Today: Monday
20 February 2017

RUSSIAN AND GLOBAL ECONOMY AND ITS TRENDS

The religion of Islam covers all aspects of life. Economy is not an exception. In the Islamic world it is based on the Sharia laws. The Holy Quran and the Sunna (sayings of the Prophet Muhammad, peace be upon him) are the general standards applied to regulate the economy of Muslim countries.

What does the Muslim economy consist of?

Islamic jurisprudence (fiqh) has traditionally dealt with ibadah and muamalat. Ibadah (translated as “worship”) includes such acts of worship as fasting, praying, giving charity, pilgrim’s journey to Mecca, etc. Ibadah is based on the principle which can be put as: “Everything which is not allowed is forbidden.” Muamalat refers to civil, criminal and family law and other kinds of human relations. As opposed to ibadah, muamalat is based on the principle “Everything which is not forbidden is allowed.”

Economic entities can undertake activities which can be categorized as: fard (compulsory), mustahabb (recommended), sunnat (advisable), mubah (neutral) and haram (forbidden).

Economic activities dealing with forbidden services or goods (alcohol, pork, usurocracy or the so called “riba” and gambling games) and investment in the companies involved in the activities alike is haram. For more details about Islamic economy, go to this section of IslamReview.

Economic activities dealing with forbidden services or goods (alcohol, pork, usurocracy or the so called “riba” and gambling games) and investment in the companies involved in the activities alike is haram. For more details about Islamic economy, go to this section of IslamReview.