islamic economic system

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muslim

Age: 124
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well its a huge topic but here i want in4mation abt sood [interest rates including simple and compound]   in view of the following situation
if a man borrows 1000000 rs frm a muslim and promises to return it in 5years
when the man returns 1000000 after 5 years the value of money will b depreciated considerably so under such circumstances how one can apply a non-sood economic system
Posted 08 Dec 2005

Ashii says
money inflation is something different and is not haram in my view
sood is different thing,, sood amount is much higher


hmm,,, money evaluation cld b calculated by gold rate at that time

Posted 08 Dec 2005

nikama says
when the case of ribba was decided by supreme court,they clearly mentiomed that depreciation cant be used as an excuse for exess amount.i dont remeber the correct refrence but i will try to find out.besides there is no economic system in islam.
Posted 08 Dec 2005

muslim says
but sall in islam there is no clear distinction between sood and present money value
Posted 09 Dec 2005

Badal says
muslim said:

well its a huge topic but here i want in4mation abt sood [interest rates including simple and compound]   in view of the following situation
if a man borrows 1000000 rs frm a muslim and promises to return it in 5years
when the man returns 1000000 after 5 years the value of money will b depreciated considerably so under such circumstances how one can apply a non-sood economic system



accounting for the the depreciation in the value of money is not prohibited, neither it is riba (sood), so the question "under such circumstances how one can apply a non-sood economic system" is irrelevant, because its not riba at all. what a borrower has to return is the VALUE he borrowed, and money represents that VALUE at that time. any additional amount on that value is riba.
Posted 12 Dec 2005

Badal says
nikama said:

when the case of ribba was decided by supreme court,they clearly mentiomed that depreciation cant be used as an excuse for exess amount.i dont remeber the correct refrence but i will try to find out.besides there is no economic system in islam.



no economic system? sometimes aisa lagta hai aap sirf naam hi kay nikama nahi hain... agar kisi ko aik cheez kay baray main maloom nahi tu is ka ye matlab nahi kay wo cheez hai hi nahi. or??
Posted 12 Dec 2005

Badal says
muslim said:

but sall in islam there is no clear distinction between sood and present money value



there is no distinction? how? can you explain please?
Posted 12 Dec 2005

nikama says
Badal said:

nikama said:

when the case of ribba was decided by supreme court,they clearly mentiomed that depreciation cant be used as an excuse for exess amount.i dont remeber the correct refrence but i will try to find out.besides there is no economic system in islam.



no economic system? sometimes aisa lagta hai aap sirf naam hi kay nikama nahi hain... agar kisi ko aik cheez kay baray main maloom nahi tu is ka ye matlab nahi kay wo cheez hai hi nahi. or??
i still say there is no economic system in islam.now prove me wrong
Posted 12 Dec 2005

nikama says
An economic system is a mechanism which deals with the production, distribution and consumption of goods and services in a particular society.

The economic system is composed of people, institutions and their relationships. It addresses the problems of economics, like the allocation and scarcity of resources.

The division of economic systems
There are several basic questions that must be answered in order to resolve the problems of economics satisfactorily. For example, the scarcity problem requires answers to basic questions, such as: what to produce, how to produce it, and who gets what is produced. An economic system is a way of answering these basic questions. Different economic systems answer them differently.

Please note that there is often a strong correlation between certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism"). Many economic systems overlap each other in various areas (for example, the term "mixed economy" can be argued to include elements from various systems). There are also various mutually exclusive hierarchical categorizations.

The most basic and general economic systems are:

market economy (the basis for several "right-wing" systems, such as capitalism)
Mixed economy (arguably the "centrist" economic system)
Planned economy (the basis for several "left-wing" systems, such as socialism)
Traditional economy (a generic term for the oldest and traditional economic systems)
Participatory economics (a recent proposal for a new economic system)
An economic system can be considered a part of the social system and hierarchically equal to the law system, political system, cultural system, etc.

Posted 13 Dec 2005

muslim says
ok nikama in present circumstance will u support capitalism , mixed economy or socialism[outdated]

i asked this question to u coz u said dat in islam dere is no economic system if it is the case then how will u justify devils of demand and supply or monopoly OR the limited freedom offered to ppl in socialism







badal gud questn

i did disscuss it 2 months earlier wid our teachers and all of dem did say dat dere is no distinction b/w sood
and present value

i am nt saying dat dey r absolute but its a general opinion

i have found three opinions in ppl
one grp say dat present value is allowed oder say dat its nt and a more primitive grp say dat all the money dat comes widout our work is disallowed

Posted 13 Dec 2005

nikama says
i go for mixed economy
Posted 13 Dec 2005

muslim says
but frnd what abt devils of demand and supply rule
Posted 13 Dec 2005

nikama says
forces of demand and supply r not always devils,if kept under a proper check by authorities.just see how an increase in consumption/demand has considerably curtailed the prices of motor bikes,computors,dvds etc.in recent years.as for price hike in p.o.l,it is only coz the gov.itself is exploiting ppl.a mixed economy is ideal in present times since it does not allow the market forces to completely act on their own.
    comong back to the topic i think islam ne hamin kuch guide lines de di hain zindagi ki her her field k mutaliq,we have not been given any specific economic or political system coz ALLAH ko pata he k muslims ko dunia k her hise main rehna he.
    so if someone is living in a socialist economy like china and he is following the islamic guidelines,the system is very much islamic for him.sameway,if someone in a laissez fare economy is abiding by the rules of islam the system is gud enuf for him
Posted 13 Dec 2005

muslim says
gud thoughjt nikame
Posted 14 Dec 2005

nikama says
i'm waiting for badal's view.i think he has more knowledge abt religion then i do
Posted 15 Dec 2005

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