Islamic economic system: from principles to microeconomics and macroeconomics fields (20)

The authors write:

Islam discourages concentration of wealth in few hands.

Islam ensures its circulation in the community:

o   not only through moral education and training;

o   also through effective legal measures.

System of:

ü Sadaqat;

ü Zakat

ü and voluntary alms

along with laws of inheritance helps distribution of wealth among the larger sections of society.

3. MICROECONOMICS AND MACROECONOMICS FIELDS FROM ISLAMIC PERSPECTIVE

Having discussed the basic principles of Islamic economics, then the next questions how do we link these principles with two important fields in economics – microeconomics and macroeconomics.

Used from paper of Abdul Ghafar Ismail and  Noraziah Che Arshad