Islamic economics

Economy

Science that studies human behavior in

processing limited resources to meet
their needs

The main problems of economics are scarcity and

choice.
Islam and Economy
● The and perfect religion (Q.S Al-Maidah 5:3)

‫يت لَ ُك ُم اِإْل ْساَل َم ِدينًا‬

ُ ‫ض‬ ََ َ ْ ُ ‫ْت لَ ُك ْم ِدينَ ُك ْم َوَأتْ َم ْم‬
ِ ‫ت َعلَْي ُكم نِ ْعمتِي ور‬ ُ ‫الَْي ْو َم َأ ْك َمل‬
■ Islam telah dibuat sempurna

■ Islam sebagai penyempurna nikmat

■ Islam telah diridhai Allah sebagai satu-satunya agama bagi manusia

 ‫‪Embracing Islam by kaaffah / totality‬‬
‫)‪(QS. Al-baqarah:208‬‬

‫لسلِْم َك افَّ ًة َواَل َت تَّبِعُ وا ُخ طَُوِات‬ ‫يَا َُّأي َها ا َّلِذ َين َء َام نُوا ْاد ُخ ُلوا فِ يا ِّ‬
‫لش ْيطَ ِانِإنَّهُ لَ ُك ْم َع ُ ٌّدو ُم بِ ٌين‬
‫ا َّ‬

‫‪Islam rejects secularism‬‬

Islamic Wisdom for Humanity
● Islam is proven to be a rahmat

َ ‫ك ِإاَّل َرحْ َمةً لِ ْل َعالَ ِم‬

‫ين‬ َ ‫َو َما َأرْ َس ْلنَا‬
● Islamic teachings are universal and logical
Empirical Evidence:
● Many contributions have been made by Muslim scholars for the
advancement of the world
● Many non-Muslim economic figures study seriously the Islamic
economic system
● There are quite a number of employees and customers of Islamic
Banks
● Islamic banking is accepted throughout the universe
Sourced from the Qur'an and Hadith
● The longest verse in the Qur'an actually contains about economic problems in verse
282 in Surah Albaqarah, which according to Ibn Arabi this verse contains 52 laws of
economic problems. C. Torrey in The Commercial Theological Term in The Quran
explains that the Qur'an uses 20 business terms.
● Prophet Muhammad himself said, the economy as a pillar of world development. In
various hadiths he also mentions that traders (businessmen) as economic actors are
legalized as the best professions, even providing strong motivation and obliging
Muslims to master trade.
World Economic Reality
● Under the system of socialism / communism
● Under the capitalist system
● Changes in the capitalist system to
'modified/adjusted capitalism'
● Progress is more towards the physical aspect only
● There is progress, but full of inequality
● The rich get richer, the poor get poorer
● There is exploitation of the strong over the weak
Definition of Islamic
Economics
Conventional Definition

Science that studies human behavior in meeting unlimited

needs using limited factors of production. The main problems
of economics are scarcity and choice.
Definition of Economics in Islam
Economics in Islam is a science that studies all human
behavior in meeting the needs of life with the aim of
obtaining falah (peace & prosperity of the world and
the hereafter).
Human behavior here is related to the foundations of the Shari'a
as a reference for behavior and tendencies from human nature.
And in Islamic economics, these two things interact with their
respective portions to form a unique economic mechanism with
the basics of divine values.
Islamic Economic Goals
● The main goal of the Islamic economic system (Islamic economy) is in line with the
objectives of the application of Islamic law, namely to achieve a good and honorable
order so as to create happiness in the world and the hereafter. This shows that
economic problems are also a concern in Islam.
 Tujuan Ekonomi Islam
● Falah sebagai tujuan
Unsur Falah Aspek Mikro
Kelangsungan Hidup Biologis, Kesehatan, Keturunan dll.
Ekonomi, kepemilikan faktor produksi
Sosial persaudaraan dan harmoni
hubungan sosial
Politik, kebebasan dalam partisipasi
politik
Kebebasan berkeinginan Terbebas kemiskinan
Kemandirian hidup
Kekuatan dan harga diri Harga diri
Kemerdekaan, perlindungan terhadap
hidup dan kehormatan
Aspek Makro
Keseimbangan ekologi dan
lingkungan
Pengelolaan SDA, penyediaan
kesempatan berusaha bagi penduduk
Kebersamaan sosial, ketiadaan konflik
antarkelompok
Jati diri dan kemandirian
Penyediaan resource untuk seluruh
penduduk
Penyediaan resource untuk generasi
yang akan datang
Kekuatan ekonomi dan kebebasan
dari utang
Kekuatan militer
Islamic Economic Methodology
methodology is related to the scientific process that contains a series
of methods, techniques and procedural mechanisms to produce
theories and prove their truth

Methodological framework of Islamic Economics

● Truth and goodness
● Methodology of Natural Sciences versus Social Sciences
● Islamic Economic Object
Karakteristik ekonomi islam
● The basic values that distinguish Islamic economics from other economic systems:
a. Adl
Justice (adl) is the most basic value in Islamic teachings. Upholding justice and eradicating
injustice is the main goal of the message of the apostles
b. Khilafah The value of the caliphate in general means responsibility as a substitute or
affair of Allah in the universe. The concept of the Khilafah is the trust and responsibility of
man for what has been authorized to him, in the form of human attitudes and behavior
towards God, others, and the universe. In a narrow sense, khilafah means human
responsibility to realize maximum mashlahah and prevent damage on earth.
c. Takaful
Islam teaches that all human beings are brothers. Takaful / Community insurance is
assistance given by the community to those affected by disasters or people who cannot
afford it
Thankyou