Islamic Economics

Flashcards reviewing key vocabulary and concepts related to Islamic Economics, including its characteristics, attributes, and principles.

Attributes and characteristics of the Islamic economy

The attributes and characteristics of the divine system to which the Islamic economy belongs.

Stability in Islamic Economy

The dogmatic assets of the Islamic economy that are unchangeable, such as public maqased, rules, regulations, principles and foundations.

Evolution in Islamic Economy

Formulas, methods, and organizational structures that adapt to the factual circumstances of people, time, and countries.

Fulfillment of Public and Private Interest in Islam

Ensuring fulfillment of both public and individual interest at the same level of importance.

Reconciling Physical Interests and Spiritual Needs

Giving attention to the requirements of both spirit and body, working to organize satisfaction for each type.

Balance between Terrene Benefits and Afterworld Penalties

Caring for both worldly and after through balancing in all work between its worldly benefit along with otherworldly reward or punishment.

Moderation and Centrality

One of the basic characteristics of economic activity in Islam; there is a balance between body and soul needs.

Integration and Interdependence

All its rules are integrated. We cannot study an economic clause without linking it with other ordinances of Islam

Universality

Based on the identification of the basic principles governing the different economic variables, and regulating economic relations between them, making it valid for all times.