Distinguishing Features Of Islamic Economic System

After the evaluation of economic system prevailing in world, it requires that such a system to be adopted which benefits all aspects of human society. Islamic economic system takes into account all the aspects of human society. Islamic principles provide the base for differentiation of self and social interests; it brings a tradeoff between social and economic affairs.

Shariah
All the dealings related to Islamic economics should be in the jurisdiction of Shariah. It guides us in the right direction. All the individuals are supposed to follow these rules as a benchmark in their personal lives. These rules are divided into some specific branches which are given as: 1) 2) 3) 4) 5) Aqaid are the matters of belief in oneness of God and worship to God. Akhlaq are matters of bringing manners in individuals. Ahkam include the legal & social systems. Fraidh, the obligations which are due on Muslims Nawahi means all the prohibitions.

Sources Of Shariah
The primary source of Shariah is the revelation from God. The complete set of revelations is the Holy Quran. The practical actions taken by Holy prophet (pbuh) based on the Quranic injuctions is called as Sunnnah. The other sources of Shariah are Ijmaa & Qiyas, both are based on Ijtihad. Ijmaa or consensus means when all the members of the group agree with an opinion. Qiyas or analogy is the comparison of one thing with other having similar features. Dos And Donts Shariah rules are generally classified as permissible and Impermissible. Rituals are considered as rights of Allah (SWT), (Ibadat) and the matters related to human relationship is based on general permissibility. Allah forgive muslims regarding his right but there is no relaxation incase of violating human rights. Human being is individually responsible for has good and bad deeds. Objectives Of Shariah The basic objective of shariah is the well being or success of human in this and after this world. Objectives are broadly classified into primary and secondary objectives. Primary objectives All the primary objectives should be protected and performed. They are; 1. Acquiring the purpose of worship of Allah is the protection of religion 2. Human life is important from every aspect and the one who harm it well be punished (qisas). 3. Progeny or family unit plays a vital role in creation of peaceful society so it should be protected.

4. Property and wealth should be distributed in a way that reduces the gap between have and have-nots. Halal earnings should be promoted in society. 5. A knowledgeable society can differentiate between good and bad. Educated people can promote the welfare of human society. 6. Every individual have the right to live a private life. No one is supposed to interrupt in someone life.

Secondary objectives
1. 2. 3. 4. 5. The justice and equity should be established Poor and needy should be provided help along with the promotion of social security. Peace and security should be there. All the good actions should be favored and bad actions should be discouraged. Supreme universal moral values should be promoted and authority of nature should be preserved.