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Highlights from Islamic Economics Course

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Error of Economic Systems

All other systems are man-made. They are bereft of divine guidance. Hence, the natural tendencies of man dictate the system. To add to the dilemma, religion has been calculatedly removed from business and economics, and has been restricted to practices of worship. Thus, man has stooped to the lowest and meanest of actions such as gambling, prostitution, etc. in order to earn money.

The recent economic collapse made many western economists acknowledge that their system is a failure.

Islamic Economy

Capitalism

Divinely Guided

Man made

Society based

Individual based

Equality

Monopoly

Money is vehicle

Money is objective

Moderation

Extravagance

Successful History of Islamic Economics

The economic prosperity and progress can be gauged from the extensive rules and masaa’il that were laid down by Imaam Abu Haneefah (rahimahullah) and his panel of Ulama in the early 2nd century.

In the rule of Haroon Ar-Rasheed (170-194 A.H.), the income of the Baitul Maal (public treasury) was 7 150 000 gold dinaars!

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