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Islam has a set of specific moral norms and values about individual and social economic behavior. Therefore, it has its own economic system, which is based on its philosophical views and is compatible with the Islamic organization of other aspects of human behavior: social and political systems.
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Electronic business (also known as online business or e-business) is any kind of business or commercial activity that includes sharing information across the internet. [1] Commerce constitutes the exchange of products and services between businesses, groups, and individuals; [ 2 ] and can be seen as one of the essential activities of any business.
The Sharia law derived particularly from the Quran and Hadith deals with banking, business, economics, politics, and contracts. [7] Since the early days of Islamic history, Muslim business producers had to follow the rules and requirements of Islamic Sharia when conducting production and marketing activities. [8]
what involves acts of interaction and exchange of sureties and sales (Oxford Dictionary of Islam); [10] “the knowledge of Shariah rulings that relates to the practical aspects of a mukallaf (an accountable Muslim, i.e. an adult and mentally competent) in the area of business and financial dealings and derived from its detailed evidences ...
"Traditional Islam In The Modern World". Anthropos. 85 (1/3). Anthropos Institut: 253– 255. ISSN 0257-9774. JSTOR 40462167. Hamès, Constant (1992). "Traditional Islam In The Modern World". Archives de sciences sociales des religions. 37 (80). EHESS: 282. JSTOR 30128648. Minault, Gail (1988). "Traditional Islam In The Modern World". Middle ...
Islamic neo-traditionalism is also known as Wasatism (Arabic: وسطية), and both terms are used interchangeably to refer to the strand of Islam which is the via media between traditional, textually-orientated strands such as Maddhabist traditionalism, Salafism and anti-traditional, culturally-orientated strands such as modernism and progressivism.
These products—and Islamic finance in general—are based on Islamic commercial contracts (aqad i.e. a commitment between two parties) and contract law, [61] with products generally named after contracts (e.g. mudaraba) though they may be combinations of more than one type of contract. [Note 5]