What Is The Concept Of Basic Values Of Islam And Their Economic Implications In The Economic System Of Islam?


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Ellie Hoe Profile
Ellie Hoe answered
The Western model of Economics, particularly the one based on natural dynamics and later formulated formally by Adam Smith promotes competition in order to be successful and economies to evolve. However, it was later challenged and debunked by the game theory eventually presented by John Nash. According to that model, team work and collective ambitions do more good than an individuals. However, Islam presents a model framework for ethics and modalities that ought govern human behavior so as to strive towards a universal utopia of peace and brotherhood.

Justice: No society can survive for long peacefully if this basic precondition is not met. Without Justice there would be no security, impartiality and fairness in our dealings help us remain focused towards our objectives without getting deeply caught up with petty squabbles. The biggest benefit of justice is that it not just provides security to individuals but businesses as well and reflects in all facets of our social dealings.

Equality: It may be considered a subset of Justice and it refers to eliminating all social prejudices in order to promote complete fairness and regard everyone with mutual respect and give them an equal opportunity.

Brotherhood: Being the same species it is incumbent on us as the vicegerents on Earth to be kind to our fellow beings. The biggest benefit is again that it provides security to us and helps us coexist in peace and be tolerant towards others regardless of our beliefs and ideologies.  

Benevolence and Empathy: We now know that selfishness and greed can be detrimental to a community's social order. For a fair and sustainable economic system it is essential that we contribute equally to the society on focus on returning it. The more good we contribute, the more kindness we can expect in return in the long run and likewise more stability too. The modern economic models are suggestive of that too that wealth concentrated in one hand leads to negative results and inflation within an economy.
Anonymous Profile
Anonymous answered
Islam provides rights to all of the humanity.islam also gives basic values which we did not find in other these values e can achieve success in our life &in this world also economically.

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