CONVENTIONAL Vs

ISLAMIC ECONOMICS
CONVENTIONAL Vs ISLAMIC ECONOMICS
CONCERN CONVENTIONAL ISLAMIC
From Philosophy of human mind
Source From Al-Quran & As-Sunnah
& experience.

Worldview Secular worldview or atheist Holistic worldview

Economics Run by central planning by the Market Mechanism works by
System state maslahat.
Not applicable, adjusted price
Market Competition in the business is
mechanism but with good
Competition controlled by the sharia.
usability
• Sources of income Permissible in Islam
• Sources of Income Prohibited in Islam
• Islamic Moral in Conducting Business.
• Individual Earning

QURANIC & SUNNATIC PERSPECTIVE ON

ECONOMICS.
PERMISSIBLE SOURCES
• Beneficial source of income based on justice.

“Do not devour one another property wrongfully, nor throw it before the judges in order to
devour a portion of other’s prosperity sinfully and knowingly” (al-Baqarah:188)
 PROHIBITED SOURCES

• Bribery (al-Baqarah: 188)

• Usurping other’s property (al-Baqarah: 188)
• Fraud (ali-Imran: 161)
• Stealing and Robbery (al-Maidah: 38)
• Income from sources of vulgarity (an-Nur:19)
• Gambling (al-Maidah: 90)
• Wine and its Business (al-Maidah: 90
• Interest (al-Baqarah: 275)
 INDIVIDUAL EARNING

• Welfare spending:
• Al-Baqarah: 261 – Spend to fisabillillah.
• Muhammad: 38 – Being Niggardly.
• Unsrupulous Consumption:
• Al-Furqan: 67 – Extravagant.
• Ibn Majah & an-Nasa’I – do not extravagant or pride, give charity.
• Paying Zakat:
• Al-Muzammil: 20.