What is Islamic Economic System? Characteristics and Principles of Islamic Economics - AIMS UK
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- Опубліковано 18 чер 2019
- The Islamic economic system is based on the teachings of the Quran and the Sunnah. It is a comprehensive system that covers all aspects of human life, including economics. The Islamic economic system is characterized by four key principles: equity, justice, consultation, and cooperation. These principles are applied to all aspects of the economy, including production, consumption, distribution, and investment. The aim of the Islamic economic system is to promote social welfare and to protect the rights of all members of society. This system is based on the belief that all resources belong to Allah and should be shared among humanity.
The Islamic economic system has several key features that distinguish it from other economic systems.
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I love how Islam isn't extremely capitalistic but not extremely communistic too. It sits between to extremes.
Wow, I love Islamic Economics now!
cool !
Cool
You should research all of Islam and maybe you like it
Then make it happen !
As a Marxist and former Atheist now Muslim, you should learn more about Islam.
in Islamic economy, there's both private and public property. in contrast, in ideal Capitalism all property is private, and in Communism all property is public property. In this respect, Islam is the middle way between the two. For example, water sources cannot be privatized in Islam because it's strictly a public property. Oil, Gas, and other natural resources fall into this category and cannot be privatized, meaning they are public property and belong to the state.
Half of the Islamic countries are poor as fuck and the rest are only rich because of dinosaurs juice, not exactly a shining endorsement.
@@hobbabobba7912 It's much more complicated that that anyways. A lot of third world countries in general used to flourish in trade and wealth until imperialism and colonialism took over and shown lack of cultivation.
@@themercifulguard3971 couldn’t have said it better even though I’m not religious
@@hobbabobba7912 because europeans colonized and pillaged those countries.
@@hobbabobba7912 the Islamic countries are not poor at all, the community and the people are rich in the way of life, they don't have money because they don't need, in Islamic countries, most poor people are using the traditional economic system and by that they are rich.
Islam has a very detailed economic system
Infact all the system
Islam is supposed to be a way of life.
@Boy UmarullIn early europe who controlled the Mediterranean controlled the economy of Europe. It was a simple fact that the empires with the strongest navies for their times were the dominant european forces right from greece and rome to the spanish armada. Also Anatolia was the gateway into asia so who had control over that territory like the Byzantines, who also were the strongest empire in europe at that time
@BlackBannerz Ataturk realized it had become decrepit and needed to modernize.
Islamic economic system is the best economic system
yes but what's islamic economic system. Someone must write Islamic manifesto as an alternative to communist manifesto, to explain us how Islamic economy works
Yeah, cuz it's Capitalist.
@@inter3684 it’s impossible to write an Islamic economic manifesto bc the rulings written for the economy were written by Allah swt it is impossible to re write the word of god
Indeed :)
So why are all Muslim countries 3. World, poor with great unemployment and unequality?
They should have been teaching me this in religious classes.
For muslims, everything is religion.
caporal pistachio Capitalism isn’t the end all and be all of economic systems bro. And everything you disagree with isn’t communism. Why can’t Americans understand this?
caporal pistachio Forget about this dude making off hand comments. The basics he got correct. Communism vs capitalism didn’t even exist a thousand years ago. Basically the point is privatization of some property and making essential things public. Like water CAN’T be a private commodity because everyone needs it to survive but stuff like juice can be because it’s a luxury of sorts. So no it’s not communism just because it sounds like a welfare state.
caporal pistachio Think more broadly. This would apply to housing, food, school, transportation, etc. A lot of countries in Europe already started doing this so it’s not outlandish. What country are you from?
caporal pistachio Well I’m from the US one of the most capitalistic western countries and it’s honestly running out of gas. I’m pretty sure we’re in the brinks of an economic collapse so we’re not doing so hot out here either.
How beautiful is Quran !!
Very Interesting, I was actually searching for such channel for a while now ... so thank & please keep up the good work
Very informative.
جزاك الله
Thanks for such a great video. May Allah reward you for the effort. Ameen
Mashallah.Islamic banking one of the Best System of Banking
Great effort
Perfect sir
Nice presentation
If you bring someone who doesn't relate to the metaphysical roots of the constraints that defines a religious kind of economic view or a religious kind of political view he probably would classify these constraints on the theoretical level as burdens limiting the ability of reaching the most optimal theory, especially that many of the non ideologically restrained types does not have any restraint towards importing and deploying any idea that may seem useful in the process of building a more optimal theory.
Thanks you sir 💞
Thanks for video, it's really useful for me, any recommendations about principle islamic marketing video?
Thank you
Good video
Good job
is it possible to get this lecture in document?
Interestic, I want to do a reseearch about this Inshallah
Inshallah
Do it. Bismillah.
Salaam Alaikum broeder achie uit Eindhoven
Islam is true religion and is not a new religion his massage is same since world created from adam, jesus all prophets said one thing that god is one and his name is Allah, now science wants to know what will happen after the death Islam told everything in details about what will happen after the death
Islam is a rip off religion. The Koran was mostly copied from the bible. Why are all Muslim countries failed, nations, poor and dictatorship ?
@@trygd100 get back to the 100 years back You will get the answer, today's 56 muslim countries are the reality that people accepted Islam in all over the world by self without being forced. ❤️❤️❤️
Both are diseased
@@trygd100 We are in our dark ages now. Islam was a dominant power in the world for over 1000 years and also the so called "Muslim Countries" nowadays don't follow islamic law and teachings anyway.
@@trygd100 Both the Quran and the Bible are revelations from God so it's not strange to find similarities between them but God promised that the Quran will be preserved from corruption unlike the Bible which has been distorted later by mankind.
Not Islamic and *Western* views on economics. Islamic and *_JEWISH_* views on economics. Christians in Europe followed a similar style of economics until the Jewish money lenders encouraged continent spanning wars under the promises of endless wealth.
yes the Christians were very similar until their religion was watered down
Anti semite
@@trygd100
No Anti-Blood Suckers (Zionist).
Didn't ended badly and causes people to hate Jewish and persecute them like in Germany in 1930's.
At this point I don't know why people follow it when it failed multiple time and blame it on others since both side agreed on it.
Nice
My favorite part of Islamic economics is the clearasy laws, applied for a year to the poorest province of Iraq, in the 9th century AD; they picked a region where they knew it'd fail, because everyone already used it, then the cops were assigned to practice the law (they were guilty to begin with), and the entire region failed based upon the law. It's been illegal, for 1100 years, called 'bank fraud'; the application of clearesy laws, the belief that if you have a banker, brokerage, or accountant in the family, you can't spend money outside of tuition and fee, at your schools or university. Only the state of Arizona, on modern record, disobeys bank fraud laws, by applying Islamic clearesy law, the point of the banking mercantiles that the law is illegal, and is breached by police applying law of conduct anyways.
❤️
Can you tell the source of hadees at 5:48 please
👏👍
good
RK SEA WORLD
What makes the difference between hoarding/accumulation VS saving??????? Just paying the alms, right?
J 'ai besoin un texte analytique de cette quetion si'il vous plaît
Le systhème économique islamique est un solution pour résoudre le problème d'origine de tout révolution social
Please don't try it
I have some issues:
1) Were was the 4 principles of good economy refrenced? (The holy quran? The hadith? or another source.....)
2) The 4 principles tend to be more close to a socialist economy were the goverment tax the wealth and regulate businesses but the problem with this is that is that it creates opportunities for corruption rather then diminish them.
3)Other then zakat (which is fixed annual tax) how can we redistribute the wealth with no additional tax?
4) Capitalism doesn't neccessary equal corrupt (nor good). In fact, it's pretty neutral.
5)The 3 key to good islamic economy is a vague and what doesn't really help at creating policies to achieve said good economy.
6) (Accumulation=bad / spending =good) should be more expanded upon. We can all agree on the importance of giving to the poor and not hording money on the basis of greed. But saving your money should also be incentivise in a good economy and not spending carelessely on luxuries that we don't really need.
Thanks for the great video :)
all of this is the wisdom of the world. Islam and god are not the answer to everything(look into the details of Moses when some asked him do you have all the knowledge, he said yes, god got angry with Moses read this. we must adapt anything new we discoverer into our religion that its the only way forward
I mean thing is those 4 principles can be protected under capitalism. Consedering the fact that in free market people change their class often like in america; majority does not always end in poverty.
Idk I've been searching a lot about where does an Islamic economy falls under or close to compared to other economic models such as socialism and capitalism but haven't found anything.
@@AKM-vo9lw well lets began with the tax system. U see many people will tell u do that Islam support progressive welfare state like those in europe, but to even have a big welfare staye u need high taxes. The issue here is that Islam has low tax rates and no income tax at all. U cant support a welfare state without having big taxes. I believe that islam mainly support private charities and a small charity tax- zakat tax that is at 2.5% rate. There is private ownership over the means of production. The state can not take private property away from its citizens. The only thing that might set islam and capitalism a part is that islam rejects inetrest.
@@rockingjump986 I'll just use my country (bahrain) as an example to clarify. We didn't use to have taxes (AT ALL) aside from currency inflation. We did however have many subsidies (like fixed prices for some goods and services such as fuel, some vegetables, meat, public universties, etc...)cause our sate have private shares in the market (OIL). Oil companies are either fully owned by the goverment or have majority of the shares in them. 56% (not sure of the exact percentage) of the net income goes to the treasury which funds subsidies. We do have a 5% VAT which almost all people oppose to cause they believe that they are entitled to these subsidies without paying taxes. Cause why would we when WE are rich lol. I don't share or oppose to this mentality and honestly I don't really care.
I just want to know If a fully islamic state exist today what would it economic model be? All the stuff I see don't add up.
So based on this analysis western developed country economies are more "Islamic" in some ways because they rank lower than majority Muslim countries on international corruption indexes (Transparency International) and lower of measures of income inequality (Gini coefficient).
You may right with your concept. But you have to know that muslim country doesn't mean islamic country. Like I'm a Bangladeshi. It is a Muslim majority country. But it is not a islamic country. Those country who follow islamic saria law fully is called islamic country. But in this time there is no country in the world who follow total rules of Quran and hadis including sharia law.
@@samwork1205 Yes there are many interpretations, and I dont think "sharia law" is written down anywhere where I can read it (apart from the five pillars and dietary restrictions.) Its a collection of scholarly opinions and fatwas which other scholars dispute, and often conflict with modern approaches to womens rights, modern finance, and free speech.
In any case with respect to corruption and ethics, we should hope that those authorities in power professing Islam would pay less attention to ritual and more to ethics.
Robert Hannah Sharia means path to water. It’s a way of life to be just, righteous and God fearing in all aspects of your life and society as a whole. The first university in the world was founded by a Muslim woman under what you would call a “Sharia state” (no such thing mind you). In sharia, those who seek knowledge and share their teachings are held in the highest regard in society. A requirement of Sharia in a Muslim society would be to ensure that no single private entity is able to hoard a stupid amount of wealth while oppressing labourers. Another requirement of Sharia is to observe and follow the laws of the land you live in, even if it is a non Muslim land. You’re supposed to be an ambassador of Islam and uphold the contract you sign as a citizen of that land. Therefore, calling for sharia in a non Muslim land goes against the teachings of Islam. Unfortunately, western media has painted a false narrative of Middle Eastern corruption and oppression being the result of Islam, and not the individuals behind the corruption and oppression themselves. These individuals are given a free, lazy pass while the narrative of Islam being a problem is portrayed in the media instead. In a majority of cases, you’d find that a lot of money used to coerce the corruption and the Middle East runs back to the west either way. Islam itself is pure and free from such evils.
@@CircumcisedUnicorn I appreciate your viewpoints on these issues. I and most people I hope would agree with your idealistic sentiments. But there are situations that point out conflicts between sharia and modern issues. I note that most Islamic countries could not sign on to the UN's universal declaration of human rights because parts of it conflicted with sharia. They instead set out their Cairo declaration of human rights (which few of them paid attention to anyway). Regarding women, we still have the womens witness rule Quran 2:282 which literalist Muslims will not repudiate. Regarding finance (my field), the literalist Islamic approaches to riba and gharar do not make any sense and take no note of modern advances.
I dont want to go on in a negative way, but one statement stands out to me - your statement " In sharia, those who seek knowledge and share their teachings are held in the highest regard in society." I sadly note the story of modernist scholar and academic Fazlur Rahman Malik who tried to improve the educational system in Pakistan as head of their Central Institute of Islamic Research. He was run out of the country by conservative Maududi-ists and Jamat Islami on grounds of apostasy (you know what that means). He went on to found Islamic centres in such globally leading universities as McGill in Canada and the University of Chicago. This was a great loss to Pakistan.
Regarding corruption, yes there is a lot of it coming from the west, and the Americans have made an absolute mess of it in Iraq. Syria is torn apart by major powers meddling. It would have been better to leave Saddam, Qaddafi, and Assad where they were, brutal as they are. But Saudi has their own money and Iran and Isis cannot be accused of dependence on the west. Emirates and the Gulf states are less corrupt I think, and more open and better off. In any case, one could hope that leaderships, their elites and families professing Islam would have some of the ethics rub off on them, but it does not seem to be the case. On the other hand the Muslims I have met have all been friendly courteous and helpful people. My conclusion is that Islam and its scholars place too much emphasis on ritual, recitation, dress and dietary laws, and too little on ethics, where the world surely needs more direction.
@@roberthannah7983 from the new born to the oldest man in Europe and the USA are in debts just because of reba , so as a result of that do you think that modern financial system in Europe & USA is correct??!!!!!!!
Sir, please make a vedio about forex tradibg. Is it halal no haram?
There is already a video made on that by another brother
@Hashem Al-Hariri
It is halal however the exchanges made it haram. I will leave the link to the video so you can check it out In Sha Allah
And spend out of what we have given them _ Quran
This... didn't really tell me anything in a practical sense, but i suppose thats a given.
currency is gold and silver
In social aspect of sharia law.. a rich man is accountable for his neighbours 40 houses on left, right front and back. If there are neighbour who is really poor and have no food.. his obligation to provide for them and help them to sustain life.until they can provide their own. if anything happen to his neighbour, if the do crimes because of poverty, even if they died of poverty.. you as a rich one will be held accountable too..
who's the qari?????
got it. its mishary
Islam is very very capitalistic. It was one of the first proponents of strong property rights, privatized banking, loan agreements, and wills. Leaving your wealth to the state was just not acceptable. Don’t forget Prophet Muhammad and wife Kedija were merchants by trade. When asked once for price fixing, the Prophet rejected it and said “Allah/God knows best”. Much like the invisible hand concept by Adam Smith, Islam’s base was not on state’s fixing of prices. The Zakah tax is also a flat tax of 2.5% for all citizens rich or poor and is very conservative by all estimates. It doesn’t call for the rich to pay 40%-50% in taxes.
The only exception to this rule is the ban on usury (or interest money). But this was the same for Christianity until recently.
No, the poor doesn’t pay Zakah. In fact, the poor are the one getting the Zakah. Only Muslims pay Zakah. Non-muslims pay Jizya and Jizya percentage varies. In some cases the Jizya is less than Zakah. If the non-muslim is poor, then he mustn’t pay Jizya but instead he should be paid from the Zakah that is collected.
Do your research again
the islamic system can be described as a free market economy to some extent. supply and demand are the factors to set prices but there are some rules that have to be followed as well. no interests. no hoarding you can’t sell something that don’t own..etc.
Islam is very capitalistic, yes. We need to promote free markets in everything. Many Muslims mistakenly attribute the Riba we see in the world today to capitalism, but it is a part taken from communism, Marx's 5th plank. We need free markets in money, not government enforced Riba currencies.
Bad writing of translation
Chek in
Good video, just one comment: Islam is not anti-capitalist it is anti-corruption. You make your own judgement that corruption and inequality arise from capitalism but this is not an idea from Islam.
So why do Muslim countries rank so low on the international corruption indexes? I guess the answer is that the rulers and elites of those countries who all profess Islam are hypocrites, and supported by their armies and Islamic scholars who dont challenge them.
@@roberthannah7983 as a Lebanese I know the how bad corruption can get. We may have the worlds worst problem with corruption. Our government is not and does not market itself as Islamic. As for some of the other corrupt states in the Middle East sadly there is very little that is congruent with Islam in their policies and manners of behaviour, though they may market themselves as such.
As long as there is money involved, it is not Islamic. Islam is MONEYLESS SYSTEM.
Hilarious Christian economy system is mostly based on socialism but I liked islamic economic system
7 minutes of not talking about mozarebah mossaghat etc and anything else if the part of islam take from it you think its mix of communisms and socialism and ...
Islamic economics is socialism
Nope check both properly. They are not the same. In Socialism resources are controlled fully by the state and such individuals who hold power whilst in Islam the states interference is limited. Individuals in Islam can are free to engage in any business so long as it is in accordance with the principles laid out in the Quran & Sunnah and ultimately enforced by the mandated state institutions. Please do more research on it though for I myself am a seeker of Knowledge. Peace and love🥰
@@thewhisperer3234 *Just one comment, in socialism the resources are not in the hand of the state, but in the hands of the workers, the workers should decide if they want state intervention or not.
@@fe1ip3 Who are the workers working for? Exactly the point.
@@thewhisperer3234 They are working for themselves. All the capital generated will be used in providing free education, healthcare, subsidised housing and scientific development etc. All of these things directly benefit the people and provides to everyone irrespective of their economic position to afford anything crucial for human survival in modern society.
@@fe1ip3 The dictatorship of the proletariat degenerates pretty quickly into despotic and dogmatic ideology of the revolutionary elites, who do not tolerate any dissent.
In capitalism everyone gets richer, in socialism everyone but the state gets poorer
lol
In sharia law of economic, everyone will play a role in economy, there is no such capitalism or socialism.. no 'riba' by the banks.. the rich become modest and the poor will be relieved.. and the money always keeps rolling back to the state by islamic tax rule.. and the state will give back to the people who really needed..
@@mfhmfh7516 "the rich become modest" lol. The emirati live behind their walled compounds and hire thousands of expat wage slaves from places like Pakistan and Philippines paid with the oil money to do the work in their country.
Ua blinded