Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Equality in society
Equality in society
Essay in Islamic economics
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Equality in society
2. The justice and brotherhood of man; Islam aims to form a society in a 'solid-form'. Each individual is bounded by the brotherhood and affection as a family. In the Islamic context, justice can be referred to: a. The social justice. Islam regards each mankind is equal in front of Allah. b. the economic justice. The equality of human beings in society as well as the equality before the law which must be balanced with economic justice. Without economic justice, social justice will be pointless.
3. The justice of income distribution: the income inequality and the natural resources which is contrary to the spirit and commitment of Islam on brotherhood man and socio-economic justice. The income gap should be overcome in Islamic way, such as
The individual freedom in social welfare context: the fundamental of Muslim faith is ‘mankind is created by Allah’. It implies that since human was born, he has a freedom. Therefore, nor individual or state do not have rights to revoke human’s independence and making human’s life bonded.
In implementing Islamic economic activity, there are several legal principles that must be followed:
1. Freedom on effort
Almighty Allah SWT has given the guidance in order human beings utilize the gift from Allah which is the earth and everything in it. Allah SWT says:
“He is the one who hath made the earth subservient unto you, so walk in the paths thereof and eat of His providence.” (Q.S. 26 : 15)
Islam does not restrict an individual to try varieties of effort/business based on their abilities, proficiency, and skills such as agriculture, fisheries, plantation, trade, etc. to obtain his own property/wealth. Islam views property which is got from an individual's effort or work as a commendable wealth. This statement was mentioned by Prophet Muhammad SAW when he was being asked about the best job of human being. Then, He answered that what best is the effort from their own hands and all the Mabrur trading (the most lawful and the most memorable) (H.R. Ahmad, Thabrani dan Ibnu Umar); (Sayid Sabiq ; Fiqhi
The prohibition of Riba’ (Usury)
Riba in Arabic word 'Az-Ziadah', literally means increment, addition, or excess while in Islamic Fiqh the term Riba is an unjustified increment of fund in trading or business, (either an excessive addition or lower addition).
The prohibition of Riba in Quran through three stages:
a. The first stage on Riba was revealed in Mecca period. Allah says:
“And whatever you give for interest to increase within the wealth of people will not increase with Allah. But what you give in zakah, desiring the countenance of Allah - those are the multipliers“ (Q.S.30:39)
b. The second stage on Riba was revealed in Madinah. Allah warns Muslims from dealing with Riba clearly by saying:
“O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful.”(Q.S. 3:130)
c. In the last stage, Prohibition of Riba is completely clear and firm. Allah SWT says:
“O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers. And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged. And if someone [debtor] is in hardship, then [let there be] postponement until [a time of] ease. But if you give [from your right as] charity, then it is better for you, if you only knew.” (Q.S.2:
...se to God for all of creation that He has put before us as consumers and caretakers. It is the Lord that created the earth for us all to live in while we are in physical form. It is His commission that as churches we obey Him and His commission to the faithful stewards of the earth and each other. He is expressed in every daylight and sunset; every creature, mountain, ocean, and plant. His divine power is expressed in every storm, earthquake, flood, or tornado. Through His power is a commission for mankind to respect all forms of life, human as well as nature.
...s to raw materials. For example, a person might want to be a farmer. In order to do this in the original state of nature, he would need to acquire land, animals, and materials to build his farm. He would then only be able to produce as much as he could use and as would not infringe upon the ability to produce or acquire necessary property by others. However, with the introduction of money, even if he could not buy the land for his own farm, he could seek other economic endeavors that would be just as personally beneficial. Instead of owning his own small farm, he could work in a grocery store and obtain the same amount of relative personal property via his earned wages, and these could be used to purchase all of his necessities. Higher levels of industry encouraged by the use of money reduce the risk that individuals cannot meet the opportunities they are seeking,
Islam is a monotheistic and Abrahamic religion alongside Judaism and Christianity. It is currently the second largest religion in the world today. Its beliefs come from the Qur'an which literally means "the recitation" which is believed to be a literal transcription of the word of God. Its main prophet is named Muhammad who began Islam by speaking with the angel Gabriel in a cave during his meditation and then acting as an instrument of God to help write the Qur’an. Muhammad then spread Islam to the scattered tribes of Arabia by becoming the leader of Yathrib and using his wonderful leadership abilities to then grow his influence over virtually all of Arabia. Muhammad is known by Muslims to be the seal of the profits because no profits after Muhammad should be considered legitimate. Muhammad also left behind the Hadith or “tradition” which is a collection of writings compiled of reports of Muhammad’s actions as leader of Yathrib. These reports are used as a more specific code of ethics in day to day life and from these reports the 5 Pillars of Islam are derived (Smith 160). Although Islam shares many similarities to Judaism and Christianity it is often viewed in the US with hate derived from preconceived notions following the attack on September 11th 2001. This paper seeks to provide an overview of Islam’s history as well as its two major sects and 5 main pillars to remove preconceived notions and provide a glance into the minds of the Islamic people.
“O ye who believe! Do not squander one another’s wealth in vanities, but let there be amongst you traffic and trade by mutual good will.” The Holy Quran, 4:29
Islam is a religion that is based on the submission oneself to the will of God, who is called Allah. Muslims are the people believe in that, regardless of their culture, background or ethnicity. It is believed that God’s prophets brought a message for the people to worship one God without intermediaries and that prophet Muhammad was the end of G...
...the poor feelings of hatred and animosity that they might have for the rich. Thus, to achieve this goal, zakat fund must be fully utilized to develop the economy of the Muslims so that the wealth of zakat could be regarded as productive assets.
God has ultimate rule over the earth and He exercises His authority with loving care. When God delegated some of His authority to the human race, He expected people to take responsibility for the environment and the other creatures that share the planet. People must not be careless and wasteful as we fulfill this charge. God was careful how He made this earth and humans must not be careless about how we take care of it. God saw that all He had created was excellent in every way. People need to realize that they are part of God’s creation, and He is pleased with how He made us. Humans are valuable to God because He made us for a good reason.
.... If the Islamic finance needs to imposed higher risk to their customers, but still follow the rules and regulations that include in Al-Quran and Al-Sunnah. From this, the Islamic finance still can focus on the well being of their customers and wealth.
Prohibition of Riba, a term literally meaning “an excess “and interpreted as “any unjustifiable increase of capital whether in loans or sales” is the central tenet of the system. More precisely, any positive, fixed, predetermined rate tied to the maturity and the amount of principal (i.e., guaranteed regardless of the performance of the investment) is considered Riba and is prohibited. The general consensus among Islamic scholars is that Riba covers not only Usury but also the charging of “interest” as widely practiced. This prohibition is based on arguments of social justice, equality, and property rights. Islam encourages the earning of profits but forbids the charging of interest because profits, determined ex post, symbolize successful entrepreneurship and creation of additional wealth whereas interest, determined ex ante, is a cost that is accrued irrespective of the outcome of business operations and may not create wealth if there are business losses. Social justice demands that borrowers and lenders share rewards as well as losses in an equitable fashion and that the process of wealth accumulation and distribution in the economy be fair and representative of true productivity. Under the Sharia, it is not permissible to charge, pay or receive interest. The Sharia does not recognize the time value of money and it is therefore not permissible to make money by lending it. Money must be used to create real economic value and it is only permissible to earn a return from investing money in permissible commercial activities which involve the financier or investor taking some commercial risk. This prohibition is the main driving force behind the development of the modern Islamic finance
It is unanimously agreed that riba means increase or growth (chapter 2). This kind of increase is divided into two types: the first is an increase in money from the money itself. This occurs when the owner of the money raises the rate of the debtor’s debt due to a delay in payment (REFRENC). This type is called riba al-naseia or riba alQuran. This type has many verses which confirm its prohibition, not only in Islam but also in Judaism (chapter 2, p. 36).
With 1.5 billion followers worldwide, the religion of Islam is the second most popular religion over the entire globe, and follows a strict set of rules derived from the teachings of the Prophet Muhammad, a messenger of God, or Allah. Founded in 622 C.E. (also known as A.D.) in Mecca, Saudi Arabia, Islam is a strictly monotheistic religion that drew inspiration from earlier religions like Christianity and Judaism. It is divided into three different sections- the Sunni, Shi’a and Sufi sects. The Qur’an is the holy book of Islam, and is considered the unaltered word of Allah. All followers of Islam adhere to many high standards of living and daily practices meant to better their lives like The Twelve Imams, among others. Islam brings together many different aspects of peaceful and devoted living that bring together the billions of followers to one family.
The doctrine of human rights were created to protect every single human regardless of race, gender, sex, nationality, sexual orientation and other differences. It is based on human dignity and the belief that no one has the right to take this away from another human being. The doctrine states that every ‘man’ has inalienable rights of equality, but is this true? Are human rights universal? Whether human rights are universal has been debated for decades. There have been individuals and even countries that oppose the idea that human rights are for everybody. This argument shall be investigated in this essay, by: exploring definitions and history on human rights, debating on whether it is universal while providing examples and background information while supporting my hypothesis that human rights should be based on particular cultural values and finally drawing a conclusion.
In Islamic Fiqh, the term Riba has a special meaning that is an unjustified increment in borrowing or lending money, paid in kind or in money above the amount of loan, as a condition imposed by the lender or voluntarily by the borrower. Riba has been used in the Holy Qur’an in several verses and is also described in the several ahadith. So it is necessary to know what it means or what it really stands for Riba. As described above, riba literally means to increase, to grow, to rise, to add, to swell. It is however, not every increase or growth which has been prohibited by Islam.
Muslims acquire their moral principles from the lessons of the Quran and the Sunnah. The goals of Islam are not simply a money-oriented, but instead the socio-economic justice, which demands a just fulfilment of both the tangible and inner needs of all human beings (Chapra, cited in Rice, 1999).
In terms of money, I believe that it is important to deliberately plan out the uses for money and to have a large amount go towards savings. I believe that it is right to set aside 10% of one’s income to be an offering to God, pay for necessities, and to save the rest while allowing room for a few purchases for personal entertainment. In Personal Finance, a textbook written by E. Thomas Garman and Raymond Forgue one paragraph reads,