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Islamic economics grew naturally from the Islamic revival and political Islam whose adherents considered Islam to be a complete system of life in all its aspects, rather than a spiritual formula [86] and believed that it logically followed that Islam must have an economic system, unique from and superior to non-Islamic economic systems.
A market economy was established in the Islamic world on the basis of an economic system resembling merchant capitalism. Capital formation was promoted by labour in medieval Islamic society, and financial capital was developed by a considerable number of owners of monetary funds and precious metals.
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.
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]
Riba (Arabic: ربا ,الربا، الربٰوة, ribā or al-ribā, IPA:) is an Arabic word used in Islamic law and roughly translated as "usury": unjust, exploitative gains made in trade or business. Riba is mentioned and condemned in several different verses in the Qur'an (3:130, 4:161, 30:39, and most commonly 2:275-2:280). [1]
"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: 282–282. JSTOR 30128648. Minault, Gail (1988). "Traditional Islam In The Modern World ...
Islam and modernity is a topic of discussion in contemporary sociology of religion.The history of Islam chronicles different interpretations and approaches. Modernity is a complex and multidimensional phenomenon rather than a unified and coherent one.
Islamic modernism is a movement that has been described as "the first Muslim ideological response to the Western cultural challenge", [Note 1] attempting to reconcile the Islamic faith with values perceived as modern such as democracy, civil rights, rationality, equality, and progress. [2]