Course :Islamic Economics (i)

Course code : 4675

Instructor : Ahsan Saleem Joiya

Allama Iqbal open university Islamabad

Islamic Economics is a branch of knowledge which helps to realize human well-

being through an allocation and distribution of scarce resources that is in conformity

with Islamic teachings without unduly curbing individual freedom or creating

continued macroeconomic and ecological imbalances..

The Islamic economic system is the collection of rules, values and standards of
conduct that organize economic life and establish relations of production in an
Islamic society.
These rules and standards are based on the Islamic order as recognized in the Koran
and Sunna and the corpus of jurisprudence opus which was developed over the last
1400 years, responding to the changing circumstances and evolving life of Muslims
all over the globe.
 Need of Islamic economics

Conventional economics analysis did valid for western societies, not valid for

humanity.

Sacrifice their personnel interest in Islamic economy.

Western economic system, Goal : satisfying their wants.

The study of an economy which abides by the rules of the Shariah", i.e. an Islamic

economy
Islam Economics is all about managing the resources (human, material,
financial and natural )
PRINCIPLES OF ISLAMIC ECONOMIC SYSTEM

Principle of Right and Wrong

Principles of Uses

Principle of Economic Freedom

Principle of Justice
 World’s problems are many and diverse. These problems could be solved resorting to the
fundamental purposes of Sharia's.
To preserve the religion
To preserve the souls
To preserve the intellect
To preserve the offspring's
To preserve the wealth/money

Inability to preserve these principles considered as a maslaha (interest), leads to social

problems.
For poverty eradication, we must change our attitude to Zakat. There should be

organization of zakat (charity) according to the teachings of Islam to eradicate

poverty and provide assistance for benevolent projects, such as homes for the aged,

the poor, and orphans, and strengthening the disadvantaged groups.

 Any Question ?

The End

You may contact through this email !

ahsanjoiya7@gmail.com