CAPITALISM, GLOBALIZATION & ISLAMIC ECONOMIC SYSTEM

This paper explains the principles of Islamic economic system by differentiating conventional and Islamic economic systems. It is proved that there is an absolute clash between the secular and Islamic concept of economics as the one is self-centric while the other is based upon the welfare of the so...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autor principal:	Muhammad Zeeshan Farrukh
Formato:	article
Lenguaje:	AR EN ID
Publicado:	Universitas Darussalam Gontor 2012
Materias:	capitalism globalism islamic economic system Islam. Bahai Faith. Theosophy, etc. BP1-610 Economic theory. Demography HB1-3840
Acceso en línea:	http://dx.doi.org/10.21111/iej.v1i1.158 https://doaj.org/article/6824c5ee8de34fb28170300f2fef6dcd
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:6824c5ee8de34fb28170300f2fef6dcd
record_format	dspace
spelling	oai:doaj.org-article:6824c5ee8de34fb28170300f2fef6dcd2021-11-08T03:26:42ZCAPITALISM, GLOBALIZATION & ISLAMIC ECONOMIC SYSTEMhttp://dx.doi.org/10.21111/iej.v1i1.1582460-18962541-5573https://doaj.org/article/6824c5ee8de34fb28170300f2fef6dcd2012-06-01T00:00:00Zhttps://ejournal.unida.gontor.ac.id/index.php/JEI/article/view/158https://doaj.org/toc/2460-1896https://doaj.org/toc/2541-5573This paper explains the principles of Islamic economic system by differentiating conventional and Islamic economic systems. It is proved that there is an absolute clash between the secular and Islamic concept of economics as the one is self-centric while the other is based upon the welfare of the society respectively. The main reason of this attitude is the concept of akhirah (life after death) in Islamic economics but no such concept in western or secular concept, because the secular economic concept separates the religious thought from the worldly life. It is a pity fact that the present globalized world has been captured in the evil of self-centric economic system i.e. Capitalism. The main objective of Islam is to establish and maintain a welfare state which can be achieved by equitable distribution of wealth therefore Islam gives secondary importance to but the secular concept gives primary importance and wealth accumulation is the main objective of this concept. In this paper, the point of view has been explained with references from the Qura’anic verses and Ahadith. It has been explained that Islamic Economic System is not the name of implementation of just few Islamic Economic principles and modes in a society but it has linkage with the whole religion otherwise the fruits of this system could not be obtained. As far as prevalent Islamic Financial system is concerned, it is a good step towards the implementation of Islamic economic system but there is a requirement of seriousness in this context so that there is an obligation upon every Muslim to play a part to implement Islamic economic system.Muhammad Zeeshan FarrukhUniversitas Darussalam Gontorarticlecapitalismglobalismislamic economic systemIslam. Bahai Faith. Theosophy, etc.BP1-610Economic theory. DemographyHB1-3840ARENIDIslamic Economics Journal, Vol 1, Iss 1, Pp 73-81 (2012)
institution	DOAJ
collection	DOAJ
language	AR EN ID
topic	capitalism globalism islamic economic system Islam. Bahai Faith. Theosophy, etc. BP1-610 Economic theory. Demography HB1-3840
spellingShingle	capitalism globalism islamic economic system Islam. Bahai Faith. Theosophy, etc. BP1-610 Economic theory. Demography HB1-3840 Muhammad Zeeshan Farrukh CAPITALISM, GLOBALIZATION & ISLAMIC ECONOMIC SYSTEM
description	This paper explains the principles of Islamic economic system by differentiating conventional and Islamic economic systems. It is proved that there is an absolute clash between the secular and Islamic concept of economics as the one is self-centric while the other is based upon the welfare of the society respectively. The main reason of this attitude is the concept of akhirah (life after death) in Islamic economics but no such concept in western or secular concept, because the secular economic concept separates the religious thought from the worldly life. It is a pity fact that the present globalized world has been captured in the evil of self-centric economic system i.e. Capitalism. The main objective of Islam is to establish and maintain a welfare state which can be achieved by equitable distribution of wealth therefore Islam gives secondary importance to but the secular concept gives primary importance and wealth accumulation is the main objective of this concept. In this paper, the point of view has been explained with references from the Qura’anic verses and Ahadith. It has been explained that Islamic Economic System is not the name of implementation of just few Islamic Economic principles and modes in a society but it has linkage with the whole religion otherwise the fruits of this system could not be obtained. As far as prevalent Islamic Financial system is concerned, it is a good step towards the implementation of Islamic economic system but there is a requirement of seriousness in this context so that there is an obligation upon every Muslim to play a part to implement Islamic economic system.
format	article
author	Muhammad Zeeshan Farrukh
author_facet	Muhammad Zeeshan Farrukh
author_sort	Muhammad Zeeshan Farrukh
title	CAPITALISM, GLOBALIZATION & ISLAMIC ECONOMIC SYSTEM
title_short	CAPITALISM, GLOBALIZATION & ISLAMIC ECONOMIC SYSTEM
title_full	CAPITALISM, GLOBALIZATION & ISLAMIC ECONOMIC SYSTEM
title_fullStr	CAPITALISM, GLOBALIZATION & ISLAMIC ECONOMIC SYSTEM
title_full_unstemmed	CAPITALISM, GLOBALIZATION & ISLAMIC ECONOMIC SYSTEM
title_sort	capitalism, globalization & islamic economic system
publisher	Universitas Darussalam Gontor
publishDate	2012
url	http://dx.doi.org/10.21111/iej.v1i1.158 https://doaj.org/article/6824c5ee8de34fb28170300f2fef6dcd
work_keys_str_mv	AT muhammadzeeshanfarrukh capitalismglobalizationislamiceconomicsystem
_version_	1718443007319998464

CAPITALISM, GLOBALIZATION & ISLAMIC ECONOMIC SYSTEM

Ejemplares similares