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Economics (Islamic)

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The Oxford Dictionary of Islam What is This? Covers the religious, political, and social spheres of global Islam in the modern world

    Economics (Islamic)

    Promoted as an alternative to neoclassical economics, Marxism, and other Western economic doctrines. Based on teachings of the Quran and Sunnah and aims to rediscover and revive the economic values, priorities, and mores of the early Muslim community. The movement to establish Islamic economic doctrine was born in India in the decades preceding partition ( 1947 ) as part of a plan to establish a full range of distinctly Islamic disciplines. Its most prominent promoter was Sayyid Abu al-Ala Mawdudi . Major emphases are economic justice, the failures of existing economic systems, and the need for an Islamic revival if Muslims are to recover the prosperity of the past. Theorists insist that true adherence to Islamic principles does not allow for selfishness, waste, extravagance, destructive competitive behavior, or immoral activities such as gambling, speculation, and hoarding. Interest is strictly prohibited. Profit sharing and investment based on risk taking are encouraged instead. A truly Islamic society will emphasize generosity toward the needy, hard work, fair prices, and protection of private property. Its four ethical bases are the unity of the Muslim community, equilibrium between supply and demand, free will of consumer and investor, and responsibility of the individual to the Muslim community.

    See also Banking (Islamic)

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