01.2 Islamic Economics Paradigm and Economic System.pdf

Islamic Economics Paradigm Asst. Prof. Resa Mae C. Laygan Department of Economics Mindanao State University-Iligan Institute of Technology PPT adopted from the class of Dr. Yuli Utami  Learning Objectives: Demonstrate understanding about the paradigm of Islamic economics, particular...

Islamic Economics Paradigm Asst. Prof. Resa Mae C. Laygan Department of Economics Mindanao State University-Iligan Institute of Technology PPT adopted from the class of Dr. Yuli Utami  Learning Objectives: Demonstrate understanding about the paradigm of Islamic economics, particularly, to gain knowledge about the Tawhidic Paradigm and the concept of vicegerency. Demonstrate understanding on the major attributes of Islamic Economic System. Islamic Economics Paradigm  Islamic Economics paradigm framework that integrates economic principles with Islamic teachings, aiming to achieve socio-economic justice, equitable distribution of wealth, and overall human well- being. deeply rooted in the concepts of Shariah (Islamic law) and is guided by the moral and ethical principles derived from the Quran and Sunnah (the practices and sayings of Prophet Muhammad). Islamic Economics Paradigm  Key Principles of Islamic Economics The concept of Tawhid (Oneness of Allah): Recognizing Allah as the sole creator and provider, emphasizing that all resources belong to Him and should be used for His pleasure. Importance of Social Justice and Equity for all members of the community Prohibition of Riba (interest) The principle of risk-sharing and profit-sharing The concept of Zakat (obligatory charity) Requiring individuals to donate a portion of their wealth to the needy Islamic Economics Paradigm  Tawhidic Paradigm Islamic Economics Paradigm  Concept of Vicegerency Islamic Economics Paradigm  Concept of Vicegerency Surat Al-Baqarah (2:30) And [mention, O Muhammad], when your Lord said to the angels, "Indeed, I will make upon the earth a successive authority." They said, "Will You place upon it one who causes corruption therein and sheds blood, while we declare Your praise and sanctify You?" Allah said, "Indeed, I know that which you do not know." Islamic Economics Paradigm  Major Attributes of Islamic Economics and Islamic Economic System Islamic Economics Paradigm  Basis of Islamic Economic System Islamic Economics Paradigm  Conventional Economic System Islamic Economics Paradigm  Islamic Economic System Islamic Economics Paradigm  Operational Principles in Islamic Economics Islamic Economics Paradigm  Islamic Economic System Islamic Economics Paradigm  Conclusion Islamic Economics paradigm is a framework that integrates economic principles with Islamic teachings and is based on Qur’an and Sunnah. Tawhidic paradigm emphasizes the concept of Tawhid (Oneness of Allah). The concept of vicegerency emphasizes the responsibility entrusted to humanity to act in accordance with divine guidance. Islamic Economics is derived from Qur’an and Sunnah Major Attributes of Islamic Economic System include Philosophical foundations (Tawhid, Ibadah, Khalifah, Tazkiyyah), Operational principles (Adl/Ihsan (justice/excellence), Takaful (cooperation), Responsibility/Accountability, and Moderation) and the goals of social-economic justice, economic development, efficiency, and stability. Islamic Economics Paradigm