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 bounties and organizes man’s economic activities for genuine interests to achieve Al-Fatah in this world and the life hereafter.
iii. The concept of tazkiyyah
The concept of purification of man. Islam believes that before one indulges in any economic activities, he must mould pure and good soul. For example, he can purify his wealth by giving out tithe (zakat) and donating (sedekah) to the poor. When the wealth of the rich reaches a certain stated amount, it must be levied with zakat, which aims to help the poor.
iv. The concept of khalifah
The concept of vicegerence that man is the servant of Allah SWT. In Islam, men are created as trustees and they are responsible to prosper the land and always to be in servitude to Allah SWT set by the Islamic Law (Syariah).
v. The concept of ukhuwwah
The concept of brotherhood in Islam. Islam believes that all men are brothers. They must love and respect each other and be responsible. Those who are willing to sacrifice for their brothers show the sign of faith. Oppression, extortion, and miserliness do not exist in the Islamic Economic System.
Islam offers a moderate way of life whereby the rich is not too rich and the poor is not too poor. The most important concept in Islamic Economy is that both parties can live in harmony and peace to achieve Al-Falah.
3. Elaborate the classification of goods in Islam. How are they different from the conventional economics?
In Islam, goods are bounties bestowed by Allah SWT. They are useful, consumableand beneficial, which bring about moral and spiritual betterment. In Al-Quran, they are referred to as al tayyibat (good and pure things) and al-rizq (heavenly gifts).
Goods in Islam are classified into four according to the hierarchy of needs. They are Dharuriyyah goods, Hajiyyah goods, Tahsiniyyah or Kamaliyyah goods and Tarafiyyah goods.
Firstly, Dharuriyyah goods are basic goods. They are the basic necessities and without them, men will not be able to continue their life. Some examples are food, shelter, clothes and education.
Hajiyyah goods are comfort goods. These goods provide comfort and without them, men will feel less comfortablein life. Some examples are refrigerators and radios.
Tahsiniyyah or Kamaliyyah goods are luxury goods. These goods complete the needs of men but without them, men can still survive and live in comfort. Some examples are bungalow houses, gold and Mercedes cars.
Lastly, Tarafiyyah goods are not permissible (haram). These goods bring negative impact on the society. They are not only extravagant, which lead to wastage, but they can also cause harm to man. Examples of such goods are golden chairs and cutlery that are not only extravagant but are against the principle of Islam.
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 bounties and organizes man’s economic activities for genuine interests to achieve Al-Fatah in this world and the life hereafter.
iii. The concept of tazkiyyah
The concept of purification of man. Islam believes that before one indulges in any economic activities, he must mould pure and good soul. For example, he can purify his wealth by giving out tithe (zakat) and donating (sedekah) to the poor. When the wealth of the rich reaches a certain stated amount, it must be levied with zakat, which aims to help the poor.
iv. The concept of khalifah
The concept of vicegerence that man is the servant of Allah SWT. In Islam, men are created as trustees and they are responsible to prosper the land and always to be in servitude to Allah SWT set by the Islamic Law (Syariah).
v. The concept of ukhuwwah
The concept of brotherhood in Islam. Islam believes that all men are brothers. They must love and respect each other and be responsible. Those who are willing to sacrifice for their brothers show the sign of faith. Oppression, extortion, and miserliness do not exist in the Islamic Economic System.
Islam offers a moderate way of life whereby the rich is not too rich and the poor is not too poor. The most important concept in Islamic Economy is that both parties can live in harmony and peace to achieve Al-Falah.
3. Elaborate the classification of goods in Islam. How are they different from the conventional economics?
In Islam, goods are bounties bestowed by Allah SWT. They are useful, consumableand beneficial, which bring about moral and spiritual betterment. In Al-Quran, they are referred to as al tayyibat (good and pure things) and al-rizq (heavenly gifts).
Goods in Islam are classified into four according to the hierarchy of needs. They are Dharuriyyah goods, Hajiyyah goods, Tahsiniyyah or Kamaliyyah goods and Tarafiyyah goods.
Firstly, Dharuriyyah goods are basic goods. They are the basic necessities and without them, men will not be able to continue their life. Some examples are food, shelter, clothes and education.
Hajiyyah goods are comfort goods. These goods provide comfort and without them, men will feel less comfortablein life. Some examples are refrigerators and radios.
Tahsiniyyah or Kamaliyyah goods are luxury goods. These goods complete the needs of men but without them, men can still survive and live in comfort. Some examples are bungalow houses, gold and Mercedes cars.
Lastly, Tarafiyyah goods are not permissible (haram). These goods bring negative impact on the society. They are not only extravagant, which lead to wastage, but they can also cause harm to man. Examples of such goods are golden chairs and cutlery that are not only extravagant but are against the principle of Islam.
Comments
Post a Comment