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  • Islamic Economics: Shajeer. S Associate Prof. & H.O.D Dept. of Islamic History

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    ShajeerSharafudeen
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    Islamic economics is defined as the knowledge and application of Shariah (Islamic law) rules that prevent injustice in acquiring and disposing of resources to satisfy humans and enable them to fulfill obligations to God and society. It is the study of economics in light of Islamic principles or bringing economics in line with Shariah. The major difference between Islamic economics and conventional economics is that Islamic economics prohibits interest-based transactions and gambling, and encourages risk-sharing and profit-loss sharing business models.

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    Islamic Economics

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    Islamic economics is defined as the knowledge and application of Shariah (Islamic law) rules that prevent injustice in acquiring and disposing of resources to satisfy humans and enable them to fulfill obligations to God and society. It is the study of economics in light of Islamic principles or bringing economics in line with Shariah. The major difference between Islamic economics and conventional economics is that Islamic economics prohibits interest-based transactions and gambling, and encourages risk-sharing and profit-loss sharing business models.

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    5 views3 pages

    Islamic Economics: Shajeer. S Associate Prof. & H.O.D Dept. of Islamic History

    Uploaded by

    ShajeerSharafudeen
    Islamic economics is defined as the knowledge and application of Shariah (Islamic law) rules that prevent injustice in acquiring and disposing of resources to satisfy humans and enable them to fulfill obligations to God and society. It is the study of economics in light of Islamic principles or bringing economics in line with Shariah. The major difference between Islamic economics and conventional economics is that Islamic economics prohibits interest-based transactions and gambling, and encourages risk-sharing and profit-loss sharing business models.

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    © All Rights Reserved
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    ISLAMIC ECONOMICS

    Shajeer. S
    Associate Prof. & H.O.D
    Dept. of Islamic History
    DEFINITION
     1)Islamic economics is the knowledge and application of
    injunctions and rules of the Shariah (Islamic law) that
    prevent injustice in the acquisition and disposal of
    material resources in order to provide satisfaction to
    human beings and enable them to perform their
    obligations to Allah and the society.
     2) Islamic economics is 'the study of economics in the
    light of Islamic principles', or 'bringing economics in
    consonance with the Shari'ah'.
    MAJOR DIFFERENCES BETWEEN ISLAMIC
    ECONOMICS AND CONVENTIONAL ECONOMICS

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