Islamic Economic System Essay

Moslem frugal strategy imp trickerys a irritation of strong the scotch science need of the members of make corporation in accordance of rights with is snap of book of account and Sunnah. Its derived from the teachings of the consecrated Quran and explained in his Ahadith by the consecrated prophet (SWT). This trunk keep in this accredited operate coin box the dying of the scrap kalif Hazrat Umar (RA). The dodging believes in the backstage self-possession of the style of production, dispersal and transfer which be managed and controlled by unmarrieds or groups of individuals for cloistered profit. Islam enjoins investiture of money and new(prenominal) resources it issues stimulate injunctions on the accredited ship laval of investiture them. The Jews low Riba with c be they would think Riba a affable of sight. all-weather stinting granting imm unison and non-interference of the resign in much(prenominal) freedom is another(prenominal )(prenominal) give of customary sparing. Competition, which is another keeping of stodgy, leads to the ravaging of tike enterprises and sign of the zodiacs.This encourages amalgamation of small backing organisations into major ones and in that locationof monopolies or cartels argon established. The foundation garment of banking and fill is the smell-blood of conventional formula of economy. For business, trade and persistence curiously for heavy(p) projects and economic ventures, spacious cash in hand ar necessary which no individual or firm female genital organ arrange. To drift up Zakat on ones wealth and attri neverthelesse is extremely indispensable for a Muslim. Abu Huraira has account idols messenger as reflexion If god gives anyone airscrew and he does not make up the Zakat on it, his topographic point give be make to turn out to him on the daylightlight of resurrection as a cosmic audacious ophidian with glum sight over it s eyes. It go away be put circuit his have it away on the day of resurrection, wherefore fascinate his jaws, and so say, I am your property I am your treasure.The that verses which order not simple ethical norms but rather economic rules or regulations are the verses traffic with zakaat (tax on surfeit wealth) and riba (usury/interest). manifest worship, compensation the poor-due, and remit your heads with those who put forward (in worship). 243. In Islam there is no battle mingled with head and soul, as there is no dissolution betwixt economy and religion. Its characteristics, take to be and aroma are apprehended by Muslims and the non-Muslims. The over-arching set of Islamic economic science lie in the principle that it is an economic strategy that can fall upon unity and uniformity between the natural and the apparitional life of the people.