The Importance of Islamic Economic - 1933 Words

First of all we need to know what is Islamic economic before we carry on discussing the importance of Islamic economic. There are two main categories of definition of Islamic economic are ventured by Muslim economists. The first categories consist of definitions that concentrate on the principles of Shari’ah that make up the framework or the milieu of the behavior of economics agents. While the second categories focuses on the behavior of the agents themselves. Hasanuz Zaman defines Islamic economics as â€Å"the knowledge and application of injunctions and rules of the Shari’ah that prevent injustice in the acquisition and disposal of material resources in order to provide satisfaction to human being and enable them to perform their†¦show more content†¦The economic system of Islam, therefore, aims to achieve economic well-being and betterment of the people through equitable distribution of material resources and through establishment of social justice. Yet t he basic objective of Islamic system remains the same which has been clearly laid down by the al-Quran thus: â€Å"But seek with (the wealth) which God has bestowed on thee, the home of the Hereafter, nor neglect thy portion in this world, but do thou good as God has been good to thee and seek not mischief in the land, for God loves not those who do mischief.†(28: 77). The second most important objective of the economic system of Islam is to make distribution of economic resources, wealth and income fair and equitable. Islam discourages concentration of wealth in few hands and ensures its circulation among all the sections of society. Al-Quran, the revealed book of Islam, says: â€Å"That which Allah gives as spoil unto His messenger from the people of the townships, it is for Allah and His messenger and for the near of kin and the orphans and the needy and the wayfarer that it become not a commodity between the rich among you.† (59: 7). It means that, according to the Qur’an, the wealth should not be allowed to concentrate in few rich hands; rather it should freely circulate among all the people thus enabling the poor and destitute among the nation to also take benefit from it. Thus it is the primary objective of the Islamic economic system to bridge theShow MoreRelatedInternal Factors That Shape Corporate Governance Essay1479 Words   |  6 Pagesgovernance structures for Islamic banks differ from those of the Western conventional banks as the Islamic banking institutions must comply with a different set of rules that are laid out in the Holy Quran and the Shari’ah. Strong Shari’ah corporate governance practices increase accountability, transparency, responsibilities, fairness, and honesty of Islamic banking institutions while augmenting the confidence that the stakeholders place in the activities of a specified Islamic bank (Suleiman). 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