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modaoudi

Economics in Shia Islam

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Salam,

I strongly believe that economical system of a nation is more important than the political one. So being a muslim I sometimes struggle with finding good structured work about how an Islamic country should economically be. In the Quran we can easily find Ayats that lay the foundation of micro-economical rules in Islam. But what about the whole nation? There is the Khums I know, but how should it be managed ethically and effectively? What about banking and trade? What about the state and the institutions? I know that's a lot but can someone point me to a good site or book that explains the concepts in a more technical way.

Thanks for reading.

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Salam,

So I did some digging and until now I only found a good book from the Shaheed Sayyed Baqir al-Sadr: Iqtisaduna(Our economics). Though I did not read it the book, it seems to be more of a philosophical critique on capitalism and Marxism and an Islamic view on production and distribution. I feel it's still an important book so I will look into it but if someone has more or other, please share. 

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2 hours ago, modaoudi said:

Salam,

I strongly believe that economical system of a nation is more important than the political one. So being a muslim I sometimes struggle with finding good structured work about how an Islamic country should economically be. In the Quran we can easily find Ayats that lay the foundation of micro-economical rules in Islam. But what about the whole nation? There is the Khums I know, but how should it be managed ethically and effectively? What about banking and trade? What about the state and the institutions? I know that's a lot but can someone point me to a good site or book that explains the concepts in a more technical way.

Thanks for reading.

I have not read about any book regarding Islamic economics view. But I have some of my outlines that needs elaboration for implementing effective Islamic economic system with sound footing. If you say, I can explain it what I have in my mind. 

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I'm in the same boat as you, I'd be very interested in a book that discusses Islamic Economics from a Shia perspective.

I did a quick search on al-islam and the following book came up:

What do You Know about Islamic Economics?

A short text about the nature of the Islamic economic system, its distinction from Capitalism and Marxism, and the primary obstacles encountered in its application to society today.

Inshalla once I finish the current book I'm reading I can start this one.  

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3 minutes ago, modaoudi said:

Salam,

@Sindbad05 Of course go ahead. Ideas are definitely welcome.

First of all, Islamic banking....

I think that if any state starts a Islamic banking in the inception with the guarantee that if your money is lost, we will pay you back for few years this will help people to keep money in the banks.

Secondly, there should be policy of the banking mentioning the period within which they cannot get their money, so that Islamic banks may have time to invest it in a business and get a profit and if after that they get their capital back, they should be allowed leaving the bank in profit within few months for the profit is earned and bank could infuse it instead of money that has been withdrawn.

Secondly, equality should be maintained between the laborers and owner....on the basis of Prophet's hadith that pay the laborer before his sweats dries and on this basis a contract can be signed that will allow laborer to get half of money before or a portion of money in advance and remaining on the close of work. 

Thirdly, there should be equitable distribution of wealth, after meeting the expenses of the wealth, the government should ensure private companies to give their employees bonuses equivalent to their performances.

In every district there should be Zakaat cards given only to needy such as Widows, disabled and other heads as per Quran. Khairat and Sadqat should also be systematized because this is huge money and could help to afford fee for the poor students and also discouraging habitual beggars.

Government should retire people in time and allowing only those who are meritorious in field as members in public institutions for providing jobs to the people. 

Let me think other things. and then I will add further.  

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