Wednesday, January 13, 2016

Islamic economic system: from principles to microeconomics and macroeconomics fields (6)

The authors continue with Quran.
Allah declares:
"O! you human beings, pray your own Lord (The Nourisher) who created you and those before you (i.e. the Genies) so that you may fear Him.
It is He Who made this Earth as a bed for you and the sky as a canopy for you, and He causeth the rain and creates different types of fruits and corns from it, so that you may consume them (as your provision).
Hence, do not make any copartner with Him; and you know it better."
Al-Baqarah: 21 and 22
Some of the principles of the Islamic economic system, as laid down by the Qur’an and the Sunnah, are discussed as follows:
a. Allah determines Right and Wrong
Islamic economic system should principally, first, makes distinction between what is permitted being lawful (Halal) and what is forbidden being unlawful (Haram), also harus, compulsory and makruh.
To determine what is permitted or lawful (Halal) and what is forbidden or unlawful (haram) is the soul prerogative of God.

Used from paper of  Abdul Ghafar Ismail and  Noraziah Che Arshad

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