The Economy ~ Islamic Education

The word economy ( Iqtisaad) is derived from an old Greek term, which means the planning of home affairs, such that its active members associate in producing the commodities and performing the services, and all of its members share in enjoying what they possess. Through time, people extended the meaning   of home until it meant the community that is governed by one State. It is not intended to use the word economy (Iqtisaad) in its linguistic meaning, which is saving, or to mean funds. What is meant is the technical meaning of the word i.e. the management of funds, either by its increase, and securing of its production, which is discussed in economic science; or by the manner of its distribution, which is discussed in the economic system.

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Introduction to Economic System Part 4 ~ Islamic Education

The partial abolition of ownership in Socialism is a limitation of ownership by quantity, rather than by the ways and means of ownership. It prevents ownership of some properties, which by their nature and by the nature of their origin should be individually owned. Socialism either limits ownership in magnitude, such as limiting ownership of land up to a certain area, or it limits ownership of certain properties such as the means of production. Individuals could own many of these properties, by their nature. Ownership restrictions of this type of property restricts activity whether the restriction was pre-specified by the law, such as preventing inheritance, ownership of mines, railways, or factories; or if it were left to the State to decide, on a case by case basis, to prevent possession wherever public interest requires it to do so. All this is restriction of the activity of individuals, for individuals can own these properties by their very nature.

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Introduction to Economic System PART 3 ~ Islamic Education

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After this, Karl Marx used Ricardo's theory of value in Capitalism as a weapon to attack the concept of private property and Capitalism as a whole. He said that the only source of value is the work spent in a commodity's production, and that the Capitalist financier buys the energy of a worker with a wage that does not exceed the limit necessary to keep him alive and able to continue working. The financier then exploits the energy of the worker by making him produce commodities, whose value greatly exceed that which is paid to the worker. Karl Marx called the difference between what the worker produces and what he is actually paid, the 'surplus value'. He determined that this value represents what the landlords and the business people usurp from the worker's rights, in the name of revenue, profit or rate of return on capital, a matter that he did not acknowledge as valid.

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Introduction to Economic System PART 2 ~ Islamic Education

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The country could be rich in natural  resources, as in the case of Iraq and Saudi Arabia, but the basic needs of most of their citizens are not satisfied completely. Therefore, the increase of production by itself, does not solve the basic problem which must be treated first and foremost, which is the complete satisfaction of the basic needs of each and every individual, and following that enabling them to satisfy their luxuries.

Therefore, the poverty and deprivation required to    be treated is the non-satisfaction of the basic needs of man as a human being (i.e. food, shelter and clothing), not the increasing luxuries resulting from urban progress. Hence, the problem to be treated is the poverty and deprivation of every individual in the society, not the poverty and deprivation of the country measured as a whole.

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Islamic Inspiration : The Meaning of Rizq

Allah (swt) claims,

“Verily, Allah offers ordered from the believers his or her existence in addition to his or her properties intended for (the price) which theirs shall be the actual Paradise…. “

[TMQ Surah At-Tawbah: 111]

Typically of thumb, most of us obviously have a tendency to concern yourself with items that come in our own ownership. So for instance, most of us endure irritations in the event that most of us get a the begining on our own car or truck compared to in the event that it comes about for you to somebody else or maybe become anxious as soon as our own. Generally, the 2 many precious ownership that we concern yourself with (and most of us presume is actually ours) tend to be our own existence in addition to prosperity. However Allah azza wajjal reminds you with this Ayah these factors are not mine, intended for They have ordered it by you, exactly why concern yourself with these kind of things?

Presently there nevertheless appears to be deficiencies in knowing regarding the thought of rizq amidst yourself, in ways that most of us generally befuddle the actual circumstances through which most of us achieve our own rizq while using the actual reason for rizq. We have now confident yourself which our Rizq, provide in addition to upcoming, should come primarily by your own initiatives. The more most of us have difficulty in addition to struggle, the more most of us shall obtain in addition to attain.

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The Quest for Economic Progress – An Islamic Blueprint for Pakistan

From nowadays while Capitalist fiscal options have a very electronic monopoly inside debate connected with economics regarding equally Muslims along with kuffar, it is crucial that your doing work substitute product is actually introduced towards globe. Since the recent Credit crunch possesses shaken your worldwide Capitalist framework to be able to its quite footings, persons world-wide are usually wondering its realistic stableness along with intelligent validity. Since the individual bankruptcy connected with Capitalist considered is actually revealed, there is an important must swap the item which has a realistic substitute product that is certainly based upon noise tips and it has a new pedigree connected with achievement.

This e-book is usually a presentation of a realistic substitute Islamic fiscal product, along with Pakistan as being a case study, where to develop a new active along with innovative overall economy fit for that 21st One hundred year. Responding to places seeing that assorted seeing that agriculture to be able to electricity, this kind of e-book is usually a formula regarding converting a new source abundant still inadequately managed country like Pakistan by an fiscal reliant with a worldwide strength. This product pulls upon your juristic is effective connected with Islamic college students along with is applicable the analysis in the unprecedented fashion, bringing together many years connected with Islamic scholastic convention using the needs connected with the modern world.

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Gold Standard : The future for a stable global currency - Islamic Economic

Using the American sovereign financial debt turmoil harmful to reduce the particular Eurozone as well as the ALL OF US with file price range along with trade deficits the globe is going through any monetary turmoil.

Key towards the sovereign financial debt, property along with personal derivatives bubbles has become the particular supply regarding low-cost along with abundant credit rating. Dollars that is simply made of the particular input keys as well as publishing clicks regarding Key brokers. So long as the particular economic climate allows the particular effective counterfeiting regarding papers foreign currency to fulfill escalating main wasting – inflation along with lack of stability will happen.

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