Self Review: Question 1.6
بسم الله الرحمن الرحيم Name: Nurul Liyana K Subject: Micro Economic 1. Define the Islamic Economic System The objective of Islamic Economic System is to achieve Al-Falah, which means success in one’s life in the world and also the life hereafter. Economic activities in Islam are not seen from the materialistic aspect only but also the spiritual aspect in this world and the life hereafter. 2. State five (5) philosophical foundations in Islamic Economic System. Briefly explain them. 5 basics philosophical foundation in the Islamic Economic System: i. The concept of tauhid The concept of believing that in Islam there is only one God to be worshipped which is Allah SWT. The belief of Tauhid is divided into two, which are; The relationship between man and Allah SWT (habluminallah) and the relationship among mankind (habluminannas). ii. The concept of rububiyyah The concept of believing that Allah SWT alone is the creator and the most powerful. He also gives boun