Nobody downloaded yet

Islam and Conventional Economic Systems - Essay Example

Comments (0) Cite this document
Summary
The essay "Islam and Conventional Economic Systems" aims to explicate on the existent differences between Islamic and conventional economic systems. The writer of the essay presents a performance analysis of Islam and conventional banks during and after a financial crisis…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97% of users find it useful
Islam and Conventional Economic Systems
Read TextPreview

Extract of sample "Islam and Conventional Economic Systems"

Download file to see previous pages Contrary to the conventional system, the Islamic system is based on the belief that God gives the man the power as a trustee for the needy. They allow legal ownership of property on condition of sharing with the society. Sectors of production and trade in this system are under public ownership. Customers under the Islamic system are entitled to public ownership of property. Under the conventional system, economic freedom is a dominant feature. Individuals do not meddle with the state in executing their freedom. The system allows the participation of individuals in the initiation and establishment of businesses, and professions. It allows for salary remunerations and free-will expenditure. Furthermore, it permits unrestricted economic freedom. The freedom, however, encourages exorbitant ways of generating cash such as illegal trafficking and gambling. It also encourages malpractices such as fraud, smuggling, and adulteration in business. The system allows for wealth competition and the necessity to realize high profits.
Unlike the conventional system, the Islam economic system allows limited economic freedom to individuals to earn wealth. The system differentiates between haram and halal as pertains wealth acquisition. Halal is an activity that is in line with the law while haram is activities forbidden under set regulations. The economic system forbids expenditure on luxurious lifestyles, spending extravagantly. The system encourages the wealthy to spend on the poor and the needy as a good gesture. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Islam and Conventional Economic Systems Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Islam and Conventional Economic Systems Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/business/1702403-islam-and-conventional-economic-systems
(Islam and Conventional Economic Systems Essay Example | Topics and Well Written Essays - 1000 Words)
Islam and Conventional Economic Systems Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/business/1702403-islam-and-conventional-economic-systems.
“Islam and Conventional Economic Systems Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/business/1702403-islam-and-conventional-economic-systems.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Islam and Conventional Economic Systems

Islam

...as an authentic guideline to Muslims when in need of guidance for economic system, justice system, and proper human conduct; therefore, Muslims hold the Holy Quran in the highest regard. Since its very beginning, Islam was at the gateways of European countries. Merely 12 decades after the fatalities of the prophet Muhammad, Muslims spread out in Armenia, Atlanta, Georgia, Dagestan and elsewhere, such as places of the Byzantine Kingdom. 12 decades later, they were in the eastern places of this particular language (Arabic) and in almost all the places of the Mediterranean Sea from the region of the island of Malta to Sicily, Majorca and Rhodes. Extensive places in South...
4 Pages(1000 words)Essay

Comparative Economic Systems

...? Comparative Economic Systems This paper intends to present a comparative study of the US economy, taking into account the economic components of China, UK and Russia. The paper thereafter illustrates the role of foreign trade relations, unemployment rates, inflationary rates and the population variations as major determinants to the GDP growth rate of the economies. Substantial variances were found in the economic performances of these nations, especially in the post-recessionary period, wherein the paper also intended to highlight the underlying reasons for such disparities. Introduction The economic growth pattern of trend of a country is determined depending on many factors such as the Gross Domestic Product (GDP) growth rate... of the...
7 Pages(1750 words)Essay

Comparative Economic Systems

...? Comparative Economic Systems In 2007 to 2009, the US economy had to face the worst economic recession in the history. The financial marketcrashed, housing debt increased, GDP fell and the unemployment rate also increased during that period, igniting a crisis situation within the economy. Although the economic growth and recovery in the US was marked since 2009, in present times, it seems that the growth has become slower but steady. Similar to the US, other nations of Europe has also faced severe effects of the economic recession such as the UK and Germany. In order to deal with the loss experienced by recession, each nation implemented certain monetary...
10 Pages(2500 words)Essay

Conventional Morality

...Compare, Contrast and Evaluate JS Mill and Friedrich Nietzsche’s views on conventional morality? Traditionally approached there appears little apparent compatibility in Mill’s utilitarianism and Nietzsche’s existentialist philosophy, but when looked at in greater depths a number of themes overlap. Although Mill’s philosophy tends to be structured around community, and Nietzsche’s around the individual, for both philosophers the concept of morality, and more specifically conventional (or Christian) morality, was at the heart of their understanding of society. Despite a great variance in their approaches it is worthwhile to analyse each, especially in the wake of recent post-modern liberalist readings...
14 Pages(3500 words)Book Report/Review

Islam Economic System

...Order 215641 Islam Economic System Todayabout1billion Muslims are spread over 40 predominantly Muslim countries and 5 continents, and their numbers are growing at a rate unmatched by that of any other religion in the world. Despite the political and ethnic diversity of Muslim countries, a core set of beliefs continues to provide the basis for a shared identity and affinity among Muslims. Yet the radically different political, economic, and cultural conditions under which contemporary Muslims live make it difficult to identify what constitutes standard Islamic practice in the modern world. Many contemporary Muslims draw on the historical legacy of Islam as they confront the challenges of modern life. Islam is a significant, growing... , and...
9 Pages(2250 words)Essay

Comparative economic systems

...Comparative Economic Systems Explain the problems involved in the transition process from one economic system to another, and assess the record in the USSR and in China since the 1980s. Modern nation states function under a variety of economic systems. Historically, most societies were governed under a hierarchical feudal system where a supreme ruler, the sovereign, governed a pastoral society assisted by lords or barons owning all the property and land, with vassals, serfs and/or peasants remaining the vast bulk of the population. All economic activity including agriculture and trade was conducted as...
10 Pages(2500 words)Essay

Comparative Economic Systems

...Write a critical essay evaluating performance criteria by which one can assess the performance of an economic system. Which, in your opinion, are themost important criteria? Why? Is it reasonable to apply same criteria to economic systems that differ in terms of national ideology, stage of development or at different stages of transition to a new system? The phenomenon of globalization has become ubiquitous in the new neo-liberal world order of the last few decades. This particular form of capitalism has steadily replaced socialistic and communistic forms of economic arrangement in many countries in the world. While proponents of this...
3 Pages(750 words)Essay

Conventional Cost Allocation Systems versus Activity Based Cost Systems

...of the company. He points out that the system is capable of providing economic information that is mainly required by companies that are focused on improving their processes in order to increase profitability. In conclusion, the proponents of the ABC system stand with the view that the system is more beneficial for both the business and the management. On the other hand, the convectional systems have been applauded for the ability to provide the required details. There is a consensus that there is need for adoption of the ABC system. Works Cited Cooper, Robin, and Robert, Kaplan. "Activity-Based Systems: Measuring...
2 Pages(500 words)Essay

Comparative Economic Systems

...Comparative Economic Systems Country Population and Population density Income category GDP Growth rate GDP per capita (international $) (2013) Income Distribution GNI Coefficient (US$) (2013) Econ System Political System HDI 2012 Literacy rate (2011)  South Korea 50,219,669 and 515 per sq.km. High income 3.0 33,140 25,920  High-tech industralized  Presidential system 0.909  97.9  China  1,357,380,000 and 145 per sq.km. Upper middle income 7.7 11,904 6,560  Market-oriented  Communist 0.699  92.2  India  1,252,139,596 and 416 per sq.km. Lower middle income 5.0 5,410 1,570  Open-market  Multi-party system 0.554 61  Canada  35,158,304 ...
4 Pages(1000 words)Essay

Financial or Economic Systems

...FINANCIAL OR ECONOMIC SYSTEMS Introduction Corporate governance continues to be the motto of the business sector for both developed and transitory economies. The collapses of 2008 resulting from the financial crisis were critical in pushing the button for corporates to alter corporate actions and restructure to access a wider market. It also alarmed governments to initiate radical reforms of existing corporate governance to salvage the situation. Transitory states awoke to the realisation that the privilege of investors inclined to companies and economies that implement sound corporate governance. In relation to this, the challenge of the industry is double-edged: the harmonisation of corporate governance to universal standards... and the...
10 Pages(2500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Islam and Conventional Economic Systems for FREE!

Contact Us