ISLAMIC ECONOMICS
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This study looks at Islam and its teachings in a dynamic way--in terms of its purposes and objectives as well as in the context of its revelation and gradual translation into policy and practice as defined by Muslim Scholars. The study suggests that if the normative teachings of Islam are correctly understood and rationally applied, they not only lead to a healthy and prosperous economy but also contribute toward an ethical, egalitarian and just social order embodying larger human welfare and well-being.
The principal objective of this study is to examine the primary sources of Islam--the Qur'an and the Prophet Muhammad's sunnah--so as to extract and formalize from them the doctrines in the realm of economics. Given these doctrines, the secondary objective is to examine their implications for poverty reduction, employment promotion and economic growth. The methodological approach developed and utilized in this study is an idealistic-rational integrated methodology whereby the Qur'an and sunnah are taken as one coherent whole and studied historically and analytically so as to derive the ideals, principles, values and ethics in an integrated, rational way. This approach provides us with a set of core permanent values--the fixed dimension of Islam--which form the guidance mechanism readily applicable to the evolving needs of society and economy in all space-time.
In this changing world, there are echoes of an Islamic revival. The economic aspect is an integral part of this revival. Its proponents are claiming the development of a theoretical corpus of Islamic Economics.
This research work is based on Islamic Economics...