Question

What are the basic goals of the Islamic economics?

Answer 1

Islamic Economy:

It tries to promote human brotherhood, socio-economic justice and the well-being of all through an integrated role of moral values, market mechanism, families, society, and 'good governance. ' This is because of the great emphasis in Islam on human brotherhood and socio-economic justice.

The goals of an Islamic Economy are as under :

a. Establishment of Adl (justice), to attain Hasanah (good) and Falah (welfare) in this life and the life hereafter.

b. To establish Ihsan (gracious conduct or kindness) in economic affairs.

c. Establishment of Maroof (proper or good acts, institutions) in economic life.

d. Elimination of Munker (evil, wrong or injurious practices) form economic life.

e. Freeing humanity from unwanted burdens and shackles and to make life easier for them.

f. Achieve maximum economic growth.

g. Maximize employment to ensure maximum distribution of wealth in society.

h. Achieve universal education

i. Encourage co-operation in society

j. Favoring weaker sections to establish them in life.