CHARACTERISTICS OF ISLAMIC ECONOMICS

The Amazing Islamic Economic System. 

Lecture by Abdullah al Andalusi

Characteristics:

1. Rabbaniyyah Economic

2. Akhlaqiyyah Economic

3. Wasatiyyah Economic

4. Insaniyyah Economic

·    Characteristics of Islamic Economic System in Social Science

• Freedom of work and enterprise
• A special concept of ownership
• Kinds of ownership
• State ownership
• Prohibition of interest
• Zakat
• Concern for poor
• Distribution of inheritance

PHILOSOPHY&PRINCIPLES OF ISLAMIC ECONOMICS

PHILOSOPHY OF ISLAMIC ECONOMIC

-Based on concept of tauhid.

-Obey in order of Allah.

-Accept a faith and trust to Allah.

PRINCIPLES OF ISLAMIC ECONOMIC

1. Ownership (Milkiyyah)

-Ownership based to Shariah

-Types of ownership are:

Full ownership

Part Ownership

2.     Social Justice

ECONOMIC ACTIVITIES

1.     Apply moral values in life.

Example: Care of human right.

2.     Society guarantee.

Example: Care of poor people right such as pay the zakat.

3.     Fair and square.

Example: All people must has the same opportunity.

4.     Against of usury.

Example: Cannot deny the other people right in profit.