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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.
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]
Muamalat (also muʿāmalāt, Arabic: معاملات, literally "transactions" [1] or "dealings") [2] is a part of Islamic jurisprudence, or fiqh.Sources agree that muamalat includes Islamic "rulings governing commercial transactions" [3] and Majallah al-Ahkam al-Adliyyah). [4]
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.
"Traditional Islam In The Modern World". Islamic Quarterly. 31 (2): 131. ProQuest 1304278539. Troll, Christian W. (1990). "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 ...
Traditionalism is broadly defined by adherence toward four maddhabs (Islamic schools of jurisprudence) within the fiqh scholarship, especially the Shafi'i maddhab, and education based on pesantren, an Islamic boarding school system indigenous to the Indonesian archipelago. [5]
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.