This document provides an introduction to the Islamic economic system. It discusses key concepts such as zakat (mandatory charity), public ownership of vital resources, currency based on gold and silver, and a prohibition on interest. Zakat facilitates wealth redistribution from rich to poor. Public ownership ensures equal access to necessities and prevents monopolization. An interest-free system is evidenced by Quranic verses. Copyright and patents are also discussed. Overall the document outlines some of the fundamental principles of Islamic economics.
About The The Five Pillars of Islam (arkān al-Islām أركان الإسلام; also arkān al-dīn أركان الدين "pillars of the religion") are five basic acts in Islam, considered mandatory by believers and are the foundation of Muslim life. They are summarized in the famous hadith of Gabrie.
About The The Five Pillars of Islam (arkān al-Islām أركان الإسلام; also arkān al-dīn أركان الدين "pillars of the religion") are five basic acts in Islam, considered mandatory by believers and are the foundation of Muslim life. They are summarized in the famous hadith of Gabrie.
Islam is not merely a religion or economic system but a Deen. It provides guidance for all aspects of individual & Collective lives. Islam means peace & submission. Peace acquired through total submission. There cannot be peace without Justice, which is the ultimate objective of sending down all Divine Books & Prophets.
Islam allows to earn income in which benefits are enjoyed by all the concerning parties on the just basis & prohibited to earn income through Bribery, Interest, Stealing & Robbery, Gambling, Wine & its business & Fraud.
Islam offers a definite economic system based on zakat, usher, Bayt al-mal, dignity of labour, equity, interest-free economy, legitimate income & avoidance of extravagance & observing rights & duties.
This slide program explains concept of justice in Islam. Definition of justice, its comprehensive nature is described in the light of Quran and Hadith. Its opposite, Zulm is defined and its 3 types are described.
Islamic Economic System
Islam is a complete code of life. It is not only concerned with the spiritual upliftment of human beings, it is equally concerned about their material and physical well-being. Islam guides its followers in financial and economic matters, in social and political affairs, and also in moral and personal spheres of human life.
"Whatever is in the heavens and the earth belongs to Allah." (2:284)
Allah is the owner of the whole universe. It is in this capacity that He has allowed us to own theblessings of this world by saying,
"He has created for you whatever that is in the earth."(2:29)
However, Islam also wants to prevent the excessive accumulation of wealth in the hands of a few peopleso the society may not fall into two classes: one is overstuffing, while the other is starving.
The Qur'an justifies the concept of tax by saying:
"...so that (the wealth) may not become a monopoly of the rich among you." (59:7)
Islam has prohibited
Usury (Riba), Interest
Hoarding
Speculation
Insurance
Overtrading
Sale without possession (Calf in the womb, Fishes in Ponds etc.)
Securing profits by exploiting the immoral desires of people etc.
Islam is not merely a religion or economic system but a Deen. It provides guidance for all aspects of individual & Collective lives. Islam means peace & submission. Peace acquired through total submission. There cannot be peace without Justice, which is the ultimate objective of sending down all Divine Books & Prophets.
Islam allows to earn income in which benefits are enjoyed by all the concerning parties on the just basis & prohibited to earn income through Bribery, Interest, Stealing & Robbery, Gambling, Wine & its business & Fraud.
Islam offers a definite economic system based on zakat, usher, Bayt al-mal, dignity of labour, equity, interest-free economy, legitimate income & avoidance of extravagance & observing rights & duties.
This slide program explains concept of justice in Islam. Definition of justice, its comprehensive nature is described in the light of Quran and Hadith. Its opposite, Zulm is defined and its 3 types are described.
Islamic Economic System
Islam is a complete code of life. It is not only concerned with the spiritual upliftment of human beings, it is equally concerned about their material and physical well-being. Islam guides its followers in financial and economic matters, in social and political affairs, and also in moral and personal spheres of human life.
"Whatever is in the heavens and the earth belongs to Allah." (2:284)
Allah is the owner of the whole universe. It is in this capacity that He has allowed us to own theblessings of this world by saying,
"He has created for you whatever that is in the earth."(2:29)
However, Islam also wants to prevent the excessive accumulation of wealth in the hands of a few peopleso the society may not fall into two classes: one is overstuffing, while the other is starving.
The Qur'an justifies the concept of tax by saying:
"...so that (the wealth) may not become a monopoly of the rich among you." (59:7)
Islam has prohibited
Usury (Riba), Interest
Hoarding
Speculation
Insurance
Overtrading
Sale without possession (Calf in the womb, Fishes in Ponds etc.)
Securing profits by exploiting the immoral desires of people etc.
Investing in Brazil and Russia - Fabrice GrindaLe Web
The Trials and Tribulations of Angel Investing in Brazil, Russia and around the world
Fabrice Grinda's video at LeWeb 2011: http://youtu.be/EvfyUb42tuc
And his blog : http://www.fabricegrinda.com
THE BIG PICTURE: THE CASE FOR REAL ESTATE AS A WEALTH-BUILDING VEHICLEPGIMER
Book by: ALFRED LABEJA
Director/Property Expert.
Warib Capital Ltd
London.
Founder: http://www.propertyinvestmentgroups.com
THE BIG PICTURE: THE CASE FOR REAL ESTATE AS A WEALTH-BUILDING VEHICLE
KIVA ZIP @ Building Business in The Bronx Roundtable: Feb 12 2013Sulin Lau
Sharing the Uniqueness of KIVA Zip (Zip.kiva.org) to the Quarterly Bronx Small Business Roundtable - jointly held every quarter by the White House Business Council, the U.S. General Services Administration, the U.S. Small Business Administration, and Start Small Think Big.
John P. Garcia, Targus Group International, Inc. - Speaker at the marcus evans Tax Officers Summit 2012, held in Las Vegas, NV, delivered his presentation entitled A Systematic Approach for Obtaining Foreign Tax Credits
Making Real Profits from Real Estate Knowledge WebinarDavid Campbell
Professional investor David Campbell shares real life examples of how he turns real estate knowledege into real estate profits by walking you through a multi-tenant retail center deal. You'll be blown away at how many creative investing strategies you'll learn in this ninety minute FREE webinar. Find out how David Campbell uses creativity and his seven essential resources to put together a million dollar real estate transaction. This webinar is appropriate for both new and well seasoned investors.
Essential of Technology Entrep. & Innovation-Chapter ten financing strategy ...Motaz Agamawi
In chapter ten, we are introducing the concepts of the financial strategy including the dept and equity alternatives.
This course provide the students with a conceptual knowledge regarding the essentials for management practices of a technology-based organization, and the evolution of technology. The topics covered in this course would include: • Introduction to the concept of entrepreneurship. • What entrepreneurs do and their importance to economy • How to seize business opportunity; • Know the process of creativity and difference between invention and innovation • Know how innovation is important as a dimension of entrepreneurship • Critical factors in managing technology; including • The Time Factor (Osborn effect) • Technology Push and Market Pull • The S-Curve of Technology • Technology and Product Life Cycle • The Chain Equation of Technology Innovation • Price Knowledge Gape Relation • Difference between Entrepreneurship and Stewardship Management • Difference between technology leader and followers • Competition and Competitiveness Concepts. • The process of the technological innovation; • Who are the customers; and • How to optimize cost and find finance for your projects • Demonstrate the importance of business plan, including the marketing and financial plans and how to prepare it. • Know the structure and management of a technology organization
Similar to Introduction to Islamic Economic System (20)
2. Contents
● Zakkah
● Public Ownership
● Currency
● Interest Based Economy & Islam
2
3. Zakkah
● A system to facilitate rotation of money
from rich to poor through concept of
Zakkah (not like taxes that both poor
and rich pays)
● There is no GST, Income Tax etc., (or
alike)in Islam
– Income Tax is on earning, GST is on
purchasing
– Zakkah is on savings 3
4. Evidences
● Ad-Darimi, Ahmed and Abu ‘Ubayd
reported on the authority of ‘Uqbah ibn
‘Amir that he heard the Messenger of
Allah (saw) say :
– “The tax-collector will not enter
Paradise.”
4
5. Some Taxes: Beyond
Today's talk
● Al-Kharaj
● Al-Jizya
● Al-Ushr
● Import and export duty on foreign
traders
● Etc.,
5
7. Public Ownership
● Defined concepts of ownership that
stopped rich people from becoming
richer only while making poor people
becoming more poorer
● Vital commodities, water, source of fuel,
and mineral wealth are in sharing and
can't be owned by few persons
(privatization can't take place in basic
needs i.e., rich/poor depends on them)
● Land reforms favoring poor and
stopping rich from exploiting poor 7
8. Evidences
● Messenger SAW of Allah said (Abu Dawud)
– "The people are partners in three things: water, green
pastures and fire (energy)."
● Messenger SAW of Allah said (Al-Bukhari)
– “Whoever has land let him plant upon it or grant it to his
brother. If he declined let him hold his land.”
● Messenger SAW of Allah said (Muslim)
– “Forbade a rent or a share be taken for the land.”
● Messenger SAW of Allah said (Sunan of An-Nisai)
– “The Messenger of Allah forbade leasing the land.We
said, ‘O Prophet of Allah, can we then lease it for
some of the grain.” He said, ‘No.’ We said, ‘We used
to lease it for the straw.’ He said, ‘No.’We said, ‘We
used to lease it in return of that on the irrigating 8
Rabee’a.’ He said, ‘No, plant it or grant it to your
brother.’”
9. Currency
● Concept of currency to be from gold and silver so that
no one exploit others
● Controls Inflation, more transparency
● Example
– Consider state of 3 people with each 100 units of
currency
– The person from govt. Wants to buy a product
costing 150 units
– He makes a future transaction with state over a
contract and receives 100 unit by printing paper
money
– Now he buys product of 150 units, supply and
demand is disturbed now
9
– Inflation would take place and prices would go higher
for products
10. Statistics
● Gap has increased a lot in the last 100 years
due to absence of Islamic economics
Year Poor: Rich ratio
1820 3:1
1913 11:1
1950 35:1
1973 44:1
1992 72:1
● Microsoft CEO Bill Gates has more wealth
than the bottom 45 percent of American
households combined 10
11. Interest Based Economy
& Islam
● Before Banking
● Capitalist Western Banking
● Capitalist Banking In Muslim World
● Recent capitalist attempt in the Muslim
World
● Real Islamic Banking
11
12. Banking System
● Before Banking System
Investor Skilled labour
Investor
Entrepreneur
Investor
Trader
Investor
Businessman
Investor
Investor Inventor
12
13. Banking System
● Western Capitalist Banking
Investor Skilled labour
Investor
Entrepreneur
Investor
20%
Trader
12% Interest
Investor Bank
Profit
Businessman
Investor Bank’s Profit = (20-12)%
Investor Inventor
13
14. Banking System
● Capitalist Banking in the Muslim World
Investor Skilled labour
Investor
Entrepreneur
Investor
Trader
Investor
12% 20% Businessman
Investor Profit Bank
Interest
Bank’s Profit = (20-12)%
Investor Inventor
14
15. Banking System
● Islamic Banking under a Capitalist State
Investor Skilled labour
Islamic
Investor Banking
$ Entrepreneur
$
$
Investor
Trader
Investor
12% 20% Businessman
Investor Profit Bank
Interest
Bank’s Profit = (20-12)%
Investor Inventor
15
16. Banking System
● Islamic Banking under Islamic State
Investor
Trader
Investor
Businessman
Investor
Investor Inventor
• Only introduces the two • Bank is not a part of the
parties and takes financial contract
service charges for its Bank • Bank is only a financial
effort adviser and facilitator similar
to that of a property dealer 16
17. Evidences
● “O you who believe! Squander not your
wealth among yourselves in vanity,
except it may be a trade by mutual
consent.” [An-Nisa: 29].
● “That is because they say: Selling is just
like usury. Whereas Allah permitted
selling and prohibited usury.” [Al-
Baqarah: 275]
17
18. Patents & Copyrights
● According to Islam the buyer after buying a thing
becomes the rightful owner of its rights
● A company during selling something cannot dictate
conditions, which are not from Qur’an and Sunnah
● Sahih Al-Bukhari and Sahih Al-Muslim, and books of
old Muslims Scientist were never copyrighted. Had it
been so, the west would still be in dark ages
● Copyright and patent laws are a big hurdle in
dissemination of knowledge and in the welfare of the
humanity.
● Copyright laws are a tool of scientific colonization of
the west
18
19. Evidences
● The hoarding of gold and silver was prohibited explicitly in the Qur’an. Allah (SWT) says: “And let those
who hoard gold and silver and do not spend them in the way of Allah know that a severe and painful
punishment is awaiting them.” [At-Tauba: 34] This warning of severe punishment for those who hoard
gold and silver serves as a clear evidence that the Law Giver has decisively ordered us to refrain from doing
so; it is therefore forbidden to hoard gold and silver.
● Islam prohibited pricing absolutely, due to what Imam Ahmad narrated from Anas who said: “Prices
increased at the time of the Messenger of Allah , so they said, O Messenger of Allah, we wish would
you price (fix the prices). He said: “Indeed Allah is the Creator, the holder (Qabidh), the Open-handed
(Basit), the Provider (Raziq), the Pricer (who fixes prices); and I wish I will meet Allah and nobody
demands (complains) of me for unjust act I did against him, neither in blood or property.” Also Abu
Dawud narrated from Abu Huraira, he said, “A man came and said, O Messenger of Allah, fix prices. He
said: “Rather Allah reduces and increases.”
● S’aid ibn Al-Musayyab narrated from Mu’ammar ibn Abdullah Al-‘Adawi in Bukhari that the Prophet (saw)
said: “No one monopolises except the wrongdoer.” Al-Athram narrated from Abu Umamah, he said:
“The Messenger of Allah (saw) forbade that a foodstuff be monopolised”. And Muslim narrated through
his chain of narrators from S’aid ibn Al- Musayyab that Mu’ammar said: “The Messenger of Allah (saw)
said: “Whoever monopolised is a wrongdoer.”’ Monopoly is prohibited (Haram) in all things without a
difference between the human foodstuff or animals foodstuff, a foodstuff or not, and of the people’s
necessities or luxuries. This is because the linguistic meaning of the word monopolised (Ihtakara) is to
compile a thing in its absolute sense (without specification). The word monopolised did not come in the
meaning of compiling the foodstuff or the people’s necessities, rather compiling the thing, so it should not be
confined to other than its linguistic meaning.
19