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As a complete way of life, Islam has provided guidelines and rules for every sphere of society. Naturally, a functioning economic system is vital of a healthy society, as the consumption of goods and services and the facilitation of this by a common medium of exchange play a major role in allowing people to realize their material and other goals in life.
Islam has set some standards, based on justice and practicality, for such economic systems to be established. These standards aim to prevent the enmity that often occurs between different socioeconomic strata, and while they consider money to be among the most important elements in society, the gathering of which concerns almost every human being who participates in transactions with others, they do not lose sight of the fact that its position is secondary to the real purpose of human existence, the worship of Allah (God).
There are three foundational principles that comprise the economic system in Islam: personal property, freedom of activity, and the right of money. An Islamic economic system is not necessarily concerned with the precise amount of fiscal income and expenditure, imports and exports, and other economic statistics. While such matters are no doubt important, Islam is concerned with the spirit of the economic system.
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Muslim Economic Thinking: A Survey Of Contemporary Literature - Part Five
Development Of Economic Analysis In TheIslamic Framework
Muhammed Nejatullah Siddiqi
As the number of trained economists taking up our subject increases analytical approach to the issues under discussion gains in strength. The generation represented by Dr. Anwar lqbal Qureshi and Shelkh Mahmud Ahmad is followed by a number of younger economists like Khurshid... Read More |
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Production organization and employment strategy in an Islamic economy
- By M. Fahim Khan, Authors/ editors: Molla, Rafiqul Islam; Moten, Abdul Rashid; Gwandu, Abubakar Aliyu
Frontiers and Mechanics of Islamic Economics, Nigeria, University of Sokoto Press, 1988, pages: 91-106.
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Resource Mobilization And Investment In An Islamic Framework
- By Zaidi Sattar
The American Journal of Islamic Social Sciences -- Vol. 8 Issue 1; March 1991
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The Nature And Methodology Of Islamic Economics
- By Sule Ahmed Gusau
University of Sokoto, Nigeria; 1988
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Islamic Economics and Finance
- By Professor Muhammad Nejatullah Siddiqui
Institute of Islamic Banking and Insurance, London
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Islam & Contemporary Economic Systems
- By Dr. Muhammad Abdur Ra'uf
Muslim Students' Association of the United States and Canada -- reprinted 1973, 1970
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| Islamic Banking—The Jordanian Experience
Arab Law Quarterly, 2, Part 3, August 1987, 207-229 Read
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| ISLAMIC BONDS (SUKUK): ITS INTRODUCTION AND APPLICATION
Latest information about Sukuk Read More
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| Mudaraba Frame Work : Dr. Monzer Kahf
Prof. Monzer Kahf: I am presently working on Estate planning for Muslims in non-Muslim countries Read
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