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Economics of Islam

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             Competition has been regarded as a principle because capitalist economists maintain that that man is guided in most of his activities by his instinct rather than by his intellect or reason. According to Lababidi "Man, always obeys the dictates of his sentiments, and is therefore in constant need of the spur of competition to drive him to excel over his fellows by harder and better work. This can be achieved only by placing man in an atmosphere of free and vigorous competition.".
             Finally, freedom has been claimed as a condition because its absence or restriction would conflict with the advancements of personal gain by depriving it.
             These are the main doctrines of the Capitalist economic system. However, considering the economic history of Europe, we find that when the Capitalist system in all its freedom was allowed to be practiced, people found themselves classified into various social categories and classes. Life therefore appeared harmonious; there were no riots, no economic crisis and not idle factories. .
             COMMUNIST ECONOMIC SYSTEM.
             The communist economic system is based on the concept of state controlled economy. The principles of the communist of the Communist economic system are as follows:.
             1. The complete abolition of private ownership of land and other real property of capital, and the vesting of these in the state, to be ministered and exploited on behalf of the community as a whole and for the benefit of the community. This phenomenon is known as absolute "nationalization". .
             2. The distribution of consumer goods and commodities to all the members of the community in accordance with their respective needs and requirements. .
             3. Economic planning.
             The profounder of the communist economic system put forth the following argument in its favor. They say that the object of abolishing the conception of private ownership of property is to remove disparity and inequality between the members of the community and to level the various classes of the community, so as to end the social class system.


Essays Related to Economics of Islam

1. Islam

Since Islam came into being, it has clashed numerously with the already established Christianity. ... Islam came into being in 622AD and it was the last of the great civilizations. ... But the Christians did benefit with their contact with Islamic culture. ... However, in the first crusade, religion was almost the only motive encouraging the crusaders apart from economics. ... Special taxes on conquered people encouraged them to convert to Islam. ( Jacobs, Fisher, Einzholdt, Islamic Heritage, Pp 235-241) The conclusion, which I have come by, is that Islam and Christia...

  • Word Count: 1152
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2. Prophet Muhammad During meccan Period and Medinan Period

Under Prophet Muhammad's prophethood for 22 years between 610 - 632 CE, he was famous for his astounding charisma as a religious, economic, military and political leader that enabled Islam to spread vastly. ... Prophet Muhammad's role as the leader of the Muslim community between these two periods contrasted greatly, whereby in the Meccan Period, Muhammad was not as prominent a leader as he was during the Medinan Period; and these progressions of roles between the periods are attributed to four aspects, which are political, religious, military and economics. ... Muhammad was not t...

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3. Islam and Gender Inequality

If state ideology and economic situations are not strong enough points to demonstrate why Islam is not the sole promoter of gender inequality; scholars such as Kandiyoti and Barlas argue that in Islamic history, females have had important roles in Islamic history and also that patriarchy is routed in culture and geography and not in religion. ... Barlas (2002:23) explains that in Islam "Rabb" means God which neither means Him or Her or father, it plainly means God which shows that any kind of patriarchy towards a male God in Islamic "universe" is non-existent. ... Western s...

  • Word Count: 2768
  • Approx Pages: 11
  • Grade Level: Undergraduate

4. Biomedical Ethics

A final reason for an abortion, is due to economics, the financial condition, of a family. Economics can also include cases such as teen pregnancies. ... Religious ideals, range from having an abortion before 120 days after the pregnancy, as in Islam, to considering it a sin to have an abortion, as in Christianity. ... For example, in Islam, an abortion is permitted after 120 days in a pregnancy, if the life of the mother is at risk. ... In the eyes of Economics, abortion can also have a negative effect, or an opportunity cost. ...

  • Word Count: 1358
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5. Mali Empire

He converted to Islam for support of the Muslim peoples. ... The merchants, traders, and government officials, including the Mansa, were Islam, though, apparently, they did not adhere to it very well. ... Economics The main currency in Mali was gold dust. ... The Dyula consisted of a group of Islamic people who followed the Dyula-mansa, the company chief. ...

  • Word Count: 579
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6. Women in the Middle East

The Taliban have forced the Islamic fundamentalist government to live by a strict interpretation of the Koran. The Islamic fundamentalist government is an extreme form of Islam, where government is subjected to use the Koran as their form of making government decisions. ... Under Taliban rule, ideas of Islam were taken to the extreme. ... Economics fundamentally pushed women and men into their domains. ... Society is distinguished off of religion, and in the Islamic faith, religion plays a large role in government and how politics and economics work. ...

  • Word Count: 2421
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7. Abortion: comparison and contrast

These two categories are based upon the reasons for which abortions are carried out, and include congenital defects, and economics. ... Another reason for abortion, is due to economics, the financial condition. Economics can also include cases such as teen age pregnancies The anti-abortionists have numerous reasons for their beliefs, and many of them are attached to their religion ideals. Religious ideals, range from having an abortion before 120 days after the pregnancy, such as in Islam, to considering it a sin to have an abortion. ... Many pro-choice beliefs, that the economics of a fami...

  • Word Count: 641
  • Approx Pages: 3
  • Grade Level: Undergraduate

8. A Look at World Religions

Religion is intertwined within our culture, politics, economics, and social relationships in every single way. ... One of the biggest examples of this specific example has to do with the Islāmic faith. The custom of the Islāmic faith for woman is to be covering her body in a hijab. ... More recently, in his bid for election, despite being raised in the Christian faith, President Barrack Obama was accused of being Islāmic. ... Religion is inescapable, whether you are an Evangelical, an Atheist, Islāmic, or heathen, religion is global and cross-cultural. ...

  • Word Count: 989
  • Approx Pages: 4
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  • Grade Level: Undergraduate

9. Social And Political Bases Of Terrorism

Al-Jihad believed it was the enforcer of Shar'ia (Islamic sacred law). ... Iran wanted to promote Hezbollah exclusively as a Shiite Islamic force in Lebanon. ... It wanted to directly exchange the current Lebanese political system with Islamic Sacred Law, in order to make Lebanon an ideal Islamic polity society. ... There they were indoctrinated with the idea of Islamic values and religious philosophy. "Najaf was a place of great intellectual ferment, fueled by the fears of the ulama, that their Islamic values and religious autonomy were threatened by westernizing influences- -the ulama ...

  • Word Count: 1827
  • Approx Pages: 7
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