Article | Open Access | Published: 11 June 2016
Redefining Economic Systems as an Islamic Economic System
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Abstract:
The need for a new economic model has been realized at the international level, as numerous and significant flaws have appeared in both two systems capitalism and socialism, which are becoming a great cause for economic crises in almost every economy of the word, in this regard this study has been carried out on the redefining Islamic economics as a new model, that how it can take out those problems and flaws which has appeared in both structure. The Islamic economic system does not emphasize only the economic variables it also considers the social variables which has been neglected by both previously and currently practicing systems (socialism and capitalism).current study is a comparative analysis of all said systems. It has been also observed that despite having great strength to winkle out all the economic problems, without interest how we can get the profit and what different types of new loan system that is RIBA free and helpful for getting the good profit. In the Islamic economic system, private property is being debated. Government or state should be involved in the only condition if the market is failed to provide public good and education.
Keywords:
Islamic Economic System, Capitalism, Socialism
Publisher:
ILMA UNIVERSITY
Published:
11 June 2016
Issue:
Issue 1 : Volume 12
E-ISSN:
2409-6520
P-ISSN:
2414-8393
This is an open access article distributed under the terms of the Creative Commons Attribution CC BY 4.0 license, which permits any use, distribution, and reproduction of the work without further permission provided the original author(s) and source are credited.