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Islam Economic System - Essay Example
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…
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 ...