Compare the Islamic economic system with a capitalist economic system practiced in the West.
Introduction:
Economy from the Greek word meaning household management.According to the Dictionary of Economy Routedge is a common method of human / individual work together to meet the needs of human material. Economics is the science that studies the exchange and use of materials / goods and limited range.
filling:
concept:
Islam emphasizes efforts to seek lawful, without being oppressive and as God.
West put the material benefits solely
Property ownership:
Islam considers wealth belongs to God and given temporary possession of mankind.
West considered the property is owned by an individual.
goals:
Businesses seek in Islam is to please Allah in this world and in the hereafter.
West-to maximize profit, employers oppress workers, pay low wages and deny their rights.
Barat- for purely individual satisfaction.
Distribution of Wealth:
Islam requires that property acquired not for the individual alone, even zakatable to help those less fortunate. Western economies put property acquired is an individual right.
Detrimental to the public economy:
Islam requires that economic activities carried out for the public welfare. Activities prejudicial as gambling, alcohol, prostitution, usury and so banned. West recognizes these activities.
The freedom to earn a living:
Independent Muslim community has the right to earn a living but the government intervened to protect public interests. Capitalism requires that no intervention from the government 'laissez faire'
Islamic economic system and the capitalist economic system is different because Islam based economy sunnah and visions while capitalist is a human creation.
Introduction:
Economy from the Greek word meaning household management.According to the Dictionary of Economy Routedge is a common method of human / individual work together to meet the needs of human material. Economics is the science that studies the exchange and use of materials / goods and limited range.
filling:
concept:
Islam emphasizes efforts to seek lawful, without being oppressive and as God.
West put the material benefits solely
Property ownership:
Islam considers wealth belongs to God and given temporary possession of mankind.
West considered the property is owned by an individual.
goals:
Businesses seek in Islam is to please Allah in this world and in the hereafter.
West-to maximize profit, employers oppress workers, pay low wages and deny their rights.
Barat- for purely individual satisfaction.
Distribution of Wealth:
Islam requires that property acquired not for the individual alone, even zakatable to help those less fortunate. Western economies put property acquired is an individual right.
Detrimental to the public economy:
Islam requires that economic activities carried out for the public welfare. Activities prejudicial as gambling, alcohol, prostitution, usury and so banned. West recognizes these activities.
The freedom to earn a living:
Independent Muslim community has the right to earn a living but the government intervened to protect public interests. Capitalism requires that no intervention from the government 'laissez faire'
Islamic economic system and the capitalist economic system is different because Islam based economy sunnah and visions while capitalist is a human creation.
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