Islamic economics

Islamic Economics

The discipline of Islamic economics has been a topic of debate over the past few decades. It deals collectively with values and standards of conduct organizing economic life and establishing relations in an Islamic society. In the rapidly growing economy, conventional economics has grown out to be a popular and sophisticated discipline of economics. Here, you will learn about Islamic economics, its advantages, and the elements in market conduct. 

What Is the Islamic Economic System? 

Islamic economics is the discipline of economics following the religious view of Islam and forfeiting the roots of secularism. Contradicting to communism, Islamic economics promotes individuals to serve their self-interest and prevent them from abolishing private property. It contributes enormously to the well-being of all individuals regardless of their sex, age, race, religion or wealth. This system identifies the role played by the market in distributing resources efficiently to promote the growth of an economy. However, this system fails to find competition up to the mark required to safeguard the social interest. 

Islamic economics works in the direction of promoting human brotherhood, socio-economic justice, and the well-being of the economy. It focuses on moral values, the working principle of markets, society, and the concept of "good governance." The primary reason for the concept of good governance is the strong significance of human brotherhood and socio-economic justice in Islam. Therefore, the Islamic economic system is the upcoming economy with a rigid focus on boosting the moral values of the people following Islam. 

What Are the Three Main Elements of Islamic Market Conduct? 

3 Key Elements of the Islamic Market Conduct 

• Finance by trust: In this way of financing, management of an investment becomes the sole responsibility of the second party.

  Whereas, all the assets and properties in the name of this party are kept in only possession of the first party. Thus, this method permits the second party to purchase all the investments of the first party becoming the solitary owner. 

• Finance in partnership: This is among the oldest known techniques in the Islamic market dealing with small scale investments. In this technique, it is imperative for all the parties involved in the partnership to contribute capital towards the investment. 

• Cost-Plus financing: This method is the most popular way of funding economic among Islamic marketers. This method works on agreement with the bank to purchase an asset or property from a third party. After buying the asset, the bank can re-sell it to its clients with an increased profit. Thus, it is up to the client to make payment either immediately or in the form of installments. 

What Are the Advantages and Disadvantages of Islamic Economics? 

Advantages 

• Islam is among the most diversified religion with a democratic nature offering an economy to deliver more productive results. The primary factor contributing to the fruitful results of this method is the democratic process followed in Islamic economics. 

• Islamic economics allows the people of an economy to fulfill their necessities to live a regular life. It emphasizes some of the most popular interest of society like socialism in the absence of ownership. It successfully fulfills the necessities like food, shelter, clothing, and education to survive in an economy. 

• It emphasizes enforcement of Islamic law in the economy to ensure economic activity and justice in daily life. Therefore, it is essential for an economy to promise its citizens with peace and financial stability in their lives. 

• Islamic economy ensures the citizen of the economy with equal chances of employment to every sector of the society.

  Also, it prohibits discrimination of people on the grounds of color and caste contributing to their economic development. 

• This discipline of economics also ensures equality before the law regardless of their financial background. 

Disadvantages 

• Lack of internet-based infrastructure required to monitor the whole economic system and identifying every flaw in the process. 

• Islamic economic system is somewhere found to be technology deficit and forbidden collaboration with other systems worldwide excluding Muslim societies. 

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Islamic Economics 

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