O'Reilly logo

Introduction to Islamic Economics: Theory and Application by Abbas Mirakhor, Zamir Iqbal, Hossein Askari

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 2Foundation of the Islamic Economic Paradigm

  1. How Islam differs from other religions.
  2. The difference between individual and societal goals in Islam.
  3. The importance of rules (i.e., institutions) and rule compliance in Islam.
  4. Why justice is so important in Islam.
  5. The role of Shariah in Islamic economics and finance.
  6. The meaning of maqasid-al-Shariah (objectives of Shariah).
  7. The foundational elements of Islamic teachings.
  8. The importance of agent-trustee in Islam and in preserving the rights of all generations.

Four fundamental concepts support the rules-based religion that is Islam. First is walayahh, the unconditional, dynamic, active, ever-present love of the Supreme Creator for His creation, which is manifested through the act of creation and the provision of sustenance for all humans. This involves providing sufficient resources to sustain life and divine rules to sustain and flourish on this earth. Humans reciprocate His love by extending their love to other humans and to the rest of creation. Second is the concept of karamah, human dignity. The Quran considers humans to be the crowning achievement of His creation for whose personal and collective development everything else has been created. Indeed, humans are the purpose of creation. The third concept is the meethaq, the covenant in which all humans were called before their Supreme Creator and asked to testify that they recognize in Him the One and Only Creator and Sustainer of the entire creation ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required