Poverty is handled as WMD (weapon of mass destruction) of present day global. Eradication of it bears very importance. The financial structures like capitalism and communism have provided wide variety of gadgets for the relief of the poverty from the sector. But, those intense ideologies didn’t satisfy the need of the human beings. Private possession of belongings, laissez-faire policy of capitalism and sophistication warfare, dialectical materialism, nation possession of assets of communism failed to contact the real cause of poverty. This state of affairs necessitates looking for the opportunities of Islamic economics in alleviating poverty. The purpose of poverty comfort can be attained, in an Islamic Economic system thru decreasing the inequality. It in no way method reaching equality but fairness and justice inside the earnings and wealth distribution. Islam gets rid of absolutely the inequality which arises from unequal distribution of profits, however relative inequality emerges from equitable distribution of income and wealth.
First part of this article has given a small advent to both HAMKA conventional economics and Islamic economics. Then it provides a photo of poverty of modern-day global and Islamic attitude of poverty. Then Islamic economics devices to alleviate poverty which include zakat, sadaqa, qard hasan, ganima, khums, fay, jizya, mudaraba, musharaka, prohibition of hobby, abolition of extravaganza, prohibition of hypothesis and hoarding have been mentioned in in short. Influence of Islamic monetary gadgets on marginal propensity to eat, multiplier, price funding and production were handled.
The books and articles I referred for this article are Dr. Dr.Sabahuddin Azmi’s Islamic Economics, S. M. Hasanuzzaman’s Economic function of an Islamic nation (The early enjoy), Towards expertise the monetary system of Islam written via Dr.P Ibrahim and Introduction to the monetary device with the aid of Moulavi.M.V.Saleem.
Nobody can undermine the significance of economics which is a social technological know-how that studies the manufacturing, distribution, exchange and intake of products and offerings. This very importance of economics resulted in emergence of various monetary systems in the international and all of these economic structures declare that they may fetch monetary welfare. Those dominating and prominent monetary device’s failure to accomplish economic justice, prosperity, the eradiation of the inequality and poverty make important an opportunity economic device that may successfully make a starvation loose and poverty unfastened world.
Definition of Economics
Social scientists have evolved various definitions of economics. Lionel Robinson’s scarcity definition of economics is most generic amongst them. According to Robinson “economics is a technological know-how which research human behavior as a dating among ends and scarce method which have alternative uses” This definition is based totally on two points which might be scarcity of resources and the never ending needs. But in reality former is a myth. The survey carried out by using UNO indicates which are sufficient resources for 20000 million people on the planet we’ve got most effective 6000 million humans on this planet living now. Latter point ‘by no means ending wishes’ is likewise wrong because the desire and greed of the man is unlimited but the want is countable and controllable.
Definition of Islamic Economics
As a device of life Islam has now not left any vicinity of human existence with out steerage. Whether it’s far religious, person, social, within your budget or political Islam gives clear cut guidelines. By thinking about the economic pointers of Islamic assets, Islamic economists have developed plethora of definitions. Derivation of every definition of Islamic economics is based totally on steerage given inside the primary resources of Islamic shariah that are Quran and hadith.