View source for Introduction to Islamic Economics by Mufti Mujeeb Baig




== 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


 ''Please note, This is an auto generated summary based on sentances position in the document and other factors''
== 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



== RELATED DOCUMENTS ==
:[[Introduction to Islamic Economics by Mufti Mujeeb Baig]] 
:[[Lesson in Islamic Economics by Monzer Kahf V-1]] 
:[[Lesson in Islamic Economics by Monzer Kahf V-2]] 
:[[Research in Islamic Economics by Muhammad Aslam Hanif]] 
:[[What is Islamic Economics by Mohammad Umar Chapra ]] 



== DOCUMENT REFERENCES ==


=== Number of Pages ===
11


=== Published Date ===
2016-09-14 00:26:40


== Full Document ==


[https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/IslamicEconomics/Introduction%20to%20Islamic%20Economics%20by%20Mufti%20Mujeeb%20Baig.pdf Read the Full Document]


[[Category:Islamic Finance]]

[[Category: Islamic Economics]]