Questions and Answers
What is the framework of Islamic Economics aimed at achieving?
Socio-economic justice and equitable distribution of wealth.
Which of the following is NOT a key principle of Islamic Economics?
The concept of Zakat requires individuals to hoard their wealth.
False
What does the Tawhidic Paradigm emphasize?
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The concept of _______ refers to the responsibility entrusted to humanity to act in accordance with divine guidance.
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Which of the following is a major attribute of the Islamic Economic System?
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What does the term 'Riba' refer to in Islamic Economics?
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Match the following concepts with their descriptions:
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Study Notes
Islamic Economics Paradigm
- Integrates economic principles with Islamic teachings aiming for socio-economic justice and equitable wealth distribution.
- Rooted in Shariah (Islamic law) and guided by moral principles from the Quran and Sunnah.
Key Principles of Islamic Economics
- Tawhid (Oneness of Allah): Acknowledges Allah as the sole creator and provider of resources.
- Social Justice: Emphasizes equity for all community members, promoting societal harmony.
- Prohibition of Riba: Interest is forbidden, advocating for ethical financial transactions.
- Risk and Profit Sharing: Encourages collaborative economic partnerships, enhancing mutual benefit.
- Zakat: Obligatory charity where individuals donate a portion of their wealth to assist the needy.
Tawhidic Paradigm
- Focuses on the concept of Tawhid, reinforcing the belief in Allah's oneness and sovereignty over all resources.
Concept of Vicegerency
- Derived from Surat Al-Baqarah (2:30), it presents the idea of humanity as stewards of the Earth, entrusted with the responsibility to maintain balance according to divine guidance.
Major Attributes of Islamic Economics
- Philosophical Foundations: Includes Tawhid, Ibadah (worship), Khalifah (stewardship), and Tazkiyyah (purification).
- Operational Principles: Centred around justice (Adl) and excellence (Ihsan), cooperation (Takaful), and fostering responsibility, accountability, and moderation.
Conclusions and Goals
- Islamic Economics is a framework grounded in the Quran and Sunnah, promoting social-economic justice and development.
- Aims for efficiency and stability within the economic system while adhering to divine ethical guidelines.
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Description
Test your knowledge of Islamic economic principles, including the concepts of Tawhid, social justice, and the prohibition of Riba. This quiz covers essential teachings from Shariah and their application in promoting economic equity and ethical financial practices.
