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. We have a greater purpose in life. We are Allah’s agents (Khalifah) on earth. We not only have a body but we also have a soul and a conscience. Without our soul and conscience, we would be considered little more than animals. Everything in Islam is for the benefit and welfare of mankind. The economic principle of Islam aim at establishing a just society wherein everyone will behave responsibly and honestly, and not as ‘cunning foxes’ fighting for as big a share of something as possible without regard for honesty, truth, decency, trust and responsibility. 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. We have a greater purpose in life. We are Allah’s agents (Khalifah) on earth. We not only have a body but we also have a soul and a conscience. Without our soul and conscience, we would be considered little more than animals. Everything in Islam is for the benefit and welfare of mankind. The economic principle of Islam aim at establishing a just society wherein everyone will behave responsibly and honestly, and not as ‘cunning foxes’ fighting for as big a share of something as possible without regard for honesty, truth, decency, trust and responsibility. While generating massive abundance and wealth of resources by eliminating all the restrictions and oppressive systems that prevent production, Islam will safeguard against abuses of exploitation in acquiring wealth by limiting the way in which wealth is acquired.
The culture of Islam has its positive aspects, as well as its negative aspects. Islam bestowed many unfortunate people the opportunity to gain more knowledge about their surroundings, and the adversities that they may face on a daily basis. Islam also created alliances, and trade contracts with other surrounding countries, allowing them to receive resources that other religions and groups could not envisage. However, to gain these privileges, Islam had to first fester the lives of many civilians that dared step in its path. Islam not only ruined the lives of people, but it ruined whole kingdoms. Many people felt an...
...ness. We should just “love our life, poor as it is” as poor people would yield “the most sugar and the most starch.” Therefore, we should be unique and should never care about money in this material world.
Islamic teachings that are followed by Muslims around the globe do not have same context and applicability like other religions of the world. Islam not only tells about the way of worshiping the Lord and behaving like a good human being but it also give a complete code of life. It includes political, military, social, financial, legal and governance systems. Non-Muslims normally con...
The Qur’an (which is extremely reliable as it is the Islamic holy law and read and practiced by most Muslims) read, “ And give full measure when you measure out and weigh with true balance. This is fair and better in the end” (Doc 2) This discusses how that trade is meritable when it is done with honesty and respect for others and the Islamic church itself. Similarly a monk believed that profit lead to eventual charity. He said, “ Sixteen years as a merchant, and began to think of spending on charity, to God’s honor and service, the goods which he had laboriously acquired. He therefore too the cross as a pilgrim to Jerusalem” (Document 3) This is important as it depicts that once one has worked for years to acquire his assets he will return those to not only charity but God. Muslims also believed that trade had once been beneficial and flourishing, but recently mishandled. The Islamic court said, “ The aforementioned has now acted contrary to the old custom; We do not agree with this” (Doc 7). This quote depicts how in the Islamic realm they believed that merchants and trade had the possibility of being great. These all directly supports the previous claim which said that trade is great when handled
Islam brought unity to the Middle Eastern culture. Converting to Islam signifies complete submission to Allah, and in submission everyone becomes equal. It is a foolish act to think or see yourself as greater than or better than the next person, an exa...
Money is not just a possession as much as a way of life as it is the one thing that will keep us alive in the modern world. It seems ignorant to think that money is what drives us to what we are considering it is a mere possession, a fragment of our modern world. Without it we would be stranded, without shelter and without livelihood when we realize that it is what we live by and for. Every pert of our life revolves around money whether it be leisure or work. We work for money in order to have leisure time. This is a simple way to put it. What we should be living for is love, companionship, friendship and respect. To me these simple things seem worth more than what money can bring and therefore I do believe that the human race has become something out of a science-fiction movie or book. We seem not to care for the simple but most pleasurable things in life.
Islam had the idea of equality, (xplaiN) and it had some strict laws about monotheism which grabbed the attention of so many people. In Islamic laws, there are lot more importance on equality among the people, that means the followers of Islam. According to the law of Islam, no one is superior to other. Any person can have the chance to live their life to the fullest. The idea of equality appeals the religion in the eye of new believers. People from different background or different identity can stay together under the same roof of Isl...
Zakah curbs the materialistic whims of muslims, all over the world by reminding them of the less fortunate and by removing excessive wealth that could lead to extravagant lifestyles.
In Islam, the purpose of life is to worship God. Life is only a test or trial for the individual to show his true nature. Muslims believe that they were created by God, will only spend a period of time in this world, and that they will be judged fairly by Allah for all their deeds. The purpose of this life is to determine the outcome and permanent position of an individual in the next life. If the purpose of life was to accumulate wealth or some other material possession, there would be no purpose after becoming wealthy or acquiring this possession. Therefore, the purpose of life must be to worship God as any purpose of life that revolves around material acquisition would be purposeless after acquiring that material. Worship is also a broad term in this context; worship can be seen as doing the obvious acts of worship, as well as; helping others around you, studying and making contributions to the advancements in the world. This is clearly conveyed in the following Hadith of the Prophet (P.B.U.H),
Islamic finance is a financial system that operates according to Islamic law (which is called sharia) and is, therefore, sharia-compliant. Just like conventional financial systems, Islamic finance features banks, capital markets, fund managers, investment firms, and insurance companies. However, these entities are governed both by Islamic law and the finance industry rules and regulations that apply to their conventional counterparts. Therefore, islamic finance is to be assets based as oppose to the currency based whereby investment structured on exchange or ownership of assets, and money is simply mechanism for transaction process. It would based on two sources which are Al-Quran and As-Sunnah.
Happiness as we have comfortable things, it calls for money for buying things to pamper oneself.
Ideologies creates a sense of community, purpose and order. Similarly, I find that my religion provides me with the conceptual frameworks in which to ground my life. My life revolves around my Islamic commitments, even school and work is set around my Islamic timetable. So to me, Islam is not just about praying, fasting and so on. Yet, it’s also about my moral conduct, the education that I seek and my worldly actions. Growing up in a community that practices an Islamic lifestyle and culture has convinced me that Islam is one of the exceptional religions which stress the development of the positive moral and ethical. I was taught to live peacefully, help each other and also tolerate with other religions. Not only that, Islam also governs all facets of my life such as moral, spiritual, physical, intellectual, social and economic via the Quran and the Hadith. I also learnt the true values of my faith which is Islam is not only for the Muslim world, it is to be practiced wherever I am.
Islam is the only one region in the world that does tell us the everything about the way of life. Islam tells us the better way of life. Our prophet Muhammad (saw) is the ideal of every person and nation. The key of golden era was that they followed the Quran and sunnah.we should strictly follow the Islamic rules at every intendance to get success. There are two main sources of Islam.
As the world has recently passed through the global financial crisis that begun in 2008 in the USA with the banks’ collapsing, analysts are giving different opinions and making new economic hypothesizes about the origin of, as well as the process of different countries escaped from the crisis. Among all these new “theories”, the case of Islamic banks is interesting in terms of its nature and consequences. In my essay, I will try to highlight the basic principles of the Islamic finance, the reasons of the restriction of interest, the most important tools used by Islamic banks in economic activities and brief explanation of them, and finally my view point of the probable future improvement of the Islamic financial system.