Volume 12 Issue 1 2016


Muhammad Waqas
Faculty of Management Science Institute of Business and Technology Karachi.

Imam Uddin
Associate professor Institute of Business Management, Karachi.

Badar Ashfaq
Head Department of Accounting DA School Karachi.

Rabia Shakir
Department of Economics University of Karachi.

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 doesn’t 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
Year 2016
Volume 12
Issue 1
Type Short Report
Recognized by Higher Education Commission of Pakistan, HEC
Category "Y"
Journal Name IBT Journal of Business Studies
Publisher Name ILMA University
Jel Classification -
ISSN no (E, Electronic) 2409-6520
ISSN no (P, Print) 2416-8393
Country Pakistan
City Karachi
Institution Type University
Journal Type Open Access
Manuscript Processing Blind Peer Reviewed
Format PDF
Paper Link
Page 65-78