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Islamic Economic System Principles

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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?

To redistribute wealth, reduce poverty, and promote economic growth Signup and view all the answers

What is the Islamic perspective on economic inequality?

It is considered a social injustice that must be addressed through fair distribution of wealth Signup and view all the answers

How does the Islamic economic system promote social justice?

Through fair distribution of wealth, provision of basic needs, and protection of the rights of the poor Signup and view all the answers

What is the significance of Zakat in achieving economic development?

It helps to reduce poverty, increase economic growth, and promote social welfare Signup and view all the answers

What is the ultimate goal of Islamic economic principles?

To achieve a just and equitable society where everyone's basic needs are met Signup and view all the answers

Economics is a social science that studies the economic problems of people imbued with ______ values

Islamic Signup and view all the answers

The ______ approach to economics emphasizes fairness and justice

Islamic Signup and view all the answers

______ is the ultimate goal of Islamic economic principles

Falāḥ Signup and view all the answers

The ______ of Sharīʿah guides the principles of Islamic economics

Objectives Signup and view all the answers

Islamic economics aims to promote ______ and well-being for all individuals in society

well-being Signup and view all the answers

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.