Islamic economics in the world

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

Islamic World View Beyond Islamic Development Strategy, Is It There? Introduction Allan Bullock and S.Trombley (1999) refer ‘worldview’ to a general conception of the nature of the world, particularly as containing or implying a system of value-principles. What constructs such a system of value-principles may vary depending on each fundamental belief. It becomes essential to know the various type of worldview as it helps us to comprehensively understand our own worldview and gain insight from others

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

Introduction 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

in Indonesia in small scope gives freedom to people both in their thought and attitudes. In bigger scope, different religions in Indonesia brings some effects in several life aspects, such as the economic system, politics and area of power. There are many different ways of how religion effect the economic system, politics and the area of power in Indonesia. Since Muslim has the largest population in Indonesia, Muslims have more power over other religions. Though they are different, it

earth the Mudarbah system meaning Profit and loss Sharing business was performed by the Prophet Mohammad (P.B.U.H) for his Wife khadija (Rajiallah anhu); before the commencement of the Islam the Mudarbah types of business was not performed by the world business groups and the business transactions were performed by the small and big Merchants on that time only for the sake of benefits and with the motive of acquiring unreasonable interest. In the holy Quran, the four chapters are governed for

The Organization of the Islamic Conference (OIC) is the second largest inter-governmental organization after the United Nations which has membership of 57 states spread over four continents. The Organization is the collective voice of the Muslim world and ensuring to safeguard and protect the interests of the Muslim world in the spirit of promoting international peace and harmony among various people of the world. The Organization was established upon a decision of the historical summit which took

In 1979, Ayatollah Ruhollah Khomenei overthrew the Western-backed Shah and established a Shiite Islamic theocracy headed by a Supreme Leader backed by an influential panel of Islamic experts–hand-picked by the Supreme Leader (The World Factbook: Iran). Since the inception of the Islamic Republic of Iran, only two clerics have led the country. The Supreme Leader has the final say in state matters and can appoint and sack leaders without consulting other members of the government. The legitimacy of

3.7. The advantageous of Petrodollar to Islamic Finance Petrodollar flows have been among the major factors supporting the growth of the Islamic finance industry ever since the 1960s GIFF (2010). The rising petrodollar flows in global markets imply continued and increasing petrodollar investments in the Islamic finance sector. This has led to a surge of interest in the Islamic Finance sector, with more and more countries positioning themselves as strategic locations to tap into part of this abundant

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