Objectives of Islamic Economics - 2113 Words

Table on Content: †¢ Indruduction p.2 †¢ Objectives of Islamic Economics o Right of Property p. 3 o The problem if equality p. 3-4 o Social Justice p. 4 †¢ Characteristics of Islamic Economics o Production of Wealth p.5 o Distribution of Wealth†¦show more content†¦Anyone who takes possession of the earth’s natural resources and puts them to good use acquires a rightful title over them. For instance, if somebody takes possession of an uncultivated piece of land, on which nobody has a prior right of ownership, and makes productive use of it, he cannot be arbitrarily dispossessed of that piece of land. This is how every right of ownership originated in the world. When man first appeared, everything was available to everyone, and whoever took possession of anything and made it useful in any manner became its owner; that is to say, he acquired the right to use it specifically for his own purpose and to obtain compensation from others if they wanted to use it. This is the natural basis of all the economic activity of mankind. THE PROBLEM OF EQUALITY Allah has not distributed His gifts and favor equally among mankind but, in His infinite wisdom, has given some individuals more than others. Just as this is true of pleasantness of voice, excellence of physique and intellectual power and so on, so, too, is it the case with the material conditions of life. Human existence has been so ordained that divergence, variety and inequality among men in their ways and standards variety and inequality among men in their ways and standards of living seems to be natural. Variety is the spice of life, and the driving spirit of behind human endeavour and excellence Islam desires that no legal, functional or traditional handicaps should exist inShow MoreRelatedThe Methodology Of Islamic Economics And Positive Economics1500 Words   |  6 PagesIntroduction Methodology of economics has been an essential part in constructing the fundamental economic theories and hypotheses. It has been a subject of research by economists and become their interest in answering empirical problems of human beings. It becomes a main framework of positivists in developing their thought on economic system. 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