Q: What is meant by the Islamic economic system?
A: An economic system in which all economic problems are solved in the light of Qur’an and Sunnah is called Islamic economic system.
Q: Describe the characteristics of the Islamic economic system.
A: 1) The right to private property 2) Social equality 3) Economic freedom 4) Equitable distribution of wealth
Q: What is meant by consumption in Islam?
A: In Islam, only wealth is emphasized through moderation. Islam forbids both stinginess and wasteful spending. And in spending wealth, orphans, the poor, travelers, relatives are also urged to be taken into consideration.
Q: What is economic freedom in Islam?
A: Economic freedom in Islam means that Islam gives people complete freedom to earn a living in a lawful and halal way. However, making money through illegal and illegal means is strictly forbidden.
Q: What is meant by equitable distribution of wealth?
A: The Islamic economic system ensures equitable distribution of wealth. In this regard, first of all, emphasis has been laid on earning wealth from halal sources and haram earning has been strongly condemned. After that, piety and justice are emphasized in determining and paying the birth compensation of the perpetrators.
Q: What is meant by price mechanism in Islamic Economic System?
A: The Islamic economic system depends on the forces of supply and demand. Which sets the prices. However, in the Islamic economic system, Allah Almighty has strictly forbidden profiteering, hoarding, adulteration, weight loss, etc.
Q: What is meant by equality?
A: In the Islamic economic system, all human beings are considered equal. If every person has the equal right to use the resources given by Allah Almighty without any racial discrimination, it is called equality.
Q: What is meant by economic justice?
A: Justice means to put something in its place. Economic justice means justice and equality, that is, to give the right to the rightful owner, to show justice in the transaction of goods.
Q: Write the definition of Ehsan.
A: Treating people well is called Ehsan. In economic terms, in addition to the fixed-wage, giving something to the worker voluntarily by the employer is called Ehsan.
Q: What is meant by the concentration of wealth?
A: Concentration of wealth means concentration of wealth in a few hands. The concentration of wealth in economic terms reduces investment and distribution of wealth among the people becomes unequal. Therefore, Islam views concentration of wealth with dislike.
Q: Write down the four disadvantages of interest.
A: 1) Interest makes a man selfish 2) It creates chaos in society 3) It causes inflation 4) It hinders investment
Q: Explain the concept of property in Islam.
A: In Islam, Allah Almighty is the owner of everything. And he has given the right of personal property to man. According to Islam, every person should spend his wealth on his friends, relatives, neighbors and the needy.
Q: What is meant by contentment?
A: Conviction means that a person trusts in God Almighty. And give thanks to Allah for whatever is available.
Q: What is meant by the economic system?
A: An economic organization through which a country’s natural, artificial and human resources are utilized to produce goods and services according to needs is called an economic system.
Q: What is meant by capitalism?
A: Capitalism is a system of government in which the people have the right to private ownership of resources and complete independence in economic affairs.
Q: Write the characteristics of capitalism.
A: 1) Right to private property 2) Economic freedom 3) Consumer sovereignty4) Limited role of government