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IBM 11013
Introduction to Islamic Economics
Lecturer in charge
RA. Sarjoon
There
What is economics?
To utilize the limited resources in a way that maximum needs and wants
are met to ensure the well being of all members of the human society.
Determination of Priorities
Allocation of Resources (Land, Labor, Capital, Entrepreneur)
Distribution of Income
Development
The pattern of economic institutions and organization in various countries is not the
same.
There is difference in relations of different groups of people and also, the strategies
to solve basic economic problems of the society are not the same.
These problems do not have only one solution. Alternative ways or alternative
systems exist in this regard.
If we look around the world from the point of view of an economist, we find that
although in every country economic conditions are different, yet they can be grouped
into a few broad categories or economic systems under which they solve their basic
problems of 'how, what' and 'for whom. Every economic system has some unusual
features, which distinguish it from others. These systems have been names as:
1)Capitalism
2)Socialism
3)Islamic Economic System
Socialism
Socialism
What is Socialism?
Socialism:
Socialism
Thus
Socialism Definition
Socialism Terminology
The
Historical Background
Industrial Revolutions
10
Types of Socialism
Utopian
Socialism
State Socialism
Christian Socialism
Anarchism
Marxian Socialism
Communism
11
12
Social Justice
Economic stability
Islam and Socialism
Lake
of incentive or encouragement
Maladjustment
Profit
and loss
Private
property
Bureaucracy
Not
monopoly of
successful in business
Insufficient
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resources
Islam and Socialism
14
Misallocation of resources
15
16
Justice
Equality
Cooperation
Brotherhood
Benevolence
Islam and Socialism
17
Naturally
18
Achieving wealth
Rights of ownership
utilization of capital
Distribution of wealth [
of private ownership
)(
)......(
No concept of equality in economics
Allah says
)..(
No priesthood
)( Allah says
Islam and Socialism
19
20
21