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Reader comment on item: Islamic Economics: What Does It Mean?

Submitted by qadri (Pakistan), May 11, 2008 at 15:21

Islamic economics merely provides the legitimacy to capitalism. It accepted all the laws of economics with certain constraint of Islamic laws.

They have two assumptions about the capitalism. One they consider Islamic not a system put simply the art of living ( Dr. Nijatullah Siddique). Second on the other hand they consider capitalism as a value neutral system (Justice Taque Usmani). On the basis of these assumptions they thought that islam is compatible with Islamic. Economics provide certain laws which are Universal like the laws of demand and supply and it is no harm to accept those laws and determine the prices of product and factors of production.

Two basic assumptions of economics Wants maximization and profit maximization are accepted with certain constraint. They use the terminology of need fulfillment rather then wants maximization as the prime goal of human being. But they consider need fulfillment not for self-interest but for all.

They criticize the capitalism that market is not at all the only solution of economic problem. But market is one of the goals of Islamic economics. Market failure problem can be solved though economics by providing the Islamic morality of justice, harmony, etc.


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