INTRODUCTION TO

ECONOMICS
PHILOSOPHICAL
FOUNDATION
 CONVENTIONAL PERSPECTIVE
IT CAN BE DIVIDED INTO CAPITALISM AND
SOCIALISM
IT BASED ON THE CONCEPT OF HUMANISM AND
MODERNISM
HUMANISM IS A CONCEPT OF NOBILITY AND
GENUINENESS OF MANKIND WITHOUT THE
CONCEPT OF HELP FROM THE GOD
MODERNISM IS A CONCEPT WHICH DO NOT
BELIEVE WITH THE LAST DAY
THEY HAVE TO WORK HARD IN ORDER TO COLLECT
AS MUCH AS POSSIBLE WEALTH
 SOCIALISM
KARL MARX IS THE FOUNDER OF SOCIALISM
HE EMPHASIS ON THE IMPORTANT OF FACTOR OF
PRODUCTION TOWARDS THE SOCIETY
DIALECTICAL MATERIALISM (CHANGES IN THE
MODES OF PRODUCTION) IS THE BASIC PRINCIPAL
OF THIS SYSTEM
MAIN OBJECTIVE IS TO CHANGE THE WAY PEOPLE
WORKS IN ORDER TO GET MAXIMUM OUTPUT FOR
THE SOCIETY AND TO ELIMINATE INEQUALITIES
AMONG THEM
CHANGING THE WAY PEOPLE WORK WILL CHANGE
THE COMMUNICATION STRUCTURE OF THE
SOCIETY
 CAPITALISM
THE FOUNDER OF CAPITALISM IS ADAM SMITH
PRICE MECHANISM IS THE BASIC PRINCIPLE IN
ORDER TO SOLVE THE ECONOMIC PROBLEM
SELF INTEREST IS THE BEHAVIOR THAT EVERYBODY
HAS.IT EXISTS DUE TO THE STRUGGLE FOR
EXISTENCE
PEOPLE ARE BEING LABELED AS ECONOMIC
PEOPLE
PEOPLE BEHAVIORS ARE SUBJECT TO THE SUCCESS
OF THEIR ABILITY
 ISLAMIC ECONOMICS
THIS SYSTEM IS BASED UPON THE CONCEPT OF
TAUHID
HABLUMMINANNAS : THE RELATIONSHIP BETWEEN
MAM AND MAN
HABLUMMINALLAH : THE RELATIONSHIP BETWEEN
MAN AND HIS CREATOR, ALLAH
PEOPLE CAN BEHAVE IN ORDER TO COMMUNICATE
AND LIVE WITH OTHERS PEACEFULLY IN THIS
WORLD UNDER THE CONSENT TO ALLAH
TAUHID IS CONSIST S
 PRINCIPLES OF TAUHID
RUBUBIYYAH: THE BELIEF THAT ALLAH ALONE
DETERMINES THE SUSTENANCE AND
NOURISHMENT OF HIS CREATION & WILL DIRECT
THOSE BELIEVE TO HIM TOWARD SUCCESS.
KHILAFAH: THE MAN’S ROLE AS GOD’S
VICEGERENT ON EARTH.
TAZKIYYAH: THE GROWTH & PURIFICATION OF
MEN AS A NECESSARY PREREQUISITE BEFORE
MAN UNDERTAKES THE RESPONSIBILITIES OF LAID
OUT OF HIM.
UKHWAH: THE PRINCIPLE OF BROTHERHOOD HAS
MANY ASPECTS WHICH GIVES THE MUSLIM
SOCIETY AN ACTIVE AND POSITIVE QUALITY AND
CHARACTER OF EQUALITY & CO-OPERATION
ECONOMIC OBJECTIVE ACTIVITIES
PEOPLE’S WANT ARE UNLIMITED WHEREBY THE
FACTORS OF PRODUCTION ARE LIMITED
THEY ARE SUPPOSED TO PRODUCE THE GOODS/
SERVICES USING THE ‘GOOD VALUE’ INLIFE
ACCORDING TO AL-QURAN & AL-SUNNAH
THE STRUCTURE OF THE ECONOMIC
RELATIONSHIP
IN ISLAMIC ECONOMY, EVERY MUSLIM IS
RELATED TO ONE ANOTHER (CONCEPT OF
BROTHERHOOD).
EVERYBODY SHOULD LIVE HISLIVES AS AN
IBADAT TO ALLAH.