QalkRecite

4 Answers

Islamic law, also known as Shariah, addresses economic transactions and trade through several principles and rules, including:

1. Prohibition of interest (riba): Islamic law forbids the collection and payment of interest on loans.

2. Prohibition of uncertainty (gharar): Islamic law prohibits transactions that involve excessive uncertainty or speculation.

1. Prohibition of gambling (maysir): Islamic law prohibits transactions that involve gambling or games of chance.

2. Fairness and transparency: Islamic law emphasizes fairness and transparency in all economic transactions.

3. Protection of property rights: Islamic law protects property rights and prohibits theft, fraud, and exploitation.

4. Encouragement of trade: Islamic law encourages trade and commerce, but emphasizes the importance of ethical conduct and fairness.

5. Regulation of markets: Islamic law regulates markets to prevent exploitation, monopolies, and hoarding.

1. Prohibition of exploitation: Islamic law prohibits exploitation of workers, consumers, and the environment.

2. Emphasis on social responsibility: Islamic law emphasizes social responsibility and encourages businesses to contribute to the welfare of society.

3. Islamic finance: Islamic law has developed a distinct financial system that operates according to these principles, including Islamic banking, Islamic insurance (takaful), and Islamic investments.

These principles aim to create a just and equitable economic system that benefits all parties involved and promotes social welfare.

Fajar Ali Answered question November 1, 2024
You are viewing 1 out of 4 answers, click here to view all answers.
×
×

Cart