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Islamic Economy System

BOF Y2S2 2 PFS 2253 ISLAMIC FINANCE. Islamic Economy System. Prepared by: Nuradli Ridzuan Shah & Abdullaah Jalil. Chapter Outline. Definition Al-Falah Maximization Islamic Economy Philosophy The Objectives of Islamic Economics Basic principles of Islamic Economics

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Islamic Economy System

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  1. BOF Y2S2 2 PFS 2253 ISLAMIC FINANCE Islamic Economy System Prepared by: Nuradli Ridzuan Shah & Abdullaah Jalil

  2. Chapter Outline • Definition • Al-Falah Maximization • Islamic Economy Philosophy • The Objectives of Islamic Economics • Basic principles of Islamic Economics • Islamic Economics Structure • Special characteristics of Islamic Economics

  3. Definition • Islamic Economics as a science on how to consume and manage resources for self interest, society in order to get the bessing of Allah - Hailani Muji Tahir • Importance characteristics • Akidah • Self interest could become priority as long as it do not affect the interest of the society • The objectives of Islamic economics is to get the blessing of Allah

  4. Al-Falah Maximization • Al Falah maximization is to get the blessing of Allah as compared to Conventional economics which is to maximize profits. • Just profit instead of max profit • The inclusion of reward and sin • Al-falah also means the success in this world as well as in the hereafter.

  5. Islamic Economy Phylosophy • The concept of Tauhid (Oneness) • The Concept of Rububiyah (Allah is the Greatest Creator) • The concept of Tazkiyyah (Purification) • Judgment day • Man as the Khalifah (Trustee) • Equality and Brotherhood • Ownership Concept – Man as the trustee • Normative and positive economy

  6. The Objectives of Islamic Economics • Economics stability for individual, society and country • Necessity • Optimum Resource Usage • Fair distribution of wealth • Uphold individual freedom • Equal rights and opportunities • Justice and cooperation

  7. Basic principles of Islamic Economics • Individual liberty • Right to property • Economic inequality with natural limits • Social equality • Social security • Wider circulation of wealth • Prohibition of accumulation of wealth to certain group • Prohibition of anti-social institutions • Social and individual welfare

  8. Islamic Economics Structure • Politics/Public (Siasi) • Business/ Private (Tijari) • Social/ Voluntary (Ijtimai’)

  9. Special characteristics of Islamic Economics • Resources – Trustee • Islam approved personal property ownership but public interest exceeds individual interest • Al-Taa’wun (Cooperation) • Property as a productive resource and not selfish end • Public ownership for certain industry • Taqwa (fear of Allah) to avoid oppression, fraud, unlawful profit, discrimination

  10. Thank you

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