The Importance of Islamic Economic

Beginning with Muhammad’s age from the start of 7th century Islam, Islamic culture and politics have gone a great many events and occurrences. Throughout all of its years, it has boasted both a rich culture and technological/intellectual advancements. The preservation of the Quran, developments in mathematics, and the continued emphasis on respect and charitable nature are just some examples of Islamic achievement. However, as with any growing civilization, Islam has evolved beyond what it originated as. The cultural and political life of Islamic civilization beginning in the 7th century to the end of the Abbasids of the 13th century underwent many changes such as the deteriorating view of women in society and the shift from elected caliphates to dynastical caliphate. But, one aspect that persisted were the religious beliefs and traditions followed by the Islamic people.

The history of the Islamic world has been one of weak state institutions and state underperformance, coupled with a high prevalence of violence, both by the state and by individuals. A major reason for these negative trends has been the role of political Islam in privileging homogeneity over diversity, in stifling dissent in public and private life, and the societal stagnation that follows such rigid controls. Malaysia and Indonesia have been notable exceptions to the underperformance of Islamic cultures.

Islam soon acquired vast amounts of territory in Afro-Eurasia, and according to the map, “The Growing Worlds of Islam (900-1500),” it occupied an area from parts of central Asia to West Africa and Eastern Europe by the start of the sixteenth century. This map documents the phases of the growth of Islam for six hundred years, which combined with further analysis will reveal each step in the conquest of each new phase of territory. Controlling all of these nations created standardized trade and common business practices throughout the empire. Using already intact trade routes, such as the Silk Roads, documented in the map provided as document 1, the Islamic empire built an economic system that was unified by common religious beliefs. Comparing the trade routes mapped on both the Silk Roads map and the “The Growing Worlds of Islam (900-1500)” map, one can see that they are very similar, suggesting that they remained the same and that the Islamic empire just took over the control of each. Yet it was not just the Silk Roads that saw a revival at the hands of Muslim commercial excursions. The Mediterranean and Indian Ocean sea routes, as well as the trans-Saharan routes were given new life as well due to the Islamic empire. These routes not only produced trade, but they also opened up opportunities for new agricultural products and a sharing of ideas and innovations. These

Throughout the entirety of the Islamic faith, Islamic civilizations have contributed ideas and characteristics of their culture that have spread throughout the world. Also, Islamic civilizations have helped to develop a variety of ideas and caused fields of industry and facets of culture to advance. These fields include but are not limited to education, medicine, mathematics, technology, literature, architecture and trade. Although every industry in the Islamic civilization has an important role in society, education, medicine and trade prove to be the three most important aspects of Islamic achievements.

The distribution of wealth has been a major problem in modern society. The economic system is currently dividing the nation into a society of either being classified as rich or poor. The current system is causing individuals to consume more than what the Earth’s surface can reproduce. Furthermore, the allocation of goods and services are not fairly distributed worldwide. People are supposed to live as one and share goods and services equitably, but because of capitalism, many individuals live a life of self-interest and greed.

Islamic civilization and its cultural and economic benefits. Although these were ended with the political and

Islam is one of the biggest religions in the world, in perspective, there are about 1.6 billion members of Islam. Islam was established by Muhammad, he spread his expressions of Islam after he had addressed a holy messenger sent by God to instruct him to get the message out of God. At first, he was startled, however later came to and began to get the message out of God. The Muslims acquired much from Greece, Rome, and India received much from the general population they won. As a result of their resistance of different societies, they could propel grant in a few ranges to the higher amount around then. Subsequently, Muslim accomplishments emerge and lastingly affect world societies. The most important Islamic achievements were Academics, Science, and the Arts.

Islam is more than a religion, it’s a culture, and as such has an effect on political, social, and economic aspects of life—this is especially true outside of the Western world. Followers of Islam believe in full submission to God and this submission is practiced in the secular realm (Taha, 114). Of the five pillars of Islam, one (the zakat) has a direct affect on economic policy and ethics. The culture of Islam has shaped economic and business guidelines In the Islamic World and continues to do so. Cultural ideals attributed to the Qur’an or the Prophet Muhammad, have been a vital source for economic and business practices that have helped to shape the history of many Islamic nations, and are guiding the creation of policies

What effect did the Islamic revolution have on the country of Iran and it’s international relations? This is a very broad question so it much be asked and answered for many different levels of society. Looked at this way this question is actually collection of questions. What effect did the Islamic revolution have on the wealthy within the country? What effect did it have on the poor? What affect did it have on the government? What affect did it have on countries in the region?

When a person is in a terrified place in their life, they often refer to their religion for help. However, when the economy is in a troubled position, it is much more technical than referring to a religion for assistance. In simplest terms, Hebrew Scriptures do not create an economic system, but it enhances justice and compassion within a system. The disfigured Judaism economy is caused by social and economic injustice within the nation. According to Solomon, “economic activity should be conducted in a manner that shows concern for the well-being of the other and is equitable.” When a nation faces inequality, there should be a reform that helps strengthen the economy to promote growth. In this case, growth does teach lessons from the scriptures: to look after the poor, to heal the sick, to provide food and shelter, to educate, and to pursue justice.

Islam played a key role in the long-distance trade between the South China Sea and the Mediterranean Sea from the 7th century until the late 15th century. During this time, Islam had a large number of merchants which allowed for them to play such a role in the expansion of trade and which also allowed for the expansion of Islam as a religion. The Silk Road was the most used land routes between the 7th and 15th century and this was because it was the largest, most active trade routes that stretched the longest distance which allowed for further reach of resources, commodities, ideas, technology, and religion. The silk road had many different land and sea routes that went a range of distances and to a variety of different places. The role that Islam played in the trade between the South China Sea and the Mediterranean Sea, was also beneficial for them. The long-distance trade allowed for Islam to grow and develop in many ways. Due to the extreme distances that the trade routes covered, Islam, the second largest religion, behind Christianity, was able to share their beliefs as a culture and as a religion. There were many different key assets and events that help with the expansion of the long-distance trade routes and their goods between the 7th and the 15th century.

The Islamic world valued commerce and fostered active networks of exchange. Muslim merchants used the Silk Roads, Sea Roads, and Sand Roads of the Afro-Eurasian world, and the Islamic world promoted long-distance economic relationships by supporting a wealthy, highly developed, "capitalist" economy. Islamic civilization also eased a massive exchange of agricultural products and practices. Some of these Indian crops later found their way to Africa and Europe from the Middle East. Technology also distributed widely within the Islamic world. Ancient Persian techniques for obtaining water by drilling into the sides of hills spread to North Africa. Muslim technicians made improvements on rockets developed in China. Techniques for manufacturing paper

Islam and trade worked together to advance the spread of ideas and goods in the world. An example of this is trading and exporting spice. To get cinnamon sticks, people would cut up bodies of dead oxen and let the birds eat off the meat. This method of collecting cinnamon is then exported to different countries of the world. Islam and trade combined create these new ideas that other countries would learn from. Spices are the best illustration to get the correct correlation between Islam and trade because it evolved into many different views from other countries as well. As the Islams foraged the spices they shipped and exported it to other countries allowing them to test different uses for them. People have now learned that they can mask the

Becoming an expert in Islamic economics and finance field is one of my long-term goals in life. I started to organize and made a plan towards achieving that dream since senior high school. The concern towards Islamic economics and finance concept, and its application for society and the country began when I was reading a book entitled Islamic banking-theory and practice. After finishing reading the book, my interest in Islamic economic and finance topics rose and strengthen my own determination to become the expert of Islamic economics and finance. The main principle of Islamic economics and finance which offers the just and ethics in economic activity, poverty alleviation through income distribution mechanism, and prevention of economic and

The prosperity and peace of a society much or less depends on its economy. While for the smooth running of both, there are several instructions in Islamic Shariah and allows what is right and forbids what is wrong. When we talk about financial issues, Islamic Shariah strictly condemns Riba. The question may arise why Islam prohibits Riba? While it was already in practice before the advent of Islam and still it is a part of different economic systems throughout the world. It is simply because Islam gives respect to human beings and condemns all the attempts that are harmful and disgraceful for humanity. Therefore, Riba is not only forbidden in Islam but economic experts are also in search of its substitute. Since borrowing on interest rate creates several issues including: less efficient allocation of resources, indebtedness, unemployment and economic instability. While in society it causes injustices, inequity, poverty and imbalance etc. In this paper we are discussing how Riba causes imbalance in the society and instead Riba what Islam demands from its followers.