Islam Economic System Essay Example | Topics and Well Written Essays - 2250 words

Islam Economic System - Essay ExampleIslam is a significant, growing, and dynamic presence in the world. (Microsoft Encarta 2007)Though Capitalistic in nature, the Islamic economic body is non, however, based on the European or American capitalist economic principles, which in no way heed virtuous or ethical conceptions. The Islamic administration obeys fully and unconditionally the dictates of moral and ethical doctrines. The difference betwixt the Islamic and the capitalist economic systems is thus a cardinal and fundamental one.The Islamic economic system also laid down the principle of the equality of value between effort and capital, by recognizing that labor should be accorded equal consideration with capital--in fact that it can itself be regarded as recoil of capital. (https//www.vedamsbooks.com/no34563.htm - 3k )Islams economic system is not merely a matter of broad appeal to voluntary charity rather, it gives a more than comprehensive approach or view of economic l ife, which in turn is based on the fundamental teaching in the tenets of Islam.Despite the universality of the Islamic laws, the economic systems could vary since thither are communist, socialist, capitalist, and Islamic economic systems. Each is based on goals, principals, or philosophies which are quite unique to that particular ideology.Islam recognized that humans will unde... om the buying of food, taking ownership of property, selling goods, investment, agriculture, taking loans, exchanging currency, taking up job and giving work, setting up a company, importing and exporting abroad, disposing of assets etc. In this regard, Islam made a distinction between the economic system and economic science i.e. it views them as two separate issues. This is because there is a fundamental difference between the method of merchandise of goods and services (economic science) from the manner of their distribution (economic system). The production of goods and services follow no particula r viewpoint in life. A conveyor belt is neither Capitalist, Islamic nor is Communist .It is universal. Questions as to how processes can be made more technological, how mechanisms and robots can improve productivity and how inventions can improve the process of manufacturing do not follow any specific viewpoint in life. This means basic facts on productivity, marketing and manufacturing (economic science) remain the same irrespective of belief or location. This is alike(p) to scientific facts. These are the same whether in China or the US because they are not influenced by any belief. They are questions based upon the reality i.e. understanding the reality at hand leads one to a conclusion. So the fact Inflation occurs when there is too much money chasing too few goods does not change if one is a Christian or if an atheist becomes Muslim or if one moves form China to the US. This is no different to the fact that wood burns whatever your religion or die hard youre in the UK or the North Pole. The distribution of resources, how goods and services should be given to the public, whether they should go to the rich or the orphans, aristocracy or the landlords is not a