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What is the term for Islamic economics that aims to foster prosperity while ensuring social balance?
What is the term for Islamic economics that aims to foster prosperity while ensuring social balance?
Economic Welfare
According to Islamic teachings, fair trade emphasizes transparency, but not necessarily honesty.
According to Islamic teachings, fair trade emphasizes transparency, but not necessarily honesty.
False (B)
Islam prohibits all forms of trade, as it is seen as potentially exploitative.
Islam prohibits all forms of trade, as it is seen as potentially exploitative.
False (B)
The Quran states that it is permissible to take a portion of someone else's property, if done with good intentions.
The Quran states that it is permissible to take a portion of someone else's property, if done with good intentions.
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What is the key principle of Islamic economics that aims to ensure fair distribution of wealth?
What is the key principle of Islamic economics that aims to ensure fair distribution of wealth?
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What is the Islamic practice that involves charitable giving and redistributes wealth from the affluent to those less privileged?
What is the Islamic practice that involves charitable giving and redistributes wealth from the affluent to those less privileged?
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The prohibition of interest (Riba) is considered a minor aspect of Islamic economics.
The prohibition of interest (Riba) is considered a minor aspect of Islamic economics.
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What is the term used for usury, considered exploitative in Islamic economics?
What is the term used for usury, considered exploitative in Islamic economics?
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What is the objective of Islamic economics by eliminating interest?
What is the objective of Islamic economics by eliminating interest?
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Islamic economics emphasizes social justice and poverty alleviation, placing a weak emphasis on improving well-being of society.
Islamic economics emphasizes social justice and poverty alleviation, placing a weak emphasis on improving well-being of society.
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Name the mechanism designed to provide financial assistance to those in need within Islamic economic systems?
Name the mechanism designed to provide financial assistance to those in need within Islamic economic systems?
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Islamic economics promotes the pursuit of individual economic interests above all else.
Islamic economics promotes the pursuit of individual economic interests above all else.
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According to Islamic economic principles, individuals are discouraged from engaging in economic activities, as these could potentially harm the community.
According to Islamic economic principles, individuals are discouraged from engaging in economic activities, as these could potentially harm the community.
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What are the main goals promoted by the Islamic economic system?
What are the main goals promoted by the Islamic economic system?
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What is the definition of Waqf in Islamic terms?
What is the definition of Waqf in Islamic terms?
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Once a Waqf is established, the donor retains ownership of the donated asset.
Once a Waqf is established, the donor retains ownership of the donated asset.
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Waqf has played a minimal role in promoting social welfare by addressing various community needs across history.
Waqf has played a minimal role in promoting social welfare by addressing various community needs across history.
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Waqf is intended to have a short-term impact and benefit the community.
Waqf is intended to have a short-term impact and benefit the community.
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Establishing Waqf reflects Islamic values of charity (sadaqah) and individual pursuit of prosperity
Establishing Waqf reflects Islamic values of charity (sadaqah) and individual pursuit of prosperity
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Waqf offers a way for individuals to contribute to the betterment of society, while adhering to religious principles.
Waqf offers a way for individuals to contribute to the betterment of society, while adhering to religious principles.
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What historical university in Fez, Morocco, is recognized by UNESCO as the world's oldest continuously operating educational institution?
What historical university in Fez, Morocco, is recognized by UNESCO as the world's oldest continuously operating educational institution?
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The Al-Qarawiyyin University was founded as a privately-funded school, not a Waqf.
The Al-Qarawiyyin University was founded as a privately-funded school, not a Waqf.
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What architectural marvel in Istanbul, Turkey, was funded through Waqf and includes a mosque, hospital, school, and kitchen for feeding the poor?
What architectural marvel in Istanbul, Turkey, was funded through Waqf and includes a mosque, hospital, school, and kitchen for feeding the poor?
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What mosque in Bangladesh, one of the largest in the world, was built with Waqf contributions and is considered a community center?
What mosque in Bangladesh, one of the largest in the world, was built with Waqf contributions and is considered a community center?
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The Baitul Aman Mosque provides only religious services.
The Baitul Aman Mosque provides only religious services.
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What is the term for institutions that provide financial services to entrepreneurs and small businesses based on Sharia principles, without involving interest?
What is the term for institutions that provide financial services to entrepreneurs and small businesses based on Sharia principles, without involving interest?
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Islamic microfinance institutions only utilize lending models.
Islamic microfinance institutions only utilize lending models.
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What is an example of an Islamic microfinance institution operating in Pakistan?
What is an example of an Islamic microfinance institution operating in Pakistan?
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What does SRI stand for in Islamic financial terms?
What does SRI stand for in Islamic financial terms?
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SRI in Islamic principles encourages investments in businesses related to alcohol.
SRI in Islamic principles encourages investments in businesses related to alcohol.
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What is an example of a US-based mutual fund that adheres to Islamic SRI principles?
What is an example of a US-based mutual fund that adheres to Islamic SRI principles?
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Islamic social welfare organizations operate only within their respective countries to address local needs.
Islamic social welfare organizations operate only within their respective countries to address local needs.
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Name a well-known Islamic social welfare organization that operates worldwide.
Name a well-known Islamic social welfare organization that operates worldwide.
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Study Notes
Economic and Social Welfare in Islamic Teachings
- Economic welfare emphasizes fair and just economic practices, fostering prosperity while ensuring social balance.
- Principles of fair trade include honesty, transparency, and fairness in transactions. Islam permits trade but warns against unfairness, exploitation, and deceit.
- The Qur'an discourages the wrongful appropriation of another's property; transactions should be based on mutual agreement.
- Islamic economics prioritizes equitable wealth distribution, seeking to avoid extreme income disparities and promote sharing of resources within society.
- Zakat, a form of charitable giving, plays a crucial role in redistributing wealth from the affluent to the less privileged.
- Riba (interest or usury) is considered exploitative and harmful to economic welfare; Islamic economics aims to create a fair and just financial system without interest.
- Islamic economics emphasizes social justice and aims to alleviate poverty, promoting the well-being of all members of society. Zakat is a key mechanism to achieve this.
- The system balances individual economic pursuits with the collective welfare of society. Individual economic activities should not harm the broader community.
- Cooperation, solidarity, and mutual support are promoted within the economic system.
Waqf (Endowment)
- Waqf, in Islam, is the act of dedicating a specific asset (property or funds) to a charitable cause.
- Once established, the donated asset is no longer owned by the donor and is permanently dedicated to the cause.
- Waqf historically plays a crucial role in addressing community needs and fostering social welfare.
- Waqf contributes to lasting charitable impact by generating ongoing benefits for the community over time.
- Waqf reflects Islamic values of charity and community support. It enables individuals to contribute to societal betterment while adhering to religious principles.
Historical Examples of Waqf
- Al-Qarawiyyin University (Fez, Morocco): A UNESCO-recognized oldest continuously operating educational institution, funded through Waqf. This provides free education for centuries.
- Suleymaniye Mosque Complex (Istanbul, Turkey): A 16th-century architectural marvel funded by Waqf and encompasses a mosque, a hospital, a school, and a kitchen for the poor (multifaceted contributions to community welfare).
- Baitul Aman Mosque (Bangladesh): One of the world's largest mosques, built using Waqf contributions. Now a community center for religious activities, education, and social gatherings.
Modern Economic and Social Welfare Programs Inspired by Islamic Principles
- Islamic Microfinance: Institutions operating based on Sharia principles, offering financial services to entrepreneurs and small businesses without interest. Often use Mudarabah or Musharakah profit-and-loss sharing models.
- Socially Responsible Investment (SRI): Involves investments in businesses aligning with ethical and socially responsible criteria. This includes avoiding investments in businesses related to alcohol, gambling, and other prohibited activities.
- Islamic Social Welfare Organizations: Organizations operating globally to address social welfare needs by combining charitable giving (Sadaqah) and providing programs to alleviate poverty, healthcare, and education.
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Description
Explore the principles of economic and social welfare found in Islamic teachings. This quiz covers concepts such as fair trade, wealth distribution, and the role of zakat. Understand how these teachings aim to promote justice and alleviate poverty in society.
