The majority of notes have been made based on experience I have had in Qatar over a long period of time, and also from research made later. But I am less at ease with some of the aspects I have written about here as I can see there are a number of areas that need expanding for better understanding, others requiring introduction, and some of which I am a little unsure of but have left in as I wish to clarify them. There has been change in the region which has affected some issues, and I suspect there will be disagreement with some of the points I have made. The notes are placed here so that I will be encouraged to continue working on them and not let them sit in my papers unable to see the light of day.
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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 Thesis islamic finance.
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.
However, after the Enlightenment Movement, all intellectual disciplines in Europe became influenced by its secular, value-neutral, materialist and social-Darwinist worldview, even though this did not succeed fully.A concept of ‘The Islamic State’ has become very widespread among Muslims and non-Muslims and although the following document is based on my analysis of an essay whose origins I have so far been unable to trace, it has simply articulated a misconception that is very widespread.
The International Islamic University (IIUI), (Arabic: الجامعة الإسلامية العالمية إسلام آباد, Urdu: بين الاقوامی اسلامی يونيورسٹی), is a public university in Islamabad, Pakistan. It is a centre of Islam, theology and the Islamic sciences.
It was founded in and restructured in In , the university was ranked 4th in general. catnaps Islamic pages are a personal website and resource for Islamic architecture, planning and design relating to Qatar in the Persian / Arabian Gulf. Dec 22, · A clearly defined research topic is the first step in successful research.
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