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The economic system of Islam has been given by Almighty God. It is same as it had been given to all the Prophets from Hazrat Adam (AS) down to Hazrat Abraham (AS), Hazrat Josaph (AS), Hazrat Moses (AS), Hazrat Christ (AS), to the last Prophet Hazrat Muhammad (May peace and blessings of Allah Almighty be upon him). Study the old testament, New Testament, Anajeel, The holy Bible. You find that Usury, black-marketing, hoarding, accumulating and multiplying wealth by deception, fraud, oppression, intimidation, usury, cruelty, ect had been unlawful and forbidden in Judaism, Christianity and Islam. Economic system given by Almighty God is for the benefit of all human beings-as all human beings are the creature of Him, and He loves them all provided they believe in him. Ironically speaking, neither the Jews and Christians nor many of the Muslims follow the economic system given by Almighty God. Exceptions are there in all religions.
Please see the Related Link below for a discussion of the criticisms of Islamic Economics.
Wiki User
∙ 11y ago
Wiki User
∙ 13y agoThere is no any side effect or disadvantage of Islamic Banking.
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What type of economic system is Islamic republic?
what type of economy does islamic republicof iran have
Should an Islamic country Americanize its system or not?
No relation at all between an Islamic country and an American system. The country is called Islamic country by having majority of its population as Muslim. An American system is applied in any country, Islamic or non Islamic, if they find it better for their economy and society.
Advantage and disadvantage of Islamic loans?
Advantages but not limited to: · Islamic economy considers the lender (provider) as a participant who shares the losses and the gains · Islamic economy does not exploit the need of the poor by taking interests which eventually makes the wealth concentrates in the hands of the rich capitalists · Islamic economy make the people feel united and taking care of each other like one body without the exploitation of one another · Islam encourages charity and it promises rewards on it in this life and in the hereafter There are no disadvantages as the Islamic teachings are from God and He knows the best that befits the human nature
What are the disadvantages of free marketing system?
A free market economy has its advantages as well as disadvantages. Some disadvantages are that a competitive environment creates an atmosphere of survival of the fittest. Wealth is not distributed equally, and there is no economic stability.
What are the disadvantages of a free-market system?
A free market economy has its advantages as well as disadvantages. Some disadvantages are that a competitive environment creates an atmosphere of survival of the fittest. Wealth is not distributed equally, and there is no economic stability.
Which are the advantages and disadvantages of specialization in business?
Advantages: beter trade items, more varied economy, and surplus of food Disadvantages: need for a more organized gvt. System
What are some disadvantages of the Market Economy?
The market economy has many advantages, but it also has its share of disadvantages. Two of the main disadvantages are that this type of economy can be very unstable and it tends to cause a large gap in the distribution of income.
How do I describe a mixed economy?
A mixed economy is a system that combines characteristics of market, command, and traditional economies. It benefits from the advantages of all three while also experiencing some of the disadvantages.
What are the advantages and disadvantagesof a market economy?
advantages and disadvantages of market economy
What is Islamic economy?
Islamic economy is like any other economy except that it doesn't allow lending money with interest (except the normal administrative charges) and It doesn't allow investing in wine, gambling, and/or sexual fields.
What are disadvantages of market economies?
The market economy has many advantages, but it also has its share of disadvantages. Two of the main disadvantages are that this type of economy can be very unstable and it tends to cause a large gap in the distribution of income.
What are the disadvantages of command economy?
it has public ownership
