Islamic economics integrates religious principles with economic practices, emphasizing ethical considerations in financial dealings. It draws from Quranic teachings and Islamic jurisprudence to create a framework balancing individual freedom with social responsibility.
Key principles include the prohibition of (interest), mandatory for wealth redistribution, and -compliant financial instruments. Islamic banking offers alternatives to conventional systems, focusing on profit-sharing and ethical investments while adhering to religious guidelines.
Foundations of Islamic economics
Islamic economics integrates religious principles with economic practices, emphasizing ethical and social considerations in financial dealings
Draws heavily from Quranic teachings, prophetic traditions, and Islamic jurisprudence to create a comprehensive economic framework
Aims to balance individual economic freedom with social responsibility and community welfare
Quranic principles
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Top images from around the web for Quranic principles
Practical Distributism: An Economics of Justice & Charity View original
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Konstribusi Pemikiran Ekonomi Abu Yusuf Terhadap Perkembangan Ekonomi Islam Modern | Ekonomica ... View original
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Misconceptions About Zakat (mandatory charity or tax in Islam for Muslims) - Inch Wide. Mile ... View original
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Practical Distributism: An Economics of Justice & Charity View original
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Konstribusi Pemikiran Ekonomi Abu Yusuf Terhadap Perkembangan Ekonomi Islam Modern | Ekonomica ... View original
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Emphasizes economic justice and equitable distribution of wealth
Promotes charitable giving and discourages hoarding of resources
Encourages trade and entrepreneurship while prohibiting exploitation
Stresses the concept of stewardship () in managing resources
Prophetic traditions
Hadith literature provides practical guidance on economic transactions
Emphasizes honesty and transparency in business dealings
Encourages fair labor practices and timely payment of wages
Discourages monopolistic practices and price manipulation
Shariah compliance
Requires economic activities to adhere to Islamic legal principles
Prohibits involvement in (forbidden) industries (alcohol, gambling, pornography)
Mandates risk-sharing in financial transactions
Promotes ethical investment and socially responsible business practices
Prohibition of riba (interest)
Central tenet of Islamic economics that distinguishes it from conventional economic systems
Based on the principle of social justice and preventing exploitation of the economically vulnerable
Encourages risk-sharing and partnership-based financial models
Islamic view on usury
Riba considered a major sin in Islam, explicitly prohibited in the Quran
Viewed as an unjust practice that leads to economic inequality and exploitation
Includes both interest on loans and unequal exchanges in trade
Prohibition extends to both giving and receiving interest