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Islamic economic system
Transcript of Islamic economic system
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
government companies various government administration 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
individuals various fiqh al-Muamalat laws:
al-Bal' Bithaman Ajil
al-Kafalah various Ijtima'i Laws:
al-Qardz al-Hasan Bare outline of the Islamic economic system (Sheikh Ghazali et al (1992)