Hidaya famous nook of Fiqh has 70 portion dedicated to Muamalat The

Hidaya famous nook of fiqh has 70 portion dedicated

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Hidaya- famous nook of Fiqh has 70 % portion dedicated to Mu’amalat. The humanitarian goal of achieving the well being of all members of the human family cannot be attained by concentrating primarily on the material constituents of well-being and making maximization of wealth as the main objective of Economics.
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CALIBRI BOLD 42 pt CALIBRI BOLD 42 pt Islamic Economy Islamic Economy It is also necessary to raise the spiritual content of well being and reduce all the symptoms of anomie, like family disintegration, heavy interest based debt payments, conflict and tensions, crime, alcoholism, drug addiction, and mental illness, all indicating lack of inner happiness and contentment in the life of individuals. Optimization of human well-being as per the divine guidelines of Allah. Islam accepts the market forces of supply and demand- Reference of Holy Quran. Islam accepts the right to private property and accepts the right to maximize profits. But these rights are not unbridled and un conditional rather there are some prohibitions.
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CALIBRI BOLD 42 pt CALIBRI BOLD 42 pt Islamic Economy Islamic Economy In Islam there are three factors of production 1.Land 2. Labor 3. Entrepreneur Entrepreneur & Capital is a single factor of production. As interest is Haram hence the risk of profit & loss is with the capital. Anyone investing capital must also take the risk of the investment. In both Capitalism & Socialism the right to wealth is with those factors of production only that have taken part directly in the process of production. Islam believes that the original ownership of everything is with Allah and without Allah’s “Taufeeq” no factor of production can produce anything.
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Locating Islamic Economy ISLAM AQIDAH (Faith & Belief) SHARI’AH (Practices & Activities) IBADAT (Human Worshipping to Almighty God) MUAMALAT (Human-to-Human Activities) POLITICAL ACTIVITIES ECONOMIC ACTIVITIES OTHER ECONOMIC ACTIVITIES BANKING & FINANCIAL ACTIVITIES SOCIAL ACTIVITIES AKHLAQ (Moralities & Ethics) Locating Economics & Finance Within Islam
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Basic Principles of Islam The Islamic worldview is based on tahwid (the oneness of God), risalah (God’s prophets as the source of Divine Guidance), akhirah (life-after-death, that is the continuity of life beyond death and a system of accountability based on Divine Law) It provides for freedom of action whereby each individual is viewed as an integral part of the whole. Individuals are expected to establish justice (‘adl) and promote beneficence (ihsan) , resulting in attaining high levels of good life (hayat al-tayyebah) , both individual and collective. It aims to strike an appropriate balance between the needs of present and future generations (need fulfillment; respectable source of living; equitable distribution of income and wealth; growth and stability)
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Accountibility before Allah Free-will (Ihsan) Responsibility (Fard) Divine arrangements (Rububiyya) Purification (tazkiyya) Basic Principles of Islam
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