Introduction to Islamic Economics by Mufti Mujeeb Baig
From HodHood
Contents
Top 20 FREQUENT WORDS
islamic 11 banking 9 western 7 economic 6 economics 5 capitalism 3 islam 3 utility 3 wealth 3 argues 2 channel 2 closer 2 consumer 2 demand 2 desirable 2 economy 2 evil 2 foundations 2 future 2 goal 2 institution 2 loans 2 maximize 2 perspective 2 progress 2 projects 2 required 2 social 2 versus 2
DOCUMENT KEY POINTS
- at the same time it is equally self evident that the fundamental problem of man is not economic and economic progress is not a goal or objective of life for humans
- economic progress is desirable for men and the earning of halal livelihood is required after the religious requirements
- foundations of western economics i R the classical economists argued the real purpose of our existence is maximization of utility and the utility can only be maximized by consuming things
- i R nobel laureate milton friedman argues that the responsibility of the firm is to pursue wealth and not social goals
- consumer side of banking a western perspective i R since the goal of the consumer is to maximize consumption bank loans offer an attractive prospect to convert ones future wealth into present by a price called interest
- i R by providing easy access to loans bank has become a channel to create artificial demand in the economy
- the supply side of banking i R from the supply the reason ones needs an institute such as a bank to channel idle which people save into projects that are beneficial for the economy
- i R however since the western economic system is based on selfishness the money is channeled into areas which maximizes their profit irrespective of its social or economic impact
- i R hence an institution that encourages the idea of bringing ones future wealth to the present and creating artificially high demand does not fit with the islamic ethos
- foundations of islamic economics i R the idea of excessive consumptions as a means to maximize utility is censured in islam
- i R rodney wilson argues that ultimately islamic banking and finance is about the emergence of a distinctively islamic form of capitalism that may co exist and interact with western chinese russian or any other capitalism
- islamic banking i R islamic banking is a response to make the capitalistic financial system sharia compliant
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DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\islamic economics
KeyWords
islam econometric banker economi research muslim universal rate income public zakah developed invest shariah function countries social resource import consumable
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DOCUMENT REFERENCES
Number of Pages
11
Published Date
2016-09-14 00:26:40
