Characteristics of Islamic Economics

 Nature of Islamic Economics Essay

‘Nature of Islamic Economics'

‘'Islamic economy recognizes and helps bring about an economic buy that adjusts to Islamic scripture and traditions". Economical problems started out with the birth of men and be more complicated with the development inside the wants of men since the men is surrounded by would like. According to western scholars economics is definitely the study of wants and scarcity plus the reaction on the ends and wants of the people. Adam Smith is regarded as the Father of economics due to his well-known book, ''The wealth of countries ‘' in 1776 A. D. Although five decades before Adam Smith Madan', and ‘Al-Muash' etc . our well known economic analysts are Muhamad bin Hassan tossi (1274 A. D), Ayatollah Mahmoud Taleghani (1911 - September 9, 1979), Ibne Khaldun (1332 A. D to 1406 A. D). The commercial resolution have given an advantage I almost every field to western international locations. Due to the growth of western arts and science and even more and fresh concepts the fact that modern organizations in Islamic countries has started providing education and learning those areas. The knowing of the need to re orientate the arts and technology has gone up among Muslim academicians and educationists of the countries which may have won self-reliance in the twentieth century.

‘Difference between Islamic and Modern day economics' Islamic economics and modern economics both handles same themes but presently there approaches are different well there is also a basic difference between them in the modes of study, goals, lines of approach in addition to several other respects. Islamic economics can also be justified as a great identification of an area of studies that is depending on the assumption of the presence of Islamic axioms in the socio-political-cum –legal environment plus the system of values and the values which guide the economic patterns of people in an Islamic society. Whilst Modern economics deals with the systematic relations among persons involve in production of wealth, distribution of and exchange of wealth and...


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