Attempt at Defining an Islamic Economic Order
There does not exist any comprehensive theory of Islamic economic order except certain slogans and axioms. Attempts to see certain elements of economic order in the Islamic teachings. Private property is legitimate with a social responsibility on the individual. Similarly, a freecompetitive market, with a role for the state to safeguard against concentration of economic power, is emphasised. The Islamic socialism pleaded by certain Arabs is nearer to neither Islam nor socialism. A scholarly paper based on secondary sources. Contains a number of controversial ideas. Documented. For Muslim economists.
Attempt at Defining an Islamic Economic Order
Objectives Of Economic System of Islam
The Islamic Economic Ethic and Economic
Discusses the basic principles of Islamic economic ethics. States the legal-institutional foundations of Islam. Explains the taxation system of Islam: poll tax, zakah, ‘ushr, kharaj,minerals’ taxes. Since these taxes were proportional, they hit the poor harder than the well-off. An abundance of slave labour in the fields prevented technification and emergence of industries’. Credit in Islam does not allow riba. It says that the experience of modern banking development over 2-3 centuries would have to be scrapped. However, Islamic banking requires nationalisation of banks. The property law of Islam, especially the law of inheritance, leads to fragmentation of property and thus to economic retardation. Concludes that the present-day backwardness of Muslim economies is not solely due to stagnation of religious thinking and tradition but also to other socio-economic factors. Religious thinking should adjust to the changing circumstances. A scholarly paper. Based on primarya and secondary sources. Documented.
The Islamic Economic Ethic and Economics
Basic Principles of Islamic Economic System