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NO Information Islam Non Islam

Islamic economics is based on the rules of Islam as derived from the Quran and teachings of Muhammad. It aims to fulfill basic human needs for all society in a fair manner without wealth concentration. Some key principles are that resources are gifts from God, wealth distribution includes zakat and prohibiting usury. Main differences from conventional economics include the sources of rules, motivation being worship versus materialism, and profit sharing instead of interest. Current issues include small market share and low financial literacy. Islamic rules can be applied to regulate economic life in areas like business practices, property rights, and prohibiting harm.

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41 views3 pages

NO Information Islam Non Islam

Islamic economics is based on the rules of Islam as derived from the Quran and teachings of Muhammad. It aims to fulfill basic human needs for all society in a fair manner without wealth concentration. Some key principles are that resources are gifts from God, wealth distribution includes zakat and prohibiting usury. Main differences from conventional economics include the sources of rules, motivation being worship versus materialism, and profit sharing instead of interest. Current issues include small market share and low financial literacy. Islamic rules can be applied to regulate economic life in areas like business practices, property rights, and prohibiting harm.

Uploaded by

abang ganteng
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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1.

Definition of Islamic Economics (Shari'ah)

Islamic economics is the study of the economic behavior of humans whose behavior is governed by the
rules of Islam and is based on tauhid as summarized in the pillars of faith and pillars of Islam.

Work is an obligation because Allah commands it, as He says in QS. At Taubah: 105, "And say, work ye,
for Allah and His Messenger and those who believe will see the work". Work brings to capacity, as the
Prophet Muhammad SAW said: "Whoever is tired during work, then at that time he is forgiven".
(Narrated by Thabrani and Baihaqi).

 Purpose of Islamic Economics. The purpose of Islamic Economics is based on the basic concept in
Islam, namely monotheism and based on references to the Qur'an and Sunnah are:
A. Fulfillment of basic human needs, namely board, clothing, health food and education for every
level of society.
B. Ensuring equal opportunities for everyone.
C. Prevent the concentration of wealth from occurring and minimize the imbalance of funds in the
distribution of income and wealth in the community.
D. Ensure that everyone is free to obey moral values.
E. Ensuring stability and also economic growth.

 Principles of Islamic Economics

Broadly speaking, Islamic economics has several basic principles:

A. Various resources are seen as gifts or gifts from Allah SWT to humans.
B. Islam recognizes private ownership within certain limits.
C. The main driving force of Islamic economics is cooperation.
D. Islamic economics rejects the accumulation of wealth controlled by a handful of people.
E. Islamic economics guarantees community ownership and its use is planned for the benefit of
many people.
F. A Muslim must fear Allah Almighty and the decisive day in the hereafter.
G. Zakat must be paid for wealth that has fulfilled the boundary (Nisab).
H. Islam rejects usury in any form

2. Islamic and non-Islamic economic differences:

NO Information Islam Non islam

1 Source Al-Qur'an Human thinking power

2 Motive Worship Rational matearialism

3 Paradigm Shari'ah Market

4 Basic foundation Muslim Human economics


5 Philosophy foundation Falah Utilitarian individualism

6 Treasure The point of life Assets

7 Profit sharing Profit sharing interest

8 Wealth distribution Zakat, infaq, shodaqoh, grants, Taxes and benefits


gifts, endowments and
inheritance.

9 Production-consumption Maslahah, needs and obligations Egoism, materialism, and


rationalism

10 Market mechanism Free and under supervision Free

3. The Main Problems of Islamic Economics

A. The small market share of the Islamic finance industry


B. Low level of Islamic finance literacy
C. The small role of the Islamic banking and financial industry in infrastructure development
D. The instruments of regulation, law, policy and fatwa both on a national and international scale
are still not optimal in responding to the acceleration of national economic growth.
E. The quality and competence of economic and financial human resources is still low.
F. The absence of a blue print and national sharia economic development architecture that is
integrative and run by the government.
G. and strategic alliances between policy holders have not yet been established

4. Application of Islamic Economics

Al-Qur'an and Al-Hadith is a complete legal foundation in regulating all aspects of the life of the ummah,
especially in the economic field, including:

A. Islam is designed as a mercy for the entire ummah, making life more prosperous and valuable,
not poor and not suffering (Q.S. Al-Anbiya: 107).
B. Property is the mandate of God, to obtain and use it must be in accordance with Islamic
teachings (Q.Q. Al-Anfal: 28).
C. Prohibition of running an illegal business (Q.S.Al-Baqarah: 273-281).
D. Prohibition of harming others (Q.S.Asy-Syuara: 183).
E. Testimony in mu'amalah (Q.S.Al-Baqarah: 282-283), etc.

This assumption has been proven by the economic and monetary crisis that hit Indonesia and Asia some
time ago that the system that we hold and are proud of especially in the banking sector would be unable
to cope with and overcome existing conditions, and even impressed the current system with the absence
of divine values that underlies the operations of banks and other financial institutions as the cause of the
growth and development of "tie robbers" who have destroyed the joints of the Indonesian economy
themselves.

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