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Syariah Economy ?
Can someone explain to me the basic principle and things in Syariah Economy ?
How Syariah Economy is different from normal Economy ?
- FatimaLv 41 decade agoFavorite Answer
Syariah is the legal system framework for Muslims. It is divided to Ibadat and Muamalat. Ibadat governs the devotional aspect of law, the relationship between man and god. Muamalat means business transactions. It concerns the practicalities of a persons daily life, in context of man to man relationship.
Syariah economy is a part of Muamalat. The most significant principles of Muamalat is the prohibition of riba (interest) and gharar (speculation). The western economy is full with riba and gharar , for example conventional banks offer deposit and financing products based on interest and most futures and options are based on speculation.
To know in detail, please check the web (www. Islamicbanking.com)