘Zakat’. Zakat is a form of giving to those who are less fortunate. It is obligatory upon all Muslims to give 2.5 % of wealth and assets each year (in excess of what is required) to the poor. Therefore it will help the families to buy the basic necessities of
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Some scholars in Islamic economics argued that the concept of time value of money is a key to the door or riba which is prohibited in Islam. However‚ some scholars are of the opinion that time value of money is a concept valid in Islamic economics. What are your opinions on this issue? DISCUSSION: Islam prohibits riba because riba deprives justice and discourage people from undertaking real economic activities. Profit earned from money that is loaned to debtor is considered as interest or usury
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3. SOCIO-ECONOMIC ISSUES (SELECTED TOPIC) (8 hours) POVERTY 3.1 Overview socio-economic policies – briefly discuss poverty‚ inequality of income distribution‚ unemployment and pollution. ➢ Poverty and income distribution are two socio-economic problem faced by Malaysia. ➢ We have other socio-economic problem such as unemployment and distribution. ➢ Poverty still exist in urban‚ rural‚ any state‚ and among ethnic. It is related to underdeveloped area‚ lack of infrastructure
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Islamic bank are: * The absence of interest-based (riba) transactions; * The avoidance of economic activities involving oppression (zulm) * The avoidance of economic activities involving speculation (gharar); * The introduction of an Islamic tax‚ zakat; * The discouragement of the production of goods and services which contradict the Islamic value (haraam) On the other hand‚ conventional banking is essentially based on the debtor-creditor relationship between the depositors and the bank on one
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Comparisons and Contrasts between Christianity‚ Islam‚ and Judaism Between the religions of Christianity‚ Islam‚ and Judaism‚ there are many similarities and differences that are dealt within each of them. Throughout these religions‚ we can compare and contrast different aspects of each religion such as some of the basic facts of their histories and some of the religious beliefs each of them have in common and or make them different from each other. In the country known as Palestine‚ the religions
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TWO NATION THEORY Muhammad Asbaq Younis MEANING OF TWO NATION THEORY The Two Nation theory means the cultural‚ political‚ religious‚ economic and social dissimilarities between the two major communities‚ Hindus and Muslims of the Subcontinent. This theory means that there were two nations in the subcontinent‚ the Hindus and the Muslims. Subcontinent consists of two different communities having their own philosophy of life. This theory gave rise to two distinct political ideologies
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