Thankfully is treated as WMD (weapon of mass destruction) of modern world. Removal of computer bears very importance. The economical systems like capitalism and communism have presented number of devices for the alleviation of the poverty from the world. But, these extreme ideologies failed to meet the need of the people. Private ownership of property, laissez-faire policy of capitalism and class battle, dialectical materialism, state control of property of the reds didn’t touch the actual cause of poverty. This situation necessitates seeking the options of Islamic economics in alleviating poverty. The target of poverty alleviation can be attained, in an Islamic Economic system through reducing the inequality. This never means attaining equal rights but equity and proper rights in the income and wealth distribution. Islam reduces the absolute inequality which arises from unequal division of income, but comparative inequality emerges from fair distribution of income and wealth. myeconlab
First part of the article has given a tiny summary of both conventional economics and Islamic economics. Then it supplies a picture of poverty of current world and Islamic perspective of poverty. After that Islamic economics instruments to ease poverty such as zakat, sadaqa, qard hasan, ganima, khums, fay, jizya, mudaraba, musharaka, prohibition of interest, abolition of extravaganza, prohibition of speculation and hoarding have been pointed out in briefly. Influence of Islamic economical instruments on marginal propensity to ingest, multiplier, price investment and production have been worked with.
The books and articles I referred in this article are Dr. Doctor Sabahuddin Azmi’s Islamic Economics, S. M. Hasanuzzaman’s Economical function of an Islamic state (The early experience), Towards understanding the economical system of Islam written by Dr. P Ibrahim and Introduction to the monetary system by Moulavi. M. V. Saleem.
No one can challenge the value of economics which is a social technology that studies the creation, distribution, trade and ingestion of goods and services. This very need for economics resulted in emergence of numerous economical systems in the world and all types of those economical systems declare that they will fetch monetary welfare. All those dominating and prominent economical system’s failure to complete monetary justice, prosperity, the eradiation of the inequality and poverty make necessary an alternative monetary system which can successfully make a starvation free and low income free world.
Definition of Economics
Social scientists have developed various definitions of economics. Lionel Robinson’s shortage definition of economics is most accepted between them. According to Robinson “economics is a science which studies human behavior as a relationship between ends and scarce means which may have alternative uses” This explanation is based on two points which are shortage of resources and the never ending needs. Nevertheless in reality former is a myth. The study conducted by UNO shows that are enough resources for 20000 million people on earth we have only 6000 million people on earth residing now. Latter point ‘never closing needs’ is also completely wrong as the desire and greed of the man is unlimited but the need is countable and controllable.
Definition of Islamic Economics
As a system of life Islam has not left any area of human life without guidance. Whether it is spiritual, individual, social, cost-effective or political Islam offers clear cut guidelines. Simply by considering the monetary rules of Islamic sources, Islamic economists have developed variety of definitions. Derivation of every definition of Islamic economics is dependent on guidance given in the basic options for Islamic shariah which are Quran and hadith.