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Essay On Islamic Economic System

1100 Words5 Pages

Islamic economic system is established as the middle ground between the system of Capitalism and Communism. The major principle of Islamic economic system is to provide the human rights related to the balance of the wealth sharing. Islam grants an individual‘s rights on how he treats his wealth. On the other hand, Islam regulates an individual regarding his rights and action to his wealth by morals, intrinsically and law, extrinsically, with the aim that the wealth is not hoarded but it circles to one individual to other until they obtained their wealth legitimately and properly.
1. Islamic economic
Islamic economic system assumes that the bond of society-interest between both parties is intimately associated. Both parties are required to built harmony and not competition nor conflict. Related to this concept, in this research, Islamic economic system is viewed as an alternative choice to replace the role of capitalism and communism …show more content…

Zakat must be paid by every Muslim, man or woman, who reached a nisab (the required amount of wealth) . Nisab is the minimum amount of wealth or property that must be owned by Muslim before being obliged to Zakat. Zakat plays an essential role in the allocation of property and wealth and has an effect on an individual 's consumption behavior. According to Saefudin , in the context of society-economy, Zakat can create peace and security in society and avoid the gap of society level class because of unequal income differences. In addition, the implementation of Zakat by the government can aid the growth of economic stability, in which, an increase of productivity followed by equitable distribution income as well as the increase of vocation for the citizen. Todaro (1995) stated that Zakat is a form of social security which is earned proportionally (through nisbah Zakat meccanism) from the upper-classes’ income through the policy of progressive taxation wealth and

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