In this topic students will know the following, In this topic students will know the following
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In this topic students will know the following,
Role of Government in the Market place
The government should create a conducive condition in the society to inculcate Islamic spiritual values.
Eradication of Poverty and Unemployment
One of the prime responsibilities of the government is to eradicate poverty from the society. This can be achieved through an equal distribution of wealth for the welfare of the society. This would entail the full and efficient employment of all human and natural resources, the fulfillment of basic needs and efforts to achieve an optimum rate of economic growth (zakah)
Help in providing necessary physical and social infrastructure either through the role of the institution of waqf, the private sector, or to be taken by the government if necessary.
One of the most serious problems of modern economy is persistent inflation, with an accompanying decline in the real value of money and monetary assets.
This implies that any activity or behaviour of individuals, groups, or institutions in an Islamic government, which significantly erodes the real value of money, should be considered as a national issue and treated with a sense of concern.
One of the cornerstones of Islamic public policy is to discourage monopolies, since the government is committed to an equitable distribution of income and wealth.
One of the most important duty of the Islamic state is to safeguard life and property of all individuals within its boundaries. Only in this case a determinant level of growth and stability of an economy will accomplish together with an inner happiness of individuals.
An Islamic government carries a great responsibility in rendering justice to its society. Its obligations in terms of economic affairs are as follows:
The government has the option to regulate wages and prices in the economy and this is aimed at checking exploitation and protecting interests of all economic agents in an Islamic economy.
Islam considers mankind as one family, all members of this family are alike in the eyes of the Creator and before the law revealed by Him.
It is the duty of the Islamic state to ensure a respectable standard of living for every individual who is unable to take care of his own needs and requires assistance.
There should be no exploitation in the production process.
This means the fulfillment of the basic needs of everyone.
Justice and sympathy/kindness are the two main principles in the field of distribution in Islam.
Being a trustee it involves the holding of the wealth of the economy in an honest way and it must be distributed equitably as follows:
Arranging for training;
Providing assistance to those who are physically or mentally challenged, and as such, are unable to support themselves or to attain a respectable standard of living by their own effort;
The Hisba role of the state includes ensuring the supervised implementation of the tenets of Islam in all aspects of human life.
For example, to ensure that activities which lead to the concentration of wealth are not practiced (namely, interest-based financial transactions, hoarding of necessities to create artificial crisis, gambling, bribing and other business malpractices).
It is a responsibility of the Islamic government to guarantee basic needs for all.
The government is to guarantee the basic needs of all its citizens, to help and supervise the full employment of all resources, and ensure the implementation of Islamic norms and values in factor pricing and transfer payments, and the equitable distribution of income and wealth to ensure economic development.
Fiscal policy refers to the manipulation of the relevant government revenues including tax and control the direction and size of government expenditure.
Monetary policy today means the monopoly and control of the supply of money, its availability, its pricing, and the direction of use by applying monetary policy tools in order to achieve certain policy objectives. The modern equivalents of conventional monetary policy instruments are,
Al-Hisba is a religious institution under the authority of the state that appoints people to:
The main purposes of the institution of al-Hisba are :
Islam aims to bring about a stable and secure society filled with love, whereby the members of society work together in righteous and wholesome activities.
To enforced proper ethical behavior and restrained people from improper and unethical behavior.
To kept a strict watch on the supply position of the essential commodities so that the public did not face hardship.
There are four major elements with regards to the procedure of Al-Hisba and these are as follows:
Al-Muhtasib is literally a judge (Qadi) who takes decisions on the spot, in any place at any time, as long he protects the interests of the public.
It is very important to define exactly what is and what is not strictly forbidden. Al-Muhtasib has to ensure that four conditions are met in preventing what is haram (Al-Ghazali, Ihya, 2:208):
The nature of Al-Muhtasib's tasks are comprehensive, and comprises practically all aspects of society as well as everything in day-to-day life.
According to al-Ghazali (Ihya, 2:206-207) there are a number of different modes of prevention of sin, which should be applied gradually;
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