A Distinct Economic System Based On Islamic Values Essay
Introduction The existence of neoclassical economic system with no doubt has significant contributions which can be seen through the history. Capitalist and socialist economics system for example has been there as foundation for over hundred years to serve the basic economic questions. However, there are still problems in relation on how the system works. So, in this writing, my aim is to present how economic system based on the Islamic values originating from moral teaching of Shari’ah is distinct from the conventional economics. There are two major points of why Islamic economics are different from either Capitalist or Socialist. The discussion will be looking at the value of moral teachings and how Islamic economics incorporate those values to answer the basic economics question and its position to mode of production.
The Distinction of Islamic Economics system based on Islamic Values There are major distinctions between conventional and Islamic economics based on value promotes by Sha’riah. It has been viewed from many literatures that these two values are significant in explaining the difference of Islamic economics from the conventional. They are a) justice (al-adl) and b) social welfare.
a) Justice (al-adl)
Islam emphasizes justice in every human aspect of life, including dealing with economic activities. Major Islamic economist has…