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Islamic economic system

Describes the Islamic economic system
by

ummi ahmad

on 7 September 2012

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Transcript of Islamic economic system

ISLAMIC ECONOMIC SYSTEM Philosophy Principles Rules prohibition of riba qirad inheritance system Allah is One Judgment day Individual liberty Right to property Balance ownership Justice zakah social insurance debts & loans
insurance role of the government MUAMALAT PRINCIPLES mutual consent truthfulness trustworthiness fair treatment honoring generosity &
leniency PRINCIPLES OF ISLAMIC INVESTMENTS investment = an activity to transform an asset to other assets. invest to a company or activity that is permissible (halal) no guarantee of profits based on capital no element of gharar (uncertainty) mutual consent no element of riba' ... small SIASI SECTOR (Public sector) TIJARI SECTOR (Private sector) IJTIMAI SECTOR (Social welfare sector) maintenance of law,order,justice and defense
promulgation and implementation of economic policies
management of properties under State ownership
economic intervention as necessary SECTOR SOME MAJOR
FUNCTIONS POSSIBLE INSTITUTIONS SOME RELEVANT
SHARI'AH LAWS government ministries
statutory bodies
government companies various government administration laws:
company laws
commercial laws
land laws
mining laws
taxation laws creation of wealth (economic activities of production consumption and distribution Islamic social security (al-Takaful al-Ijtimai) owner-operator
sharikah (partnership, join-stock company and co-operative society public-sector entities
bait at-Mal
bait al-Zakah
private-sector entities
charitable organizations
individuals various fiqh al-Muamalat laws:
al-Mudharabah
al-Musharakah
al-Bal'
al-Bal' Bithaman Ajil
al-Ijarah
al-Rahn
al-Kafalah various Ijtima'i Laws:
al-Zakah
al-Waqf
al-Tarikah
al-Sadaqah
al-Qardz al-Hasan Bare outline of the Islamic economic system (Sheikh Ghazali et al (1992)
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