Etymology[ edit ] Zakat literally means "that which purifies". The word zakat, with the meaning used in Islam now, is found, for example, in suras:
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Umer Chapra, Islamic Research and Training Institute Islamic economics has been having a revival over the last few decades. However, it is still in a preliminary stage of development.
In contrast with this, conventional economics has become a well-developed and sophisticated discipline after going through a long and rigorous process of development over more than a century.
Is a new discipline in economics needed? If so, what is Islamic economics, how does it differ from conventional economics, and what contributions has it made over the centuries? This article tries to briefly answer these questions.
It is universally recognized that resources are scarce compared with the claims on them. However, it is also simultaneously recognized by practically all civilizations that the well-being of all human beings needs to be ensured.
Given the scarcity of resources, the well-being of all may remain an unrealized dream if the scarce resources are not utilized efficiently and equitably. For this purpose, every society needs to develop an effective strategy, which is consciously or unconsciously conditioned by its worldview.
If the worldview is flawed, the strategy may not be able to help the society actualize the well-being of all. Prevailing worldviews may be classified for the sake of ease into two board theoretical constructs 1 secular and materialist, and 2 spiritual and humanitarian.
The Role of the Worldview Secular and materialist worldviews attach maximum importance to the material aspect of human well-being and tend generally to ignore the importance of the spiritual aspect.
They often argue that maximum material well-being can be best realized if individuals are given unhindered freedom to pursue their self-interest and to maximize their want satisfaction in keeping with their own tastes and preferences. In such a worldview there is little role for values or government intervention in the efficient and equitable allocation and distribution of resources.
In contrast with this, religious worldviews give attention to both the material as well as the spiritual aspects of human well-being. They do not necessarily reject the role of reason in human development.
They, however, recognize the limitations of reason and wish to complement it by revelation. Material and Spiritual Needs Even though none of the major worldviews prevailing around the world is totally materialist and hedonist, there are, nevertheless, significant differences among them in terms of the emphasis they place on material or spiritual goals and the role of moral values and government intervention in ordering human affairs.
While material goals concentrate primarily on goods and services that contribute to physical comfort and well-being, spiritual goals include nearness to God, peace of mind, inner happiness, honesty, justice, mutual care and cooperation, family and social harmony, and the absence of crime and anomie.
These may not be quantifiable, but are, nevertheless, crucial for realizing human well-being. Resources being limited, excessive emphasis on the material ingredients of well-being may lead to a neglect of spiritual ingredients. The greater the difference in emphasis, the greater may be the difference in the economic disciplines of these societies.
The Enlightenment Worldview and Conventional Economics There is a great deal that is common between the worldviews of most major religions, particularly those of Judaism, Christianity and Islam. This is because, according to Islam, there is a continuity and similarity in the value systems of all Revealed religions to the extent to which the Message has not been lost or distorted over the ages.
If conventional economics had continued to develop in the image of the Judeo-Christian worldview, as it did before the Enlightenment Movement of the seventeenth and eighteenth centuries, there may not have been any significant difference between conventional and Islamic economics.Muslim teaching Muslims are required to live according to the teachings of the Qur’an (the Divine Book revealed to the Prophet Muhammad) and some jobs are therefore haram (forbidden).
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Here is an essay on Poverty in Pakistan with the outline for students of different classes. A good student should start writing Poverty in Pakistan essay with an outline and later discuss the reasons behind it and should end up with the solutions to deal with the reasons of this problem.
This is the liberal version of the secular and materialist worldviews. There is also the totalitarian version which does not have faith in the individuals’ ability to manage . Gmail is email that's intuitive, efficient, and useful. 15 GB of storage, less spam, and mobile access. Christians believe that money or wealth can be used in two different ways; there are good things such as buying food for the poor or donating money to a charitable organisation or it can be used for bad things like weapons or drugs.