1 / 15

Understanding Islamic Economics: A Blessing for Mankind

Learn about the purpose and major concepts of Islamic economics, emphasizing real human well-being. Explore how it differs from conventional economics with a focus on moral and price filters. Discover the role of institutions beyond the market in economic mechanisms. This text delves into the implications of the dual filter mechanism and the motivation behind self-interest in Islamic economics. Discover the modern revival of Islamic economics.

tomai
Download Presentation

Understanding Islamic Economics: A Blessing for Mankind

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. WHAT IS ISLAMIC ECONOMICS? BY M. UMER CHAPRA, Ph.D. ADVISER ISLAMIC RESEARCH AND TRAINING INSTITUTE ISLAMIC DEVELOPMENT BANK JEDDAH.

  2. ECONOMICS IS A SCIENCE ITS PURPOSE IS, LIKE ANY OTHER SCIENCE, TO FIND OUT THE CAUSE AND EFFECT RELATIONSHIP BETWEEN DIFFERENT VARIABLES ITS METHOD: TO ESTABLISH THE RELATIONSHIP RATIONALLY AND, IF POSSIBLE, EMPIRICALLY.

  3. 2. THE PURPOSE OF CONVENTIONAL ECONOMICS POSITIVISTS AND OPERATIONALISTS: TO DESCRIBE LOGICAL EMPIRICISTS: TO EXPLAIN INSTRUMENTALISTS: TO PREDICT McCLOSKEY: TO PERSUADE

  4. 3. THE PURPOSE OF ISLAMIC ECONOMICS: ALL OF THE ABOVE, BUT WITH THE ULTIMATE PURPOSE OF BEING A BLESSING FOR MANKIND: “WE HAVE SENT YOU AS A BLESSING FOR MANKIND” (AL-QUR’AN, 21:107) THE IMPLICATIONS OF THIS VERSE FOR ECONOMICS TO REALIZE REAL HUMAN WELL-BEING REAL HUMAN WELL-BEING: HOW CAN IT BE REALIZED?

  5. 4. MAJOR CONCEPTS OF CONVENTIONAL ECONOMICS RATIONAL ECONOMIC MAN POSITIVISM LAISSEZ FAIRE

  6. 5. MAJOR CONCEPTS OF ISLAMIC ECONOMICS (I) (B) ينصركم (A) إن تنصروا الله IF YOU HELP GOD (A), GOD WILL HELP YOU (B). (A) من حمل ظلما (B) وقد خاب WHOEVER COMMITS INJUSTICE (A), FACES RUIN (B) (III) (B) فإن له معيشة ضنكا(A)ومن أعرض عن ذكري WHOEVER TURNS AWAY FROM MY MESSAGE (A), WILL HAVE A DIFFICULT LIFE (B)

  7. 5. 6. THE ROLE OF INSTITUTIONS OTHER THAN THE MARKET IN ECONOMICS THE FAMILY THE SOCIETY THE GOVERNMENT

  8. 7. MECHANISMS FOR ALLOCATION AND DISTRIBUTION FILTERING MOTIVATION SOCIO-ECONOMIC AND POLITICAL RESTRUCTURING

  9. 8. FILTERING • S (=SN + SL) P FILTERING IN CONVENTIONAL ECONOMICS: THE PRICE MECHANISM FIG. 1 EQUILIBRIUM IN CONVENTIONAL ECONOMICS • D(=DN + DL) Q

  10. 9. FILTERING IN ISLAMIC ECONOMICS: THE MORAL FILTER AS WELL AS THE PRICE FILTER FIG. 2 MORAL FILTER PIRCE FILTER THE DUAL FILTER MECHANISM

  11. FIG 3A FIG 3B 10. THE IMPLICATION OF THE DUAL FILTER P P1 P2 s P P1 P2 s1 s2 D1 D2 D2 D1 Q2 Q1 Q Q1 Q2 Q

  12. 11. MOTIVATION SERVING OF SELF-INTEREST? MORAL URGE? THE CONCEPT OF HEREAFTER: SELF-INTEREST IN THIS WORLD AS WELL AS THE HEREAFTER

  13. 12. SOCIO-ECONOMIC AND POLITICAL RESTRUCTURING

  14. 13. THE MODERN REVIVAL OF ISLAMIC ECONOMICS

  15. THANKS

More Related