Using your phone's internet browser
go to:  qna.rediff.com
Click and drag this link to
the Home icon in your browser.
Q.

What Is Economic System as envisaged by Islam ?

Tags: education, system, science
Asked by TruthMission, 27 Jan '10 10:12 am
  Invite a friend  |  
  Save  |  
 Earn 10 points for answering
Answer this question  Earn 10 points for answering    
4000 characters remaining  
  
    
Keep me signed inNew User? Sign up

Answers (4)

 
1.

We have both Macro economic system and individual or microeconomic principles given by Islam. The macro Economic principle is the system enforced by prophet Yusuf ( PBUH) the way he arranged the economy of Egypt and ensured the continuous supply of food to all without any inflation or price hike during the 7 year long draught, Barter system and gold parity ( Paper currency system is not considered to be good in Islam as it leads to inflation and poor mass suffering the most because of it)......We have many books on individual economic system too. Which asks for controlled expenses, charity, sadqa and zakat....etc.
Answered by Nashaat Quadri, 27 Jan '10 08:13 pm

 
  
Report abuse
Useful
 (1)
Not Useful
 (0)
Your vote on this answer has already been received
2.

Islam has given complete guide of living which includesall aspects. When we read Quran or the Prophetic traditions, we find instructions and guidance regarding all aspects of our life whether its political, social, economic, material, ethical, national and international etc. These instructions provide use of the necessary details to perform every act.
Let me quote Quran here for youFair/Honest Dealing in Trading, Buying and Selling :Allaah Says (what means): O you who believe! Stand out firmly for Allaah, as witnesses to fair dealing, and let not the hatred of others to you make you swerve to wrong and depart from justice. Be just: and fear Allaah. For Allaah is well-acquainted with all that you do. [Quran 5:8] Hakim bin Hizam (R.A) narrates that Hazrat Muhammad (S.A.W.W) said, The seller and the buyer have the right to keep or return goods as long as they have not parted or till they part; and if both the parties spoke the truth and described the defects and qualities (of the goods), ...more
Answered by Mohammed asim nehal, 27 Jan '10 12:54 pm

 
  
Report abuse
Useful
 (1)
Not Useful
 (0)
Your vote on this answer has already been received
3.

The economic life of Islam is also based upon solid foundations and Divine instructions. Earning ones living through decent labor is not only a duty but a great virtue as well. Dependence of any able effortless person on somebody else for a livelihood is a religious sin, a social stigma and disgraceful humility.

A Muslim is enjoined by God to be self-supporting and to stay away from being a liability on anybody. Islam respects all kinds of work for earning ones livelihood so long as there is no indecency or wrong involved. With a clear conscience and due respect from society the Muslim can roll up his sleeves and undertake any kind of work available to provide for himself and his dependents. Prophet Muhammad is reported as having said that it is far better for one even to take his rope, cut wood, pile it up and sell it in order to eat and give charity than to beg others whether they give him or not. According to Islam, the status of honest working men cannot be lowered ...more
Answered by salmanfarsi, 27 Jan '10 11:02 am

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received
4.

Islam is an entire way of life, and Allah's Guidance extends into all areas of our lives. Islam has given detailed regulations for our economic life, which is balanced and fair. Muslims are to recognize that wealth, earnings, and material goods are the property of God, and we are merely His trustees. The principles of Islam aim at establishing a just society wherein everyone will behave responsibly and honestly. The fundamental principles of the Islamic economic system are as follows:

* Muslims are not to deal in interest. "Those who devour usury will not stand....Allah has permitted trade and forbidden usury.... Allah will deprive usury of all blessing, but will give increase for deeds of charity...." (Qur'an 2:275-6) "O you who believe! Devour not usury, doubled and multiplied. But fear Allah, that you may really prosper." (3:130) This prohibition is for all interest-based transactions, whether giving or receiving, whether dealing with Muslims or non-Muslims. ...more
Answered by jameel ahmed, 27 Jan '10 10:17 am

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received

Ask a Question

Get answers from the community

600 characters remaining

Related Answer

Q.
A

The truth is nearly all women have cellulite. A staggering ninety per cent of post-adolescent women have the dreaded orange peel-skin look. It is not ..more

Answered by Ataur Rahman