Islam and the Moral Economy: The Challenge of Capitalism by Charles TrippHow do modern Muslims adapt their traditions to engage with todays world? Charles Tripps erudite and incisive book considers one of the most significant challenges faced by Muslims over the last sixty years: the challenge of capitalism. By reference to the works of noted Muslim scholars, the author shows how, faced by this challenge, these intellectuals devised a range of strategies which have enabled Muslims to remain true to their faith, whilst engaging effectively with a world not of their own making. The work is framed around the development of their ideas on Islamic socialism, economics and the rationale for Islamic banking. While some Muslims have resorted to confrontation or insularity to cope with the challenges of modernity, most have aspired to innovation and ingenuity in the search for compromise and interaction with global capitalism in the twenty-first century.
What is Islamic Economics? Principles of Islamic Economic System
Islam does not deny the market forces and market economy. Even the profit motive is acceptable to a reasonable extent. Private ownership is not totally negated. Yet, the basic difference between capitalist and Islamic economy is that in secular capitalism, the profit motive or private ownership are given unbridled power to make economic decisions. Their liberty is not controlled by any divine injunctions. If there are some restrictions, they are imposed by human beings and are always subject to change through democratic legislation, which accepts no authority of any super-human power.
Islamic Economics is a topic of great interest nowadays. Karl Marx is turning in his grave.
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Yes, I want to follow Jesus. I am a follower of Jesus. I still have questions.
Islam believes in justice and fairness in the economic field. It recognises intervention of state in the economic activity for the purpose of ensuring welfare of its citizens. Abolition of interest, institution of sadaqat and Zakat, concept of lawful and unlawful, equitable distribution of wealth, prohibition of hoarding and stress on circulation of wealth, concern for well being of the poor are the distinctive features of the Islamic economic system. One of the major features of Islamic economic system is the concept that Allah, the Almighty God of universe, is the sustainer and provider. Allah provides livelihood and subsistence to all of His creatures in the universe.