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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.
Islamic marketing may face challenges in countries with free markets, which may focus on profit maximization. Another potential issue is that Islam may be oversimplified and reduced to purely a marketing tool. Thirdly, sacralisation of Islam can occur which will reduce tolerance and hamper the acceptance and growth of critique. [16]
[Note 2] (See organizational chart of the structure of Islam below in "Principles" section.) [7] [8] Mu'amalat provides much of the basis for Islamic economics , and the instruments of Islamic financing , and deals not only with Islamic legality but also social and economic repercussions and the rationale of its prohibitions (according to ...
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.
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.
"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]