The Islamic Guidelines for Economic

Behavior - Ch. 2
2.0 Introduction
• Conventional Economic as Positive Economics
and making of choices.
• What comes under Normative economics?
• Islamic Economic System and Features
- Unlike contemporary Christianity Judaism Islam
a complete code of life
- Consumption and Supply Behavior
 The Islamic Guidelines for Economic
Behavior - Ch. 2
2.1 Some Basic Concepts
- Islam is not a book of natural science or economic
theory.
2.1.1 The Sovereignty of Allah SWA
- The most authentic knowledge is Divine
knowledge.
- A/c to Quran, everything of this universe belong
to Allah, he must be worshiped.
 The Islamic Guidelines for Economic
Behavior - Ch. 2
2.1 Some Basic Concepts
- Islam is not a book of natural science or economic
theory.
2.1.2 The Concept of Trusteeship & Accountability
- Man is the temporary owner of resources
- Success in the life hereafter depends on the
performance of this life.
- Five questions on the day of judgment
 The Islamic Guidelines for Economic
Behavior - Ch. 2
2.1 Some Basic Concepts
- Islam is not a book of natural science or economic
theory.
2.1.3 The Purpose of Life
- The ownership of resources and freedom of choice.
- Logical outcome is the system of reward of and
punishment.
- ‘‘it is He who created death and life to test who are
good among you’’, (Al-Quran: 67/2)
 The Islamic Guidelines for Economic
Behavior - Ch. 2
2.1 Some Basic Concepts
- Islam is not a book of natural science or economic
theory.
2.1.4 The Concept of Piety, Purification and Repentance
- The Statement by Hazrat Ali RTA and concept of
Taqva
- What is Purification of Soul?
- What is Repentance and economic decision making
 The Islamic Guidelines for Economic
Behavior - Ch. 2
2.1 Some Basic Concepts
- Islam is not a book of natural science or economic
theory.
2.1.5 The Concept Straight Path leading to Success
- The reality of life and a hadith of the Prophet SAW
about Janat and Jahanam.
- The responsibility towards right path has been taken
by Allah SWA by sending Quran his Prophet SWA.
 The Islamic Guidelines for Economic
Behavior - Ch. 2
2.1 Some Basic Concepts
- Islam is not a book of natural science or economic
theory.
2.1.6 Attitude towards Wealth and Worldly Resources
- Wealth/Wordly resources are not ends but only means
to ends (objectives).
- Life of this universe is temporary and so its resources
are. The Quranic statement about the reality of this
life.
 The Islamic Guidelines for Economic
Behavior - Ch. 2
2.1 Some Basic Concepts
- Islam is not a book of natural science or economic
theory.
2.1.6 Attitude towards Wealth and Worldly Resources
- The believers should compete in the acts of
righteousness, however, don’t forget upper hand is
better than lower hand.
- A/c to Islam, the welfare cannot be measured by only
the yardstick of profit rather it is based on the Falah
of both the lives.