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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.
Modernism/Reformism in the Indonesian context is defined by its pure adherence toward the Qur'an and Hadith, promotion of ijtihad (individual reasoning), rejection of madh'hab (Islamic schools of jurisprudence) and as well as criticism against taqlid (imitation of judicial precedence) to religious scholars, Sufism, and vernacular traditions based on syncretism with local practices.
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.
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]
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.
Sunna or sunnat, is the body of traditions and practices of the Islamic prophet Muhammad that constitute a model for Muslims to follow. The sunnah is what all the Muslims of Muhammad's time supposedly saw, followed, and passed on to the next generations. [1]
In addition, traditional sharia law has been shaped in all its complexity by serving for centuries as "the backbone" of legal systems of Muslim states, while millions of Muslim now live in non-Muslim states. Islam also lacks a "widely recognized religious hierarchy to explain doctrinal changes or to enforce them" because it has no [central] church.