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Questions and Answers
What is the primary goal of the Islamic economic system?
Maximum utilization of resources to increase income through beneficial goods and services
What is the primary objective of wealth distribution in Islam?
To achieve social justice and reduce economic inequality
How does Islamic banking and finance differ from conventional banking?
It is based on Shariah principles, prohibiting interest and promoting risk-sharing
What is the role of Zakat in economic development?
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What is the Islamic perspective on economic inequality?
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How does the Islamic economic system promote social justice?
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What is the significance of Zakat in achieving economic development?
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What is the ultimate goal of Islamic economic principles?
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Economics is a social science that studies the economic problems of people imbued with ______ values
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The ______ approach to economics emphasizes fairness and justice
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______ is the ultimate goal of Islamic economic principles
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The ______ of Sharīʿah guides the principles of Islamic economics
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Islamic economics aims to promote ______ and well-being for all individuals in society
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Study Notes
Principles of the Islamic Economic System
- Al-Zakāh is imposed to maintain equitable differences in people's basic needs, while al-ʿAfw (surplus/charitable funds from surplus wealth) is recommended.
Attainment of Material Well-being
- Eradication of poverty and creation of conditions for full employment and job opportunities are essential.
- Development of training and education to advance individual's abilities and enable self-sufficiency is crucial.
- Construction of affordable and comfortable housing is a key factor.
- Promotion of Infāq in all economic activities is necessary.
- The system should be free from ribā.
Al-Falāh in Islamic Economics
- Increase in income results from the increase of only beneficial goods and services through the maximum utilization of resources.
Islamic Economics
- Islamic Economics is a social science that studies economic problems of individuals with Islamic values.
- It combines economics with Islamic principles and values.
- The field of Islamic Economics is focused on understanding economic issues from an Islamic perspective.
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Description
Explore the principles of Islamic economic system, including Sharīʿah's imposition of al-Zakāh and recommendation of al-ʿAfw to maintain equitable differences in people's basic needs.
