ISLAMIC ECONOMY: CAN IT BE AN ALTERNATIVE TO SOCIALISM AND CAPITALISM?

Year 2019, Volume: 3 Issue: 3, 11 - 32, 18.12.2019

Syed Magfur Ahmad Abdullah Muhammad Zaved Rakib

Abstract

From the historical background of economic thought, it is known from the con-text of ethics that its main economic views have emerged but later, the economy lost its original ideology. There is no excuse for demonstrating whether moral values are desired in relation to human needs and wants. In the eighteenth centu-ry, there was an excellent relationship between financial structure, economic analysis, and moral values. Where socialism comes from the state is provided knowledge for all economic problems, capitalism finds out from the basis of the free-market system. In capitalism through unbridled competition, the rich are becoming wealthy making the poor poorer by exploiting. On the other side, as Islamic economic system has scheduled and appointment sources of knowledge, it is not dependent on the Islamic society, state even people. Islamic economics is a study of understanding consumer behaviour to satisfy needs from the abundant resources that deals to generate maximize the profit of self and society for the welfare of both worlds. In reality, the combination of economic values with the social and moral values that is the most critical challenge to Islamic economists. Because of most of the third world Muslim countries, in their development and modernization process, they are facing many economic problems and conflicts. Nevertheless, the research tries to show that Islamic economy can be replaced of existing economic system because of their morality vandalized activities especial-ly the exploitation of human being. The explicative and analytic processes were followed in the formulation of this article. In addition, the comparative method-ology was equally applied in distinctive cases. According to the discussion, the Islamic economy has demonstrated a favourable outcome that considered "the dynamism of capitalism" and "equality of socialism" with the economic system of Islam.

Keywords

Economy views, Original ideology, Free-market, Abundant resources, Morality vandalized activities

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