Principles of Islamic Economy

Principles of Islamic Economy - According to Metwally, principles of Islamic economy outline can be outlined as follows:
  1. Resources are seen as mandate God to man, so that today must be accounted for in the next future. The implication is the human being must use them in activities that benefit to him and others.
  2. Private Ownership is recognized in certain limits related to the interests of the community and do not recognize the revenue obtained unlawfully.
  3. Work is the power of the prime mover of economic activity. Islam encourages people to work and struggle to get the material/property in various ways, as long as it follows the rules that have been set. This is guaranteed by God that God has set a fortune every creature that created him.
  4. Ownership of wealth should not be solely owned by a handful of rich people, and should serve as productive capital that will increase the number of national products and improve the welfare of society.
  5. Islam guaranteed ownership communities and its use is allocated for the benefit of the crowd. This principle is based on the sunnah of the Prophet which States that the community have the same rights over water, pasture, and fire.
  6. A Muslim should be subject to God and accountability in the afterlife (QS. 2: 296). This condition will be pushing for a Muslim to shy away from things that relate to maisir, gharar, and tried in a manner that goes beyond the confines of a false belief, and so on.
  7. The wealth of zakat payable that have met the limit (nisb). This is a great tool distribution zakat portion of the wealth of the rich which is aimed at the poor and those in need. According to the opinion of the scholars, the zakat levied 2.5% for all the riches that are unproductive, including cash money, deposits, gold, silver and jewels, and 10% of the net investment income.
  8. Islam prohibits usury in all its forms. Expressly and clearly it is stated in the QS 30: 39, 4: 160-161, 3: 130, and 2: 278-279.

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