Preview
Preview

Islamic Economics Essay

No Works Cited
Length: 1927 words (5.5 double-spaced pages)
Rating: Blue      
Open Document
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -



Islam is a religion that was founded in the year 622 AD by the prophet Mohammed. Mohammed founded the religion in the city of Mecca, in what is now present day Saudi Arabia. The God of Islam is referred to as Allah, which means the one true god. The holy book of Islam is the Qu'ran, which is considered to be the words of Allah as revealed to Mohammed. Islam is an Arabic word that means to submit. A Muslim is a person who submits to Allah and follows the teachings of Islam (World Religions, 2003).

Muhammad was born in 570 AD in Mecca, and Muslims believe that in 610AD he began to receive the word of Allah through the angel Gabriel. He received these messages over a 22 year period while he lived in Mecca and Medina in Arabia. Mohammed assembled these words and teachings into a book called the Qu'ran. The Qu'ran is considered to be the holy words of Allah and is the sacred text of Islam. The Qu'ran makes up the foundations of Islamic law (Worldbook Online, 2003).

Islam is not just a religion, but it is a way of life. The Creator of humanity, Allah, gives guidelines in the Qu'ran that direct all aspects of life, including the economic aspect. Not only must Muslims follow the law of Islam regarding prayer and fasting, they also must obey the rules of economics and interest. The Qu'ran dictates how Muslims are to properly conduct economic transactions (USC, 2003).

According to a devout Muslim leader, Shayhk Nizam Yaquby, "There is no sin in the Qu'ran - not even drinking, not even fornicating, not even homosexuality - which could be as abhorrent and serious as dealing in riba (interest)." (Useem, J., 2002).

Riba is the Islamic term for interest. A large part of Islamic economics is based on the strict forb...


... middle of paper ...


...ing and pork are avoided. Asian Wall Street Journal, New York, May 18 2000. 20-21.
1999, Toronto CA. http://users.bart.nl~/abdul/book4ft.html

Presley, J.R. & Sessions, J.G. (1994). Islamic economics: the emergence of a new paradigm. The Economic Journal, 104, 584-596.

Principles of Islamic banking. Retrieved February 27, 2003 from
http://www.usc.edu/dept/MSA/economics/nbank1.html

University of Southern California (USC). (2003). Economics and Islam. Retrieved February 27, 2003, from http://www.usc.edu/dept/MSA/economics/

Useem, J. (2002). Banking on Allah. Fortune, 145(12)-154-159.

Virk, S. (2003). Women in Islam: economics. Retrieved February 27, 2003 from
http://www.members.cox.net/arshad/womeco.html

Worldbook Online. Retrieved February 27, 2003 from http://www.worldbookonline.com/wbol/wbAuth/jsp/wbArticle.jsp?/na/ar/co/ar282380.htm


Click the button above to view the complete essay, speech, term paper, or research paper








This essay is 100% guaranteed.


Title Length Color Rating  
Essay about Islamic Economy in Saudi Arabian Companies - Thesis & Rationale The Public Investment Fund (PIF) was established by Royal Decree dated 25-6-1391H. The motive behind the establishment of the Fund to provide funding for some capital projects that are of a commercial nature which are of great importance in the development of national economy and the private sector, which lacks the capacity to undertake alone, either because of lack of experience or inadequate capital, or both. Launched the Saudi Investment Bank offers six investment funds is different: Murabaha Fund in U.S....   [tags: Economics] 1302 words
(3.7 pages)
Strong Essays [preview]
Islamic Banks in Malaysia Essay - Several financial and economic crisis including the Asian Financial Crisis in 1997 and recent crisis; subprime mortgage crisis has triggered financial instability all over the world. The conditions in the global financial system has deteriorated sharply as the idiosyncratic funding and asset liquidity tighten and unexpected-larger losses associated with sub-prime related portfolios have weaken the balance sheet of global financial institutions. Furthermore, these disruptions in the financial markets also causing constraint to the flow of credit to household including families and to the business entity....   [tags: World Economics] 1320 words
(3.8 pages)
Strong Essays [preview]
Islamic Economy in Saudi Arabian Companies Essay - 1. Saudi Companies Fund A. The institution of SAMA could not be a profit-making institution, it had to conform to Islamic law. SAMA has from time to time financed one-half of government debt. From 1962 to 1983, the governments earning grew in surplus, and all the debt was repaid. Whenever the government needed SAMA bolstered government reserves. B. In 1966 a major banking control law clarified and strengthened SAMA's role in regulating the banking system. Foreign banks submitted application for license....   [tags: Economics ] 667 words
(1.9 pages)
Better Essays [preview]
Financial performance of Islamic banking and conventional banking in United Kingdom- A Comparative Study - Chapter 1: Introduction 1.1-Introduction to Chapter: This chapter describes the brief introduction about research title, research aims, research objectives, research hypothesis, research context and research limitation used in this research. 1.2-Research Title: Financial performance of Islamic banking and conventional banking in United Kingdom- A Comparative Study. 1.3-Research Aim: The Aim of this research is to analysed and evaluate the financial performance of European Islamic Investment Bank (UK) with Allied Irish bank (UK) and Northern Bank (UK), In Terms of their Profitability, Liquidity, Risk & solvency & Efficiency Ratios which will give an insight comparison of overall financial per...   [tags: Economics ]
:: 5 Works Cited
1634 words
(4.7 pages)
Powerful Essays [preview]
Islamic Banking Essay - Islam views life as a compact whole and does not divide it into many separate and conflicting parts. The economic aspect is one of the most important parts of our life, while not being the whole of it. The Islamic system is balanced and places everything in its right place. Islam has given detailed regulations for the conduct of our economic life, which concerns mainly the earning and use of wealth. Man needs bread to live but he does not live for bread alone. This means that earning and spending money is essential for our living, but we do not live only for this....   [tags: Islam Muslim Religion Economics] 1320 words
(3.8 pages)
Strong Essays [preview]
Islamic Finance Industry Essay - ... Yet it does not occur in each cycle, or downturn, that so many factors coexist in one time that shakes the global economic system as much as it happened in the latest crisis starting in 2007-2008. (Renata JankaToth). The financial crisis of 2007-2008 also known as the Global Financial Crisis is considered the worst financial crisis. It resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world....   [tags: banking, crisis,economy] 933 words
(2.7 pages)
Better Essays [preview]
Islamic Law and Universal Human Rights Essay - Table of Contents I. Introduction II. Islamic Law a. Background, principles, practice III. Universal Human Rights a. Definition, overview, acceptance IV. Argument V. Islamic Law in Accordance with Human Rights VI. Islamic Law in Collision with Human Rights VII. Conclusion VIII. Bibliography As we have gained access to more technology over the centuries, we have also gained access to more information. The more access to information that we are granted, the smaller our world gets. Currently, a teenager sitting on his couch in the United States can connect to the events occurring in the Ukraine without even leaving his home....   [tags: International Issues, Gender Inequalities]
:: 10 Works Cited
2869 words
(8.2 pages)
Term Papers [preview]
Women and Islam Essay - Women in Islam      Religious institution has a profound impact on any and every society. Social norms, mores, and expectations are mostly defined by our belief systems, even if we ourselves don’t practice a religion. Government too is always based on common agreement upon what is right and wrong, and who is to rule. A society can experience violent opposition and revolutions because of radical religious groups. There’s no doubt about it. In any society, small or large, primitive or modern, religious institution plays a leading role....   [tags: Islamic Females Islam Essays]
:: 5 Works Cited
3369 words
(9.6 pages)
Term Papers [preview]
Economic Liablity System of the Kingdom of Saudi Arabia Essay - Risk is a fact of human life. And, contemporary living has more risk of a certain kind than living in the past. Take the case of economic activities particularly now in the international context. There are definitely more and greater risks now, especially in the securities or capital market, than when barter was still the medium of economic exchange in any country in the world. The current risks are not only occasioned by the hugeness of the business or organizational entities at play , the enormity of finances that are involved, and the complexity of the transactions that are concerned – among others....   [tags: Economics] 541 words
(1.5 pages)
Good Essays [preview]
The European Union: Will Europe Survive The 21st Century? An Article by Walter A. McDougall - Introduction The article, “Will ‘Europe’ Survive the 21st Century. A Meditation on the 50th Anniversary of the European Community,” written by Walter A. McDougall (2007), outlines the evolution of the European Union (EU) through a two-part analysis. The first part, entitled “The Other Age Born in the Year 1957,” extols several impactful historical events in economics, the role of religion; and, the strengths and weaknesses that led to the formation of the EU. The second part, “The European Union in a Wider World” provides a closer look at Europe through the political lens focusing on events in the recent past and present....   [tags: unified europe, islamic challenge, foreign policy]
:: 8 Works Cited
1957 words
(5.6 pages)
Term Papers [preview]