Got a tricky question? Receive an answer from students like you! Try us!

Islam Economic System - Essay Example

Only on StudentShare
College
Essay
Miscellaneous
Pages 9 (2259 words)

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…

Extract of sample
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 ...
Download paper
Not exactly what you need?

Related Essays

Economic of a Security System
airline and airport security. It provides trained federal employees for passenger and baggage screening and it supplies sky marshals (air marshals) for unnamed commercial flights (Salant, 2002). With all the increased taxes because of additional airport security undertaken by our government, is it still viable for airports to further add their own measures in security Will these measures not affect passenger's willingness to travel by air, given an additional $ 5 to their tickets and more minutes waiting in line…
2 pages (502 words)
Islam communities
Though his message was initially rejected, by the year 630 he had succeeded in gaining control of Mecca, the economic and religious center of the Arabian Peninsula. Muhammed died after two years, this does not stop the Islam religion to spread rapidly. In 750 A.D. Islam spread out in Spain, India, Asia, and Africa. Some of the well known philosophers and mathematician were believed to be Muslim. In the time of the golden era Christianity and Islam clashed, as a result of the so called science of debate or Kalam.…
5 pages (1255 words)
Islam in the Modern World
Traditional law remained in force. The Medina period established a new order and codified different religious traditions and separate laws. The Quran was revealed to Muhammad over a period of twenty-three years in order to meet the needs of the Islamic society in Mecca and then in Medina. It gradually provided an Islamic ideology for the community and, in the process, modified or supplemented existing customs not meeting Islamic standards. Quranic values were concretized and interpreted by the second material source of law, the Sunnah of the Prophet (Murata and Chittick 12).…
4 pages (1004 words)