Podcast
Questions and Answers
What has Malaysia achieved through its New Economic Policy (NEP)?
What has Malaysia achieved through its New Economic Policy (NEP)?
Turkey is solely dependent on oil exports for its economic stability.
Turkey is solely dependent on oil exports for its economic stability.
False (B)
Name one challenge faced by Islamic economies.
Name one challenge faced by Islamic economies.
Unemployment
The UAE has shifted from an oil-dependent economy to a __________ economy.
The UAE has shifted from an oil-dependent economy to a __________ economy.
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Match the following countries with their economic achievements:
Match the following countries with their economic achievements:
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What year was the Organisation of Islamic Cooperation (OIC) established?
What year was the Organisation of Islamic Cooperation (OIC) established?
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The OIC has 57 member states spread across five continents.
The OIC has 57 member states spread across five continents.
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What is the main goal of the Organisation of Islamic Cooperation (OIC)?
What is the main goal of the Organisation of Islamic Cooperation (OIC)?
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The OIC was established following the criminal arson of the __________ in occupied Jerusalem.
The OIC was established following the criminal arson of the __________ in occupied Jerusalem.
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Which country is focusing on economic diversification through Vision 2030?
Which country is focusing on economic diversification through Vision 2030?
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Match the Islamic countries to their economic characteristics:
Match the Islamic countries to their economic characteristics:
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Malaysia's economy is primarily based on agriculture.
Malaysia's economy is primarily based on agriculture.
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What significant challenge does Saudi Arabia face in their economic transition?
What significant challenge does Saudi Arabia face in their economic transition?
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What is the central purpose of public policy in the Islamic economic system?
What is the central purpose of public policy in the Islamic economic system?
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Islamic economic systems advocate for individual action primarily over collective action.
Islamic economic systems advocate for individual action primarily over collective action.
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What does Islam emphasize as the Achilles’ heel of today’s capitalist system?
What does Islam emphasize as the Achilles’ heel of today’s capitalist system?
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Islam integrates capitalism with a strong dose of __________ and __________.
Islam integrates capitalism with a strong dose of __________ and __________.
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Which of the following is NOT an area embraced by public policy in Islam?
Which of the following is NOT an area embraced by public policy in Islam?
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List one principle of public sector governance emphasized in Islamic economics.
List one principle of public sector governance emphasized in Islamic economics.
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Match the following concepts to their corresponding areas of public policy in Islam:
Match the following concepts to their corresponding areas of public policy in Islam:
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Islam calls for the preservation of the environment, including __________, __________, and __________.
Islam calls for the preservation of the environment, including __________, __________, and __________.
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Study Notes
Islamic Economic System
- In the Islamic economic system, the government is responsible for programs that benefit the community (ummah).
- Collective action is prioritized over individual action.
- Individuals are expected to follow rules set by a higher power and confront those who disobey or oppress others.
Public Policy Goals
- The central purpose of public policy is to promote a healthy society where individuals can prosper.
- This aligns with the goals and values outlined in the Quran and examples set by the Prophet.
- Islamic economic principles embrace capitalism, but with strong ethical considerations and a focus on justice.
- These are similar in some ways to the capitalism of Adam Smith
Justice and Equity
- Islam emphasizes fairness and justice in all aspects of life.
- The lack of morality, fairness, and justice are considered the weakness of the modern capitalist system highlighted in recent global crises (starting in 2007).
- The crisis is not only due to poor economic management but also rooted in selfishness, injustices, and poorly designed public policy
Public Policy in Islam
- Public policy encompasses several areas, including governance, legal systems, human freedoms, and respect for diversity.
- These principles relate to areas like avoiding corruption, fairness in the courts, and protection against discrimination
- There is a focus on environmentally sustainable practices, ensuring equitable use of natural resources.
Organisation of Islamic Cooperation (OIC)
- The OIC is the second largest international organization after the UN.
- It has 57 member states across four continents.
- It represents the collective voice of the Muslim world.
- OIC aims at protecting Muslim interests and promotes international peace and harmony.
- It was formed in response to the arson of the al-Aqsa Mosque in Jerusalem in 1969.
- The OIC has consultative relations with other international organizations.
- Its role includes protecting Muslim interests, reducing discrimination, and resolving conflicts.
Current Economic State of Various Islamic Countries
- Saudi Arabia: Heavily reliant on oil revenue but making efforts to diversify its economy.
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Malaysia: Diversified economy with strong manufacturing and agricultural sectors, moving from an agrarian to an industrial economy.
- Challenges include income inequality and market volatility.
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Turkey: Mix of modern industry and traditional agriculture, focusing on economic stability.
- Political factors have influenced economic growth challenges.
Factors Influencing Economic Development
- Oil dependence: Countries heavily reliant on oil revenues may face challenges diversifying their economies.
- Diversification efforts: Countries actively trying to diversify beyond oil or other single-sector economies are facing successes and challenges.
- Political stability: Stable political environments tend to encourage economic development.
Challenges Faced by Islamic Economies
- Unemployment
- Income inequality
- Impact of globalisation
Success Stories
- Malaysia: Successful transformation from an agrarian to an industrial economy, driven by policies like the New Economic Policy.
- UAE: Shift away from oil dependence through diversification into sectors like tourism, real estate, and finance.
- Indonesia: Development and success of Islamic finance models, especially shariah-compliant banking practices.
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Description
Explore the principles of the Islamic economic system, focusing on communal benefits, justice, and ethical considerations in public policy. Understand how these values align with capitalism while addressing moral issues in modern economies. Delve into the intersection of faith and economic practices.
