Muslim Economic Habits

In the Arabian peninsula, Islam had started. After Muhammad died, the Muslim community embarked on a series of military conquests that extended their control over much of Eurasia and north Africa. Muslim merchants also became a prominent figure in trade during this time. The Islamic empire extended to the Arabian Peninsula and many areas around it. These places were central in the Mediterranean sea, Indian Ocean, and silk road trade routes. The Muslim merchants became a very big part of trade because of their location at the center of many trade routes from Eurasia to Africa. They were also a prominent part of trade because the camel saddle started to be used frequently in 600 CE. Camels were more equipped to walk through the desert, and so the ability to control them made the Muslims a major part of silk road trade. In addition to this, the Muslim agricultural revolution occurred around 600 CE. This caused more crops like cotton to be cultivated and traded, causing a greater income and virtually more trade between Africa and Eurasia. In the Indian Ocean basin, the Gupta empire had declined and there was no centralized rule in India. However, there were still major trading cities and new technologies caused trade to increase. An example of the new technologies would be the dhows and junks that were used at around 800 CE.

Feminism can be described as a movement that fights for men and women to have the same resources and opportunities. Colonial feminism is a movement that also fights for men and women’s equality but mostly focuses on some certain areas. In the article “Do Muslim Women Really Need Saving?” by Lila Abu-Lughod, she explained “This was a selective concern about the plight of Egyptian women that focused on the veil as a sign of oppression but gave no support to women’s education.” There are plenty of examples of changes to local custom promoted by the colonial administration. One example is when Hitler came to power, he blamed the Jews for the mishaps in Germany and he ordered for them to be sent to concentration camps to be killed. Another example is when the Europeans first came to America, they wanted the land and everything that came with it so they forced the Native Americans out.

This video that we have watched really talks about the islamic ways and the advancement of it. In 9th century and the 12 century CE was the golden age of Science. Some of the ways that we are still using the ways that they did in islam is the basic topics. Most of the Math and science topics have arabic roots in them. Many famous scientist look back at the 12 and 17 century islamic texts. Which was a big impact to the science community. The islamic people believe that political matters goes hand and hand with scientific knowledge.In many ways the Islamic people have used Scientific knowledge in there everyday lives. There finding have also affected other scientists work that has affected everyone in the world. What I mean is that fact

The Quran is the Muslim sacred writing, in other words the sacred text of the adherents of Islam. Islam is the religion built up among the Arabs - a people until the point when at that point to a great extent restricted to the Arabian Peninsula - by the Prophet Muhammad in the mid seventh century. The Quran was uncovered to Prophet Muhammad by God through the organization of the heavenly attendant Gabriel; this occurred halfway in Mecca, the place where he grew up, and somewhat in Medina, where he prevailing with regards to making a state in a generally stateless tribal society. The message was uncovered in Arabic, the dialect of the general population it was at first routed to, despite the fact that the message was at last for the entire of mankind. The Quran particularly says that Muhammad was the delivery person to the entire of humankind, and that he is the last courier to be sent. Along these lines, the Quran is the last message that supersedes and repeats the fundamental religion God appointed for the Jews and the Christians, and additionally the Muslims. Today, the aggregate number of Muslims on the planet is over a billion, making up right around a fifth of the total populace. For every single Muslim people group, whatever their dialect and

Economics is one of the social sciences that study of how society manages its scarce resources. The field of economics is traditionally divided into two subfields which is microeconomics and macroeconomics. Monopolistic competition is one of the market structures in the microeconomics. According to Krugman and Wells (2012), monopolistic competition is a type of imperfect competition in which there are many firms selling products that are similar but not identical. It has some features of perfect competition and some features of monopoly. Islamic economics is the study of the economic problems of the people who were inspired by Islamic values. The two similarities of the monopolistic competition and Islamic economics are government involvement and free exit and entry of the market in the long run whereas the differences are price of good, welfare of society and advertising.

Entrepreneurship is a part of Islamic economics and businesses. Entrepreneurship is the pursuit of opportunity beyond resources controlled. Prophet Muhammad SAW and his companions are examples of this. There are a lot of Muslims that are successful entrepreneurs in the world and Islam always invites all Muslims to be an innovative and active entrepreneurs. Entrepreneurship is an integral part of Islamic religion. The Muslim entrepreneurs are ‘khalifah’ and have the responsibilities to develop prosperity and sees business as part of ‘ibadah’ or good deed. Success in Islam is not merely measured by the end result but also the way and means of achieving them.

So far as the minorities in India are concerned Muslims are the largest minority in the country. Majority of this community is educationally and economically extremely backward. Almost all other minorities are educationally and economically better off. Unfortunately Muslims have not been able to get their due share in total welfare work done by the Government, for economically weaker sections of the society in the country since independence. Different Governments appointed committees time to time to find out the causes of educational and economic backwardness of Muslims. Among these communities the latest one is the Sachar Committee. The committee has clearly revealed that only 4 per cent Muslim population is educated

Islam based on and any successful economic system has to be built on them. The

The Islamic alternative to conventional leasing is ijarah. Ijarah is an Arabic term with origins in Islamic fiqh, meaning to give something on rental basis or wages. Ijarah also call as ajr or ujrah. Ajjarahu or aajarahu means wager for job that have been done. This word for a job that will give profit, of the job cause loss its cannot use that term. Meanwhile ajr use for reward in hereafter but ujrah use for reward in life. Under the Islamic juristprudence, state in Mughni al-Muhtaj : ijarah is a contract for a specific service (manfaah) that can be pay and halal with the certain good. Ijarah contract was allowed proven by dalil syara’ base on holy quran :

With respect to risk management in Islamic banks, Islamic Financial Services Board (IFSB, 2005), [26], issued guiding principles for risk management in Islamic financial institutions, the board pointed out that these guiding complement the general guiding principles issued by the Basel Committee. to cover specific aspects of the institutions of the Islamic financial services. As follows:

Consumer behavior is the process by which individuals seek, decide, procure, utilize and dispose of products so as to satisfy their needs and wants. Consumer behavior is attracting interest from scholars especially the marketing psychologists. The concept is important to marketing because it reveals why, when and how consumers make the decisions to buy. Many factors influence consumer behavior, for example, the price, preference, loyalty, culture, and region ( Suranyi, 2011). The paper would address into depth the relationship between religiosity and Islamic consumer behavior.

The Islamic finance industry has been evolving and growing rapidly for the past decade. The recent global financial meltdown has open opportunity to Islamic finance to offer a new outlooks and effective solutions to economics problems. Economists are now looking to the east, learning lessons and seeing advantage of Islamic finance. Since then, serious research on Islamic financial system has been carried out and Islamic financial system has been an interesting area of discussion.

It is undeniable fact that Islamic banking system has been flourishing for last few decades and now has become the focus of global market forces. Pioneers of Islamic banking proclaim that foundational principles of Islamic banking is allied with Shari’ah guidance and their accounting practices, policies and financial reporting mechanism is based on Sharai’ah values. Consequently, Islamic institutions have the responsibility to follow Islamic rulings in all their practices. The core purpose of this study is to confirm that either current practices are align with Islamic ethical values or just based on shari’ah terminologies. However, author find that current practice of Modarbah are not just contrary to its theoretical foundation of Islamic Banking but also to basic shari’ah guidance to some extent. It has been also identified that whenever an issue arises in Islamic banks they try to make it shari’ah compliant instead of resolving particular issue they are busy in just manipulating or islamizing conventional banking products by using Shari’ah terminologies to capture the attention of Muslims who are thirsty for transparent ideal Islamic system. This behavior of Islamic banks has made the practices of Islamic banks more controversial. Proper implication of current study can make great contribution in the literature of Islamic banking as it will help Islamic banks to review their practices in order to fulfill the basic ethical principles of Islam.

The evolution of Islamic finance now takes place in most of the countries, whether in Muslim countries or non-Muslim countries. Islamic finance institutions perform the same essential functions as financial institutions do in the conventional system, except that there is a need for them to carry out their transactions in accordance with the rules and principles of Islam. One of the most growing parts of the Islamic finance is Islamic equity market. In principle, Islamic equity market is characterized by the absence of interest based transactions, doubtful transactions and unlawful stocks of companies which deal in non-shariah compliance activities or items. Its market activities must be free from any of unethical or immoral elements.

Methodology of economics has been an essential part in constructing the fundamental economic theories and hypotheses. It has been a subject of research by economists and become their interest in answering empirical problems of human beings. It becomes a main framework of positivists in developing their thought on economic system. The methodology also utilized in developing Islamic economic to build self and distinct system than the existing conventional economic due to several differentiations of its worldview and primary sources. The differences in sources and characteristics between two disciplines lead to a different methodological framework.