Islamic Principles of Right and Wrong

Questions and Answers

Freedom to engage in any business or vocation without consideration for Halal or Haram

Freedom to adopt any profession without restrictions

Freedom to earn and spend wealth as one likes, within the bounds of Halal (correct)

Freedom to own and enjoy wealth without any limits

To bridge the gap between the rich and the poor (correct)

To ensure everyone has an equal share of wealth

To provide basic necessities of life to all members of the community

To eliminate the concept of private ownership

Halal refers to lawful means of consumption, while Haram refers to unlawful means

Halal refers to rich people, while Haram refers to poor people

Halal refers to permitted means of production, while Haram refers to prohibited means (correct)

Halal refers to economic freedom, while Haram refers to economic restrictions

Heading towards a positive way, achieving goals, and having good luck Signup and view all the answers

Resources are adequate, and therefore should be utilized efficiently Signup and view all the answers

To achieve falah in this world and the hereafter Signup and view all the answers

Adequacy of resources Signup and view all the answers

Falah is dependent on human behavior towards resources Signup and view all the answers

Analyzing human behavior towards resources Signup and view all the answers

To provide livelihood to the creatures of Allah SWT Signup and view all the answers

Study Notes

Allah determines what is right (Halal) and wrong (Haram) for humans.
Humans have been given the freedom to make the most of God's gifts, within the bounds of moderation and prudence.

Islam discourages extremism and encourages moderation, as Muslims are called a "middle nation" (Qur'an 2:143).
In earning and spending wealth, Muslims should avoid excess and balance their needs with charity and relief for the poor.

Islamic economic system is based on justice, ensuring fair production, distribution, consumption, and exchange.
Justice demands that economic resources and wealth are distributed to bridge the gap between the rich and poor, and provide basic necessities for all.

Islamic principle of economic freedom allows individuals to earn, own, and spend wealth as they like, within the bounds of Halal means.
Freedom to adopt any profession or business, but limited by restrictions of Halal and Haram.

Islamic theory defines falah as heading towards a positive way, achieving happiness, good fortune, and success.
Falah is the ultimate goal of human life, achieved through deeds in this world and rewarded in the hereafter.

Resources of earth are meant to provide livelihood for all creatures of Allah.
Islamic economic studies resources from the perspective of adequacy, not scarcity.
Resources are considered adequate to achieve falah, if utilized correctly.

Islamic economics is important for its own sake and for bridging the gap in modern economics.
It provides an alternative to Western-style economic analysis, which may not fit every society.
Islamic economics is essential for the whole of mankind, considering spiritual, cultural, social, and political differences.