This comprehensive exploration delves into the foundational principles and intricate components t... more This comprehensive exploration delves into the foundational principles and intricate components that define the Islamic economy, a distinctive economic paradigm deeply rooted in Islamic teachings and Sharia principles. At its core, the Islamic economy is characterized by a commitment to justice, ethical conduct, and equitable wealth distribution. Prohibiting interest-based transactions, the system embraces innovative financial mechanisms such as Mudarabah and Musharakah, ensuring financial activities align with the ethical tenets of Islam. Ethical investments, wealth distribution through Zakat and Sadaqah, and the encouragement of entrepreneurship underscore the social and economic ethos of the Islamic economy. Islamic banking, operating on profit-sharing principles, and unique financial instruments like Sukuk play pivotal roles in shaping a financial landscape guided by moral considerations. The Halal industry, encompassing permissible goods and services, exemplifies the meticulous adherence to Islamic dietary laws. Social responsibility within the Islamic economy extends to fair treatment of employees, environmental sustainability, and active contributions to community welfare. The paper explores Takaful, an Islamic alternative to conventional insurance, built on principles of mutual cooperation and shared responsibility. Corporate social responsibility within the Islamic economy is manifested through ethical business practices and a commitment to broader societal well-being. Integral to the Islamic economy is the seamless integration of economic activities with moral and ethical considerations, fostering a holistic approach to development. Sustainability is inherent, as economic practices align with Islamic principles, promoting enduring societal well-being. This research provides a nuanced understanding of the Islamic economy, elucidating its multifaceted nature and the interconnectedness of its principles across financial, commercial, and social dimensions.
This comprehensive exploration delves into the foundational principles and intricate components t... more This comprehensive exploration delves into the foundational principles and intricate components that define the Islamic economy, a distinctive economic paradigm deeply rooted in Islamic teachings and Sharia principles. At its core, the Islamic economy is characterized by a commitment to justice, ethical conduct, and equitable wealth distribution. Prohibiting interest-based transactions, the system embraces innovative financial mechanisms such as Mudarabah and Musharakah, ensuring financial activities align with the ethical tenets of Islam. Ethical investments, wealth distribution through Zakat and Sadaqah, and the encouragement of entrepreneurship underscore the social and economic ethos of the Islamic economy. Islamic banking, operating on profit-sharing principles, and unique financial instruments like Sukuk play pivotal roles in shaping a financial landscape guided by moral considerations. The Halal industry, encompassing permissible goods and services, exemplifies the meticulous adherence to Islamic dietary laws. Social responsibility within the Islamic economy extends to fair treatment of employees, environmental sustainability, and active contributions to community welfare. The paper explores Takaful, an Islamic alternative to conventional insurance, built on principles of mutual cooperation and shared responsibility. Corporate social responsibility within the Islamic economy is manifested through ethical business practices and a commitment to broader societal well-being. Integral to the Islamic economy is the seamless integration of economic activities with moral and ethical considerations, fostering a holistic approach to development. Sustainability is inherent, as economic practices align with Islamic principles, promoting enduring societal well-being. This research provides a nuanced understanding of the Islamic economy, elucidating its multifaceted nature and the interconnectedness of its principles across financial, commercial, and social dimensions.
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Papers by Fjlamur F L A M U R Miftari