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Redefinig Economic Systems As An Islamic Economic System

Author

Listed:
  • Muhammad Waqas

    (Faculty of Management Science Institute of Business and Technology Karachi)

  • Imam Uddin2

    (Associate professor Institute of Business Management, Karachi)

  • Badar Ashfaq

    (Head Department of Accounting DA School Karachi)

  • Rabia Shakir

    (Department of Economics University of Karachi)

Abstract

Objective Need of new economic model has been realized at the international level, as numerous and significant flaws has appeared in both two systems capitalism and socialism, which are becoming great cause for economic crises in almost every economy of the word, in this regard this study has been carried out on the redefining Islamic economics as a new model, that how it can take out those problems and flaws which has appeared in both structure.Methodology Islamic economic system doesn’t emphasize only on the economic variables it also considers the social variables which has been neglected by both previously and currently practicing systems socialism and capitalism.current study is a comparative analysis of all said systems.Findings It has been also observed that in spite of having great strength to winkle out all the economic problems, without interest how we are able to get the profit and what different types of new loan system that is RIBA free and helpful for getting the good profit.Practical Implication In Islamic economic system the private property is being debatable.Government or state should be involved in only condition if market is failed to provide public good and education.

Suggested Citation

  • Muhammad Waqas & Imam Uddin2 & Badar Ashfaq & Rabia Shakir, 2016. "Redefinig Economic Systems As An Islamic Economic System," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 12(1), pages 65-78.
    • Handle: RePEc:aib:ibtjbs:v:12:y:2016:i:1:p:65-78
    DOI: https://doi.org/10.46745/ilma.ibtjbs.2016.121.6
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    References listed on IDEAS

    as
    1. Jean-Yves Moisseron & Frederic Teulon, 2014. "Are Moral Islamic Economics an Answer to the Global Financial Crisis ?," Working Papers 2014-152, Department of Research, Ipag Business School.
    2. Aydin, Necati, 2013. "Redefining Islamic Economics as a New Economic Paradigm," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 21, pages 1-34.
    Full references (including those not matched with items on IDEAS)

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