Islamic Economics: A Short History

economic thought in the qur"àn and sunnah 63 Factors of production While these are four factors of production in the Western eco ...

64 chapter two labour the human factor includes management or organisation and entrepreneurship as mentioned in the Western theo ...

economic thought in the qur"àn and sunnah 65 The sixth factor is divine guidance and His blessing. As Muslims are ordained to ob ...

66 chapter two indifference and income curves. At this point the consumer is said to be in equilibrium. This behavioural assumpt ...

economic thought in the qur"àn and sunnah 67 belief in the system of reward/punishment in the hereafter, (c) the principle of mo ...

68 chapter two which should all be used in moderation. These are food, clothing, shelter, marriage, and some added, religion. Mu ...

economic thought in the qur"àn and sunnah 69 to be avoidable in this matter, but it might be accepted as long as it projects the ...

70 chapter two structure in the community, which, as happened later in the history of the Islamic state, might experience phases ...

economic thought in the qur"àn and sunnah 71 The relationship between saving and investment The enlargement, or maximization, of ...

72 chapter two Further characteristics of Zakàh will be considered later in the exam- ination of income distribution and economi ...

economic thought in the qur"àn and sunnah 73 Where: Z = Zakàh R = returns on accumulated savings at the beginning of the period. ...

74 chapter two which are related to the differences between their talents, earning ability and the amount of effort they put in ...

economic thought in the qur"àn and sunnah 75 In warning Muslims against invalid discrimination by wealth, the Prophet, giving an ...

76 chapter two Second: Zakàh levy Zakàh is an earmarked tax stipulated in the Qur"àn, operationally organised by the Prophet and ...

economic thought in the qur"àn and sunnah 77 It is levied on Muslims individuals only, which is implied in the features of Zakà ...

78 chapter two Third: Inheritance law Contrary to other inheritance systems where the estate of the deceased might be passed on ...

economic thought in the qur"àn and sunnah 79 that they may have bequeathed. Your wives shall inherit one quar- ter of your estat ...

80 chapter two Economic Resources: Role of the State In addition to what had been mentioned above, in relation to the type of ow ...

economic thought in the qur"àn and sunnah 81 In addition we will see further how beginning from the mid eighth century the state ...

82 chapter two (2) Pricing: prices should be determined by market forces, demand and supply. The evidence of this rule is taken ...