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    Islamic Economics - Online Lec1

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    Umair
    The document outlines the ideological foundations of the Islamic economics system. It discusses several key principles, including: 1) Resources are abundant and provided by God, so they should be utilized optimally according to his guidance rather than based on short-term scarcity views. 2) Humans are stewards of resources and should refrain from wasteful or unlawful uses that do not follow God's commands. 3) Wealth should circulate in the economy and be used for the benefit of society through ethical spending and prohibiting hoarding, with a sense of moral and social responsibility. 4) The system allows for private ownership, trade, and earning a livelihood through lawful means while promoting equitable distribution

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    Islamic Economics - Online Lec1

    Uploaded by

    Umair
    68 views3 pages
    The document outlines the ideological foundations of the Islamic economics system. It discusses several key principles, including: 1) Resources are abundant and provided by God, so they should be utilized optimally according to his guidance rather than based on short-term scarcity views. 2) Humans are stewards of resources and should refrain from wasteful or unlawful uses that do not follow God's commands. 3) Wealth should circulate in the economy and be used for the benefit of society through ethical spending and prohibiting hoarding, with a sense of moral and social responsibility. 4) The system allows for private ownership, trade, and earning a livelihood through lawful means while promoting equitable distribution

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    Islamic Economics.online lec1

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    The document outlines the ideological foundations of the Islamic economics system. It discusses several key principles, including: 1) Resources are abundant and provided by God, so they should be utilized optimally according to his guidance rather than based on short-term scarcity views. 2) Humans are stewards of resources and should refrain from wasteful or unlawful uses that do not follow God's commands. 3) Wealth should circulate in the economy and be used for the benefit of society through ethical spending and prohibiting hoarding, with a sense of moral and social responsibility. 4) The system allows for private ownership, trade, and earning a livelihood through lawful means while promoting equitable distribution

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    68 views3 pages

    Islamic Economics - Online Lec1

    Uploaded by

    Umair
    The document outlines the ideological foundations of the Islamic economics system. It discusses several key principles, including: 1) Resources are abundant and provided by God, so they should be utilized optimally according to his guidance rather than based on short-term scarcity views. 2) Humans are stewards of resources and should refrain from wasteful or unlawful uses that do not follow God's commands. 3) Wealth should circulate in the economy and be used for the benefit of society through ethical spending and prohibiting hoarding, with a sense of moral and social responsibility. 4) The system allows for private ownership, trade, and earning a livelihood through lawful means while promoting equitable distribution

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    Ideological Foundations of Islamic Economics System( page

    75 of Islamic Economics by prof. abdul hamed dar)


    Existence of the creator of the Universe
     Optimal level of world can be gained throw following guidance provided by its Creator
     Islamic gives the guidance that Creator knows better how things will work and function
    efficiently

    Man as Vicegerent
     Every one is ought to follow the orders of God even he is high dignitary in this world.
     Man is vicegerent of Allah in this world. We ought not to follow our wishes in handling of this
    world.

    Abundance of resources
     Islamic economics teaches us that resources are abundant unlike conventional economics.
     There is no distinction of short term and long term in Islamic economics. Resource are always
    abundant. We need to use it abundant.
     Ronald Reagan was presented facts about predictions for how long petroleum resources gonna
    end. Analysts predicted that they are gonna deplete at end of century. However, we have seen
    we got even more resources in 21first century.

    Resource Utilization for Allah’s will


    We should refrain from prohibited items and go for only halal products.

    Partiality of Economic Problems in Human life


    Sense of Responsibility

     Use resources with sense of accountability and caution.


     Every action of man will be weighed on grounds of good and evil.

    Maximum Utilization of resources


     Resources should not be idle
     Resources should not be wasted.
     All resources like land, labour and capital should be used at optimal level

    Lawful Things for Earning Livelihood


     Everyone who is involved in making prohibited products such as alcohol is being cursed by God.
     Islamic system discourage the unlawful production and consumptions
    Spending within the limits
     You should avoid stinginess and extravagance. Man has to fulfil his basic needs. He shouldn’t
    save wealth at expense of basic necessities At same time, money should not be wasted with
    sheer wastefulness

    Prohibition of Amassing Wealth


     Demonstrating the wealth through means of power and force is discourage. If good Muslim is
    blessed with handsome wealth, he shouldn’t use this extra wealth to get supreme treatment
    through suppressing others.

    Circulation of Wealth
     Islam teaches that If someone is bless with gigantic trove of wealth, he should not hoard money
    at home.
     He should spend it through different ways, so that money should circulate in society. Money
    can spend with charity.
     Ergo, Economy would grow if wealth segments of society give it enough stimulus through
    spending in different possible ways. Welfare
     of society will be increased.

    Economic Freedom

     There shouldn’t be any prohibition on individuals on trade and usage of halal products in either
    way.

    Private Ownership

     Islamc doesn’t disown you from having your own personal property.
     Man can use his personal property in either way for halal activities.
     He can either dwell his property for residence or he can make lucrative business.

    Equitable Distribution of Wealth


     Anything you can earn, with usage of your skills and abilities, you are welcomed to do it.
     Man should earn living according skills he possess.

    Moral Values

     During business conduct, we should demonstrate values of morality we derived from Islamic
    values.
     Through speaking gently and honestly, we can form stability in our conversations

    Flexibility
     Contemporary solutions for new emerging issues should be adopted in light of ijtihad.
     Islamic system has such flexibility to adopt new notions if they are against the basic principles
    set by Quran and Sunnah.

    Regulating Mechanism of Prices


     There should administration to set the prices, regulate those prices
     Prices of essential goods should be monitored so that less privileged should not deprived of
    basic necessities

    Government Interference
    Interference by state is essential for checking the well being of poor. Government has to interfere to
    increase the efficiency of market outcomes.

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