What are the merits of Islamic economics?

Answer 1

This won't be a direct answer to the question submitted, but I felt like sharing my opinion on such a topic.

The Islamic Economic system is a system that is prescribed to certain sects of Islam communities. From my brief research it affects the laws of the land and also dictates what is right and wrong through civil obedience and discipline (an Islamic judicial system this area would cover). I am sure you know that much of the Western world and developed nations are secular (laws are separate from religion to prevent conflict). This happened because without a socially supported legal system by the mass public defending many of the older ties to religions in law, it was practical to abolish religion based laws, as people were no longer all the same religions in one area like ancient times. We now have all of the worlds most practiced religions in communities of almost every large antion in the world (excluding exceptionally violent or high conflict regions).

Living in Toronto, Ontario, Canada, I frequently have the chance to interact with various worldly cultures from those who just live differently from the majority born here because of their origins, and they may still be adjusting the the culture shock. Religious people are also easy to find around here in any of the top 10 world religions, all with a local following supporting both the orthodox and more contemporary practice of these many peaceful, wise religions.

Now you mention what is the importance of the Islamic economic system? I think that it must be pretty important to Muslims' in their native Middle Eastern countries. Since many people in the Middle East still are practicing Islam as they always have, I see it fitting that they may feel attached to their "old system".

Again, living in a secular society all my life, which appears to have less spontaneous violence and economic turmoil as the Middle East over the last 3 decades, I am left with a strong favour of support to review the impacts of these old laws. Many of these laws, if implemented into the United States or Canada, would cause disbelief and very loud protest to save our freedom of speech and constitutional rights. From what I have seen in various Islamic Political countries and their criminal offenses and punishments, many Middle Eastern laws seem to favour a man's opinion and witness over that of a women. Basically this is oppression of about half your people to think or act on their own without being intimidated.

This kind of control stemming from exaggerate fear is destructive to the perception of other world leaders and changes their perceptions of the quality of life that these nations provide their people given the certain heinous laws such as female-only prohibited laws, which further victimize them are enforced and punishable there. When anything taught under the name of religious philosophy encourages discrimination on a systemic level, I think that the leaders of these particular religions should review and make changes to laws that were fitting for thousands of years ago. Way too much has changed in society over the last few thousand years that any legal practitioner would call it disastrous to neglect to observe the current system and plan for improvements because one set of rules is "Holy" so to speak.

I think that there is no place for religion in the scope of politics in the Western World, and to believe such a reform would be possible to a more strictly enforcing religion could happen is fallacy. But I don't mean to criticize the entirety of historic Islamic Economic systems. Surely these laws made their nations flourish centuries ago, because legal, economic and judicial planning are important in any civil society to improve living quality and citizen satisfaction.

Far past we are the days that religious transcripts could rule the behaviours of entire nations with such efficacy, with paramounts surpassing the atrocities and crimes. Tying religion to laws is only asking for conflict because (especially with the lack of guidance to cope with modern problems and a focus on behaviour taught by Ancient Islamic Law. This behaviour is incredulously specific and too "extreme for my spiritual life" but I mean no offense to the most devout Islamic people. I think religions teach beautiful and important ways to living that will never expire with the replacement of a state implemented scripture book called : "Morals and Principles: Through Individualism and Collectivism" People will always be drawn to ideologies based on the type of person they are overall. Why should we force religious laws upon anyone in these modern times, when we see the violence, hate a ignorance it costs? The world as it stands today requires close connections and trade between eachother for a sustainable and peaceful future.

When it comes to international negotiations, I believe Islamic Law will further deteriorate the Middle East's influence as a world power. Not everyone will agree with all the laws so complacently as people ma have before. Several uprisings in Libya and Egypt, for example shows that the primarily Muslim people who were oppressed by generations of dictators finally saw it in their hands to be the change they want to see. Modern media like the internet gives youths, especially the tools to organize like they could never be before without being extremely fearful. I think that Muslims should be free to use their law and justice systems drive them to the point that they are at least rationalized when directly seeming barbaric.

In closing, I'd like to think of the Islamic economic system as the large reserves of oil that sit under the endless miles of beautiful sand and sculptures. This is the water by which certain middle east nations have as bargaining power to attain an absolute fortune for their country, their people, their communities and most importantly their safety and quality of life. In all seriousness I respect most religions, although recent memory reminds me of some other non-Islam religions I watched a few weeks ago which showed a vilel hate for anyone that doesn't look like them, practice their beliefs or even puts your foot ont heir land. NI'm not naming anyone, I know there is good in all religion and some people get a bit loopy and self-riighteous about themeselves and entitlements. All that despite teachings that counter such foolish actions. -_-

I condemn anything that holds the world and it's people from a greater depth of dialogue with eachother because of a few differences. Everyone in this world needs to grow up spiritually and take the time to learn the importance of helping other people and benefiting your human brothers and sisters. Shame on the world for still having brutal conflicts consistently, even throughout history should have humbled us enough to know when we are being a complete fool.

Maybe Islam's system for economics and law has been a great cause of meaningful change in the past. That's great! That doesn't mean it can't continue to spread its message of love while adapting to the rapidly growing and changing human social standard.

[About me: I follow no religion. I am agnostic. I find great strength in Buddhist scriptures that teach compassion and recognize the importance and magic of group citizenship and the misery the occurs when we isolate our selves. I do not support to any definitive degree any single Political Ideology or Religious Practice is the greatest. I see hapiness in the limitations that my life has and I value the recognition that I don't have to exceed them to lead a loving and meaningful life.]

Best Wishes To You,

Greg Jankowski

Answer 2

The Islamic economy is based off the principles and philosophy blueprinted in the Quran. It is based on having high morals instead of financial profit by any means. Honest trade is encouraged. Cheating, exploiting, or fraud in business is prohibited. Gaining wealth by lawful moral means is the standard of economic growth and success. One of the main advantages is that interest is charged on loans. Instead of a bank charging interest, they may get a percentage of the profits from the business. What can be seen as an advantage could be considered a disadvantage when it comes to not being charge interest because that means the rate is set and may never be lower. The potential for economic growth can be considered a disadvantage. For example, in the economy in the United States, lower interest rates can speed the economy up at times because consumers will spend more which can help businesses and certain markets grow and profit.

Answer 3

whatis islamic ecconomy