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Islamic Economics Laws

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Islamic Laws include all aspects of life. It urges people to care more about each other and their rights. That’s why, while not abiding these rules, we live in a community that is full of problems such as bribery, agglomeration, and inflation.

In the following few lines, we will tackle some of the economic laws and rules that breaks the Islamic Laws:

  • Usury,
  • Bank Interest,
  • Unfair Taxes,
  • Insurance Systems Based on Usury.

So, to get rid of the previous rules, we shall know the Islamic economics rules that shall be followed which are:

  • Zakaah: It is one of the Islamic rules. Meaning that the rich have to donate to the poor. It seeks to achieve social justice,
  • Islamic Solidarity Companies: Meaning performing all the insurance functions in an Islamic way,
  • Islamic Banks: It performs the normal banks’ functions, but in an Islamic way without depending on the interest,
  • Islamic Investment Funds: It is considered as a replacement for the current investment funds as it collects investors’ money and uses it according to the Islamic rules and laws.

Conclusion

There are lot of non-Islamic countries that start to apply and abide the Islamic economics laws due to the statistics that show that the future will be for Islamic economics. So, by abiding such Islamic laws, we will get rid of several problems.