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    Characteristics of Islamic Economics

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    Mahani Mohamad
    1. Islamic economics has its origins in divine teachings and confirms that God is the sole creator and provider of resources. Humans are responsible for utilizing resources to meet basic needs like food and shelter while improving upon raw materials. 2. Humans have an innate nature to recognize good and evil but this can become distorted if they give in to short-sighted desires. Understanding human behavior in economics requires investigating individuals and their role in communities. 3. As God's representatives, humans must establish moral social orders while resisting satanic forces trying to pull them towards immoral behavior. This requires using intellect to make economic choices and decisions despite the risk of error.

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    Characteristics of Islamic Economics

    Uploaded by

    Mahani Mohamad
    322 views1 page
    1. Islamic economics has its origins in divine teachings and confirms that God is the sole creator and provider of resources. Humans are responsible for utilizing resources to meet basic needs like food and shelter while improving upon raw materials. 2. Humans have an innate nature to recognize good and evil but this can become distorted if they give in to short-sighted desires. Understanding human behavior in economics requires investigating individuals and their role in communities. 3. As God's representatives, humans must establish moral social orders while resisting satanic forces trying to pull them towards immoral behavior. This requires using intellect to make economic choices and decisions despite the risk of error.

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    CHARACTERISTICS OF ISLAMIC ECONOMICS

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    1. Islamic economics has its origins in divine teachings and confirms that God is the sole creator and provider of resources. Humans are responsible for utilizing resources to meet basic needs like food and shelter while improving upon raw materials. 2. Humans have an innate nature to recognize good and evil but this can become distorted if they give in to short-sighted desires. Understanding human behavior in economics requires investigating individuals and their role in communities. 3. As God's representatives, humans must establish moral social orders while resisting satanic forces trying to pull them towards immoral behavior. This requires using intellect to make economic choices and decisions despite the risk of error.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    322 views1 page

    Characteristics of Islamic Economics

    Uploaded by

    Mahani Mohamad
    1. Islamic economics has its origins in divine teachings and confirms that God is the sole creator and provider of resources. Humans are responsible for utilizing resources to meet basic needs like food and shelter while improving upon raw materials. 2. Humans have an innate nature to recognize good and evil but this can become distorted if they give in to short-sighted desires. Understanding human behavior in economics requires investigating individuals and their role in communities. 3. As God's representatives, humans must establish moral social orders while resisting satanic forces trying to pull them towards immoral behavior. This requires using intellect to make economic choices and decisions despite the risk of error.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    CHARACTERISTICS OF ISLAMIC ECONOMICS

    1. Rabbaniyyah (Divine Origin)


    The concept of rabbaniyyah means that Islamic economics has a divine origin and is built
    upon the Islamic worldview confirming that God being the sole creator, owner and provider
    of resources. When placed on earth, humankind began to seek necessities for satisfying
    their needs for survival such as food, clothing and shelter and learned to produce them to
    meet their needs. Allah SWT has endowed mankind with ample resurces at their disposal,
    which they need to improve on by converting the available raw materials into usable objects
    fit to be consumed by human beings.

    2. Insaniyyah (Humanness)
    In fact, Allah SWT created humans with a fitrah (natural innate) which recognises good and
    evil, and with a conscience, but the same fitrah can become distorted by succumbing to
    one’s short sighted bestial nature. Humankind is responsible for managing the economy
    and any attempt made to understand human behaviour in the market place requires an
    investigation of the concept of human being as an individual and as a member of the
    community.

    3. Akhlaqiyyah (Ethicality)
    The role of humankind as Allah SWT vicegerent in establishing a moral and social order on
    earth is difficult as they are being constantly attacked by Satanic forces that reel them back
    to their bestial self. This requires an individual to exercise the power of intellect in dealing
    with economic problems and choices where the likelihood of falling into error cannot be
    overlooked.

    4. Wasatiyyah (Moderation)
    The need for balance and wasatiyyah is fundamental in any form of conduct as without it
    extremism emerges and often leads to injuries, discontent and unhappiness. The fact that
    Islam upholds moderation as a principles of good conduct implies that the benefits arising
    from such behaviour are manifested in all aspects of livelihood including economics.

    5. Waqi’yyah (Practicality)
    The Shari'ah prevents man from indulging into wastage. In achieving this efficiency,
    knowledge derived from non-divine or scientific sources cannot be lowered s ungodly.
    Islamic economics uses reasons and facts to understand and explain the realities. For
    example, to increase sales, it should first conduct marketing research. In a partnership, the
    search for a credible partner would require due-diligence assessment and so on. This is to
    say that the law of nature cannot be ignored even when business is run under an Islamic
    label. Muslims and non-Muslims alike are expected to obey the natural law. Working against
    this law is only inviting disaster and chaos as it will go against the working nature. Business
    in doomed to fail when the law of demand and supply is ignored for example.

    6. ‘Alamiyyah (Universality)
    Islamic economics is not only for Muslims. It is for the entire humanity. One implication of
    this universality is the need to study economic life of Musims and non Muslims in their
    economic behaviour, institutions, policies and thought. It should also study and critically
    review all accumulated human economic knowledge. Another important implication is that
    Islamic economics rhetoric should always be universal.

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