Professional Documents
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Chapter 1
Course Instructor :Yousuf Ibnul Hasan Subject : Essentials of Islamic Finance Year : 2009
Course Instructor :Yousuf Ibnul Hasan
Islam
The basis of Islam is Tawhid which is the Relationship between Allah and Man
2nd
3rd
Look back and thank Allah. Look forward and trust Allah Look Around and believe Allah
Islamic Economics
Ibn Khaldun
Muslim Philosopher, Scholar & Economist. Respected as father of Economic System of all times Authenticated name in Islam for defining different fields of knowledge, specially science of civilization, Contributed theories and concept in economics that placed him above-board in the history of economic thought as a major predecessor. Adam Smith accepted him as the "father," of economics.
M. Akram Khan
Islamic economics aims at the study of human recovery achieved by organizing the resources of earth on the basis of cooperation and participation.
freedom, cooperation and sharing that are fundamentals to Islamic economic philosophy with the total Islamic system. Key to economic philosophy of Islam lies in man's relationship with Allah, His universe and His people. i.e. other human beings are the nature and purpose of man's life on earth
Course Instructor :Yousuf Ibnul Hasan
3 Principles of Islamic Economics, which performs the basis of the above principles
This is classified as Capitalist form of Economy that protects the class of influence and privileged.
Course Instructor :Yousuf Ibnul Hasan
wealth that an individual can acquire. It guides maintaining of wealth in proper form of distribution & incentive on work and efforts. It show opposition & defend against misuse of exploitation in getting hold of wealth through unfair means. It clearly denies "free" market of Capitalism, which has led to the situation of survival of the large part of the society.
Course Instructor :Yousuf Ibnul Hasan
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natural resources used to secure needs of community and not to fill pockets of casino owners.
State to provide public, essential resources
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It forbids monopolies by outlawing hoarding of wealth and eliminating copyright or patent laws that would open avenue for
potential monopoly to develop.
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It protects the ownership of businesses and companies by restricting it only to those who contribute both capital and effort to the company or business and effectively putting the seal on such concepts as "corporate takeover" from ever becoming a reality.
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protects rights of individuals to access wealth. It protects the society and secures the needs of the people. It mandates vital and natural resources as public property while allowing for unlimited access to luxury items. It protect society by defining certain needs as prohibited needs .
Course Instructor :Yousuf Ibnul Hasan
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protect honor, rights of woman, minor and orphans. It ban all forms of prostitution, pornography or any activities that exploit charms and physical attractiveness of women. It prohibit alcohol, gambling, spiral of corruption, social turmoil and moral devastation
Course Instructor :Yousuf Ibnul Hasan
ownership The principle of economic freedom within a defined limit The principle of social justice.
prohibits all such social and economic activities that differ to the teaching of Islam and the principles and values that are approved by Islam. Such social and economical activities fall under the categories of Riba, like holdings, monopoly, gambling and speculation
Course Instructor :Yousuf Ibnul Hasan
It clearly define principal on which ruler of an estate sworn in for the supervision of general activities and intervene in anti Islamic economic activities. The state must protect and safeguard the public interest through the control on individual freedom in the illegal and nonpermitted actions they involve due to which the economic activity of the community and society suffer.
Course Instructor :Yousuf Ibnul Hasan
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and desire to obtain wealth by any means and way he may choose of his like. Right is given to every member of the society by appointing each one is a guardian of the public trust and the ownership is limited for the public welfare and in the betterment of mankind.
Course Instructor :Yousuf Ibnul Hasan
which are demand, supply, prices and profits First to put seed of modern demand theory which was further developed by Thomas Robert Malthusian, Alfred Marshall
Course Instructor :Yousuf Ibnul Hasan
prices Theory of profit as a reward for undertaking risk in a future of uncertainties Concept for traders maximize profits, "Buy cheap and sell valued," Concept of macroeconomics Theory of Growth based on capital accumulation through man's efforts
Course Instructor :Yousuf Ibnul Hasan
through foreign trade with people's satisfaction, merchants' profits, and countrys wealth and how all increased.
Course Instructor :Yousuf Ibnul Hasan
Thank You