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al systems that currently dominated the whole world, Capitalism and socialism. Rice, G. (1998) argues that capitalism encourages the free market economy, which is governed by individuals. The gist of capitalistic system is profit maximization that becomes the life goal of individuals in that system. On the other hand communistic system encourages the buorocacy that leads the imbalanced allocation of resources (Akhtar et al, 2011).

 

Country to these economical systems, profit maximization is not the only and ultimate goal of Islamic way of business. It is mentioned in Quran, “Wealth and sons are attractiveness of the life of this world; but the things that endure, good deeds, are the best in the sight of Allah, as rewards, and best as the foundation for hopes.” (Quran, 18:46)

 

The Islamic Law – Shariah

Arabic word “Islam” literally means “to surrender”, but as a religious term in the Quran, it means “to surrender to the will or law of God”. One who practices Islam is a Muslim. According to the Quran, Islam is the universal religion, because everything functions according to the laws God. For human beings, who possess free will, practicing Islam does not involve automatically obeying, but rather freely accepting God’s commandments (Von der Mehden, 1986). Islamic social philosophy is based on the belief that all spheres of life: spiritual, social, political, and economic form an indivisible unity that must be thoroughly imbued with Islamic values. This principle informs such concepts as “Islamic law” and the “Islamic state” and accounts for Islam’s strong emphasis on social life and social duties.

 

Even the cardinal religious duties prescribed in the five pillars of Islam have clear social implications. Islamic law, known as Shari’ah (which is sourced from the Quran) is a code that prescribes and governs the duties, morals and behavior of all Muslims, collectively and individually, in all aspects of life (Coulson). Olayan and Karande (2000) go on to explain that the Shari’ah describes the values that Muslims should hold, including truth, honesty, social and collective obligations and responsibilities, the role of men and women, and the role of buying and selling. Muslims are not allowed to eat pork, gamble or drink alcohol, and nudity is prohibited. In addition, Muslims must not do idol worshipping (statues inclusive), must conform to sexual codes and adultery is strictly prohibited. Children should not deceive or disrespect their parents (Newland). Islam is more than a religion. It is a way of life and controls the ways of society and factors associated with family, dress, cleanliness and ethics. Muslims are required to live and think in the way that Allah has stated.

 

The Islamic economic system as opposed to the communist or socialist system focuses on the ethical character of man. In this system the economic progress and materialistic development are not condemned however they are also not th本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。