REDEFINIG ECONOMIC SYSTEMS AS AN ISLAMIC ECONOMIC SYSTEM

Muhammad Waqas (), Imam Uddin2, Badar Ashfaq and Rabia Shakir
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Muhammad Waqas: Faculty of Management Science Institute of Business and Technology Karachi
Imam Uddin2: Associate professor Institute of Business Management, Karachi
Badar Ashfaq: Head Department of Accounting DA School Karachi
Rabia Shakir: Department of Economics University of Karachi

IBT Journal of Business Studies (JBS), 2016, vol. 12, issue 1, 65-78

Abstract: Objective Need of new economic model has been realized at the international level, as numerous and significant flaws has appeared in both two systems capitalism and socialism, which are becoming great cause for economic crises in almost every economy of the word, in this regard this study has been carried out on the redefining Islamic economics as a new model, that how it can take out those problems and flaws which has appeared in both structure.Methodology Islamic economic system doesn’t emphasize only on the economic variables it also considers the social variables which has been neglected by both previously and currently practicing systems socialism and capitalism.current study is a comparative analysis of all said systems.Findings It has been also observed that in spite of having great strength to winkle out all the economic problems, without interest how we are able to get the profit and what different types of new loan system that is RIBA free and helpful for getting the good profit.Practical Implication In Islamic economic system the private property is being debatable.Government or state should be involved in only condition if market is failed to provide public good and education.

Keywords: Islamic Economic System; Capitalism; Socialism (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:aib:ibtjbs:v:12:y:2016:i:1:p:65-78

DOI: 10.46745/ilma.ibtjbs.2016.121.6

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