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Islam Economic System - Essay Example

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Islam Economic System

Islam is a significant, growing, and dynamic presence in the world. (Microsoft Encarta 2007)
"Though 'Capitalistic' in nature, the Islamic economic system is not, however, based on the European or American capitalist economic principles, which in no way heed moral or ethical conceptions. The Islamic system obeys fully and unconditionally the dictates of moral and ethical doctrines. The difference between the Islamic and the capitalist economic systems is thus a cardinal and fundamental one.
"The Islamic economic system also laid down the principle of the equality of value between labor and capital, by recognizing that labor should be accorded equal consideration with capital--in fact that it can itself be regarded as form of 'capital'. (https://www.vedamsbooks.com/no34563.htm - 3k )
Islam's economic system is not merely a matter of broad appeal to voluntary charity; rather, it gives a more comprehensive approach or view of economic life, which in turn is based on the basic teaching in the tenets of Islam.
Despite the universality of the Islamic laws, the economic systems could vary since there are communist, socialist, capitalist, and Islamic economic systems. Each is based on goals, principals, or philosophies which are quite unique to that particular ideology.
Islam recognized that humans will unde...
om the buying of food, taking ownership of property, selling goods, investment, agriculture, taking loans, exchanging currency, taking up employment and giving work, setting up a company, importing and exporting abroad, disposing of assets etc. In this regard, Islam made a distinction between the economic system and economic science i.e. it views them as two separate issues. This is because there is a fundamental difference between the method of production of goods and services (economic science) from the manner of their distribution (economic system).
The production of goods and services follow no particular viewpoint in life. A conveyor belt is neither Capitalist, Islamic nor is Communist .It is universal. Questions as to how processes can be made more technological, how mechanisms and robots can improve productivity and how inventions can improve the process of manufacturing do not follow any specific viewpoint in life.
This means basic facts on productivity, marketing and manufacturing (economic science) remain the same irrespective of belief or location. This is similar to scientific facts. These are the same whether in China or the US because they are not influenced by any belief. They are questions based upon the reality i.e. understanding the reality at hand leads one to a conclusion. So the fact Inflation occurs when there is too much money chasing too few goods does not change if one is a Christian or if an atheist becomes Muslim or if one moves form China to the US. This is no different to the fact that wood burns whatever your religion or weather you're in the UK or the North Pole.
The distribution of resources, how goods and services should be given to the public, whether they should go to the rich or the orphans, aristocracy or the landlords is not a ...Show more

Summary

Todayabout1billion Muslims are spread over 40 predominantly Muslim countries and 5 continents, and their numbers are growing at a rate unmatched by that of any other religion in the world. Despite the political and ethnic diversity of Muslim countries, a core set of beliefs continues to provide the basis for a shared identity and affinity among Muslims…
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