Islamic Economic System I E S

02/02/2026

31/10/2025

Why Islamic Economics Is a Game Changer in the Modern Era
Islamic economics plays a crucial role in addressing contemporary challenges such as inflation, economic crises, and poverty

Prepared by: Ustadh Abdul hakeem Abdul Rasheed.

December 31, 2025

Islamic economics merges financial principles with ethical values and social justice, providing an alternative to conventional systems focusing solely on profit maximization.
Rooted in historical Islamic traditions, it has evolved into a modern framework that addresses global financial challenges while promoting an equitable and sustainable society.

Unlike conventional economics, which emphasizes wealth accumulation, Islamic economics prioritizes social justice, fair wealth distribution, and sustainable development.
Emerging in the seventh century, it fosters transparency and community participation while prohibiting interest (riba) and encouraging ethical investments through risk-sharing mechanisms.

The foundations of Islamic economics include ontological, epistemological, methodological, and axiological principles. Economic activity is viewed as an act of worship, knowledge is derived from Islamic teachings, policies align with Islamic guidelines, and values emphasize human rights, public welfare, and piety. These principles create a framework that balances financial and ethical considerations.

Islamic economics plays a crucial role in addressing contemporary challenges such as inflation, economic crises, and poverty. The risk-sharing mechanisms of Islamic banking enhance financial resilience, while zakat contributes to human development. Additionally, institutions like the Indonesian Waqf Board provide humanitarian aid, demonstrating the practical benefits of these principles.

Islamic finance also promotes environmental conservation through instruments like green sukuk and waqf, which support initiatives such as reforestation and water conservation.

Its structured financial mechanisms prohibit interest whi

24/01/2025

*مؤسسة الحكيم الإسلامية* *
**AL-HAKEEM ISLAMIC FOUNDATION*

**RAMADAN (2025 A.D/1446 A.H) IFTAR FOR FASTING SOUL AND FOOD PACKAGE FOR ORPHANS, WIDOWS AND THE NEEDY **
*رمضان (2025 م / 1446 هـ) إفطار روح الصائم وسلة غذائية للأيتام والأرامل والمحتاجين*
*بسم الله الرحمن الرحیم*
In the name of Allah the Beneficent and the most merciful.

Feeding the poor and needy is an act that draws us close to Allah. We earn His forgiveness, mercies and blessings through this act of charity.

As a result, Al-hakeem Islamic Foundation of Nigeria *(AIFN)* presents the opportunity to feed poor and needy Muslims during the holy month of Ramadan.
This provides a chance to multiply our efforts in seeking Allah’s pleasure, and earn His everlasting Rahma and favor upon us as sponsors/donors as we put smiles on the faces of beneficiaries.

Over the past Eight years we have been providing food items and iftar to needy Muslim families during the Holy Month of Ramadan. With support from generous donors like you, we have been able to serve over 7,000 needy families so far in Osun State and Nigeria at large This year, we seek to feed more families in sha Allah. Each food pack costs #3,000 . It is our hope that you will continue to make this campaign a fruitful one, and help feed poor and needy Muslims during the whole month of Ramadan. “ Whoever gives food to a fasting person with which to break his fast will have a reward equal to his, without it detracting in the slightest from the reward of the fasting person” Al-Tirmidhi.

This year target amount is Two Million Naira only *( #2,000,000)* .

*How You Can Help:*

*DONATE* : Spend your charity and Zakat in this great cause. Give generously, and be assured that even the smallest donation—with sincerity—can amount to great impact.

*SHARE* : Please share this campaign with family, friends, and your community. Ask those you know—with your own personal appeal—to support this campaign.

MAKE Supplication for All

24/01/2025

03/11/2022

The central features of an Islamic economy are often summarized as: (1) the "behavioral norms and moral foundations" derived from the Quran and Sunnah; (2) collection of zakat and other Islamic taxes, (3) prohibition of interest (riba) charged on loans.

01/09/2022

The Ten Characteristics of Islamic Economics

Thursday 01 September 2022

Did you know that Islamic economics is not a newfound concept? Since the time of the Prophet Muhammad SAW, the concept of Islamic economics had been practiced. The way the Prophet practiced the principles of Islamic law in his economic activities should be a guideline for every Muslim. The Prophet put forward the values of honesty, justice, ethics, and morals, as long as they are in the corridors of Islamic law, prohibiting usury transactions, and so on. The profit-sharing system that has been widely talked about has long also been practiced. Islamic economic conversations that are re-emerging should not only be considered as alternatives to the current conventional system. Islamic economy is a necessity whose values can be applied to everyone, not only for Muslims.

Islamic economics has specific characteristics that need to be understood. Why do we have to study these characteristics? There are three goals of learning the characteristics of Islamic economics. First, the characteristics of Islamic economics need to be well understood to correct the existing conception. There is an existing conception that Islamic economics is the same as the capitalist and socialist economic systems. On the contrary, the socialist and capitalist economic system is not in accordance with Islamic economic values. Moreover, the characteristics of Islamic economics can help Muslim economists who have been involved in conventional economic theory in understanding Islamic economics. These characteristics also help enthusiasts of muamalah fiqh studies in conducting comparative studies between Islamic economics and conventional economics. The source of the characteristics of the Islamic economy itself is Aqidah, Akhlak, and Muamalah. There are at least ten Islamic economic characteristics that need to be understood and practiced by Muslims in the economy as mentioned in Al Mawsu'ah Al Ilmiyah wa al amaliyah.

01/09/2022

The central features of an Islamic economy are often summarized as: (1) the "behavioral norms and moral foundations" derived from the Quran and Sunnah; (2) collection of zakat and other Islamic taxes, (3) prohibition of interest (riba) charged on loans

01/09/2022

𝗜𝘀𝗹𝗮𝗺𝗶𝗰 𝗠𝗼𝗻𝘁𝗵𝘀
1. Muharram
2. Safar
3. Rabbiul awwal
4. Rabbiul akhir
5. Jumada awwal
6. Jumada akhir
7. Rajab
8. Sha'aban
9. Ramadan
10. Shawwal
11. Dhul-Qidah
12. Dhul-Haji

𝗔𝗿𝘁𝗶𝗰𝗹𝗲𝘀 𝗼𝗳 𝗙𝗮𝗶𝘁𝗵
1. Belief in Allah
2. Belief in Prophets
3. Belief in Holy Books
4. Belief in Angels
5. Belief in Qadr
6. Belief in the Day of Judgment

𝗡𝗮𝗺𝗲𝘀 𝗼𝗳 25 𝗣𝗿𝗼𝗽𝗵𝗲𝘁𝘀
1. Nabi Adam
2. Nabi Idris
3. Nabi Nuh
4. Nabi Hud
5. Nabi Salih
6. Nabi Lut
7. Nabi Ibrahim
8. Nabi Ismael
9. Nabi Ishaq (Isaac)
10. Nabi Yaqub
11. Nabi Yusuf
12. Nabi Shu'aib
13. Nabi Ayyub
14. Nabi Dhulkifl
15. Nabi Musa
16. Nabi Harun
17. Nabi Dawud
18. Nabi Sulayman
19. Nabi Ilias
20. Nabi Alyasa
21. Nabi Yunus
22. Nabi Zakariya
23. Nabi Yahya
24. Nabi Isa
25. Nabi Muhammad

5 𝗣𝗶𝗹𝗹𝗮𝗿𝘀 𝗼𝗳 𝗜𝘀𝗹𝗮𝗺
1. Faith
2. Salah
3. Fasting
4. Zakat
5. Hajj

5 𝗗𝗮𝗶𝗹𝘆 𝗣𝗿𝗮𝘆𝗲𝗿𝘀
1. Fajr - 2 raka'at
2. Dzuhur - 4 raka'at
3. Asr - 4 raka'at
4. Maghrib - 3 raka'at
5. Isha - 4 raka'at

Khulafa'u Arrashideen
1. Abubakar
2. Umar in
3. Uthman
4. Aliyu

12/10/2019

Assalam Alaykum.

lecture continue on (IES).

Today 08/10/2019

Topic *:ISLAMIC ECONOMIC SYSTEM WITH SPECIAL REFERENCE TO TATFIF{Deciet and cheating in quality and quantity)AND RIBA (USURY)*

*DEFINITION OF TATFIF*
Tatfif is an arabic term which means deciet and cheating. In this context it means cheating and decieving people in bussiness transaction which is done in the following ways:

{1} The person will use a standard measure to buy grains.and when he sells he uses a substandard one thereby cheating the buyers.the person uses a weigh sack of grains,while selling ,he put in the sack an object that will add weight to them so that he unduly get better profit.

{2} it can also be by way of mixing goods and bad product to decieve and cheat the buyer.

*DEFINITION OF RIBA{usuary* }

Riba is an arabic word which mean usuary.In this context it means to add an intrest on loan given to another person without making a clause that absolve the person from the loan and intrest incase the amount so loaned is lost by the person.

Insha Allah to be continue.......