Friday, July 15, 2005

Islamic Economics vs. Conventional Economics

To compare Islamic economics with conventional economics (capitalism and socialism), we would critically evaluate both systems based on several common criteria. These criteria are selected because both systems have their own distinctive features in providing mechanism and solutions to the real-world problems. Hence, with the common criteria of comparison, it is hoped that we could clearly see the difference between Islamic economic system and the conventional economic system.

What are the criteria which we are going to use in our attempt to evaluate the two economic systems?

We found that Islamic economics and the conventional economics are different in term of these six criteria:

1. Definition of economics.
2. Ownership of property.
3. Role of government.
4. Incentive mechanism.
5. Organization of decision making.
6. Activities – consumption, production, distribution and exchange.


Wong said...

Sir, can u give me more detail for the six criteria of difference between Islamic and conventional economics?

Walbino said...

Is a very interesting topic to talk about, may i have a link or guide to lead me more deep into this topic ? Thank you in advance for helping.


akram said... name is shakeeb and iam a student of bba( bachelors in business administration...if anybody wants to know about islamic economic system and how it differ from the conventional economic system than kindly mail me the mailing adress at i will mail him/her the slides made on power point as iam doing course of essentials of islamic finance so i have the explanation in more detail...


Anonymous said...

hye..can u share more info about the 6 criteria of difference btwn islamic and conventional economic or hv some link that can i refer,kindly mail me at

thanks alot..

Anonymous said...

to shakeeb

i would like to know details about the differences between islamic and conventional economy especially on economic problems..

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