Sub-subject: Islamic Economics. Zakat. Hawala. Waqf Fund. Syllabus:
Sample of the sub-subject: Islamic Economics (Islamic Development Bank):
Sub-Subject Description: Islamic Economics:
As we have seen, the concept of economic system in the West and the Islamic world is very different, while the first tends to a secularisation of the economy, in the Islamic countries the religion should play a
Buddhism also developed the concept of Buddhist Economics.
The central features of the Islamic economics are:
1- Rules of conduct and ethics derived from the Quran and Sunnah.
2- Zakat tax as the basis of the Islamic fiscal policy.
A good Muslim should pay annually 2.5% of his assets of his net wealth, to benefit the poorest brothers. For agricultural products, precious metals, minerals, and livestock Zakat vary between 2.5 (1/40) and 20%, depending on the type of goods. This act is considered mandatory from a legal standpoint.
3- Prohibition of interest (Riba).
Mohammad Abdul Mannan: