Aiman Test Isb 2

1- A) Two objectives of Islamic economy are a right ownership.
All resources in the earth is

belong to Allah. Human just takes responsibility to prosses and manage the resources well
without being wanted. They also need to utilize the resources according to Shariah
principles. The second objective is economic freedom. The economic freedom means that
Islam has allowed the human to earn and use resources. There are no rules about who can
take the resources more made by Islam. However, the human should use the resources
comply with shariah compliance. Then, maximize firm efficiency to earn profit and fulfil
social needs and social responsibility. Maximize firm efficiency to earn profit refer to using
an Islamic economy may boost company empowerment, does not necessarily depend on the
conventional economy. Islamic economy does not weaken the industry but rather ensuring
no unlawful activities occur in the business. If the company runs within the Shariah ruling,
the company may be smoother to run business. Next is fulfil social needs and social
responsibilities. This means Islamic economy help people by doing corporate social activities,
organizing a programme that will give maslahah to society and indirectly improve the
betterness of the people by giving chances.
B) Problems according to Islamic Perspective is unlimited want. Unlimited wants essentially

mean that people never get enough, that there is always something else that they would like
to have. When combined with limited resources, unlimited wants result in the fundamental
problem of scarcity.
Then, Scarcity is limited resources but unlimited want. We can achieve our needs with
minimizing the amount of resources. So, we need to manage our resources efficiently.
Finally, Choice. Islamic economic could be a study of choice considering relative scarcity
rather than absolute scarcity. Scarcity necessitates choice and a study of how choice is made
becomes important. Islamic economics could be a study of choice considering relative
scarcity rather than absolute scarcity. The following hadith should put things in the correct
perspective regarding human beings’ purpose of existence in this world and the important
choices which will lead to their eternal happiness or doom in the hereafter. The Prophet
SAW said.
2- A) two principles of consumption in Islamic Perspective is Principal of Halal. Halal (Lawful &
permitted) but Haram (Unlawful & Forbidden). Halal and Haram is not only in food but
applied to many aspects of muslim’s life, falls under Shariah branches. For example, Jinayat
(eg; Consume Wine). Muamalat (eg; Prohibition of Riba, Gharar & Maysir). Munakahat (eg;
Prohibition of Adulteries). Then, Principal of Cleanliness & Consumption. Muslim eat or act
required for cleanliness but must also be beneficial or wholesomeness for himself or others.
Finally, Principal of Moderation. Consumer should not be spending more than they need, nor
should be miserly by not spending enough on their need. The best and fairest way is to
spend moderately and to maintain a just balance. Increasing consumption of goods and
services beyond the upper limit considered as ‘israf (Extravagance) and excessiveness Islam
also prohibit consumption on tabdhir (wealth is spent on items, services or actions which are
not permissible in Islam).
B) three roles of different economic agent in Social Welfare is Zakah. Zakah was originally
collected and distributed by a central body under the supervision of the head state or
government. Zakat is an Islamic finance term referring to the obligation that an individual
has to donate a certain proportion of wealth each year to charitable causes. Zakat is a
mandatory process for Muslims and is regarded as a form of worship. Giving away money to
the poor is said to purify yearly earnings that are over and above what is required to provide
the essential needs of a person or family. Then, Waqf. Waqf is an inalienable charitable
endowment under Islamic law. It typically involves donating a building, plot of land or other
assets for Muslim religious or charitable purposes with no intention of reclaiming the assets.
Waqf has two function which is an ibadah and a social function. It come from sense of faith
and solidarity among human beings. Finally, is Bayt al-mal. Bayt al-mal is a treasury initiated
by prophet Muhammad SAW. It is a source of funds included zakat donation and others
resources. The fund collected were channelled to fulfil the responsibility of the nation such
as defence, the salary of employees and others expenditure, taking into consideration the
socials need of the society as a priority. For example, Baitul mal in Malaysia.
3- A) In Islamic Economy framework, zakat,waqf, sadaqah and infaq are ruled to minimize
inequalities and the efficiency of the whole society. Zakat is an Islamic finance term referring
to the obligation that an individual has to donate a certain proportion of wealth each year to
charitable causes. Zakat is a mandatory process for Muslims and is regarded as a form of
worship. Giving away money to the poor is said to purify yearly earnings that are over and
above what is required to provide the essential needs of a person or family. The benefit of
zakat It purifies your wealth as Allah says in the Qur’an. It keeps one away from sin and
saves the giver from the moral ill arising from the love and greed of wealth. Through Zakat,
the poor are cared for; these include widows, orphans, the disabled, the needy and the
destitute. For example, of zakat, Zakat Al Mal is the “cleansing of wealth” that is done
through the annual donation of a percentage of a person’s income to charity. Zakat Al Fitr is
a donation to charity given during Ramadan and before Eid Al Fitr, in the form of food. Then,
is waqf. A waqf or mortmain property, is an inalienable charitable endowment under Islamic
law. It typically involves donating a building, plot of land or other assets for Muslim religious
or charitable purposes with no intention of reclaiming the assets. Benefit of waqf are
Sharpen our social skill and help the distress can help sharpen our social interest and skill.
We learn to share with others and help those in need. There is nothing everlasting. Waqf
makes us learn that there are other people’s rights in our wealth. We can “invest” for the
afterlife by making our life more valuable, that is through waqf. Our reward flows endlessly.
Our reward through waqf does not stop by the time we pass away. As long as it’continuously
useful for people, the reward will keep flowing. With waqf, we can still be useful for others
forever. For example, of waqf direct waqf and indirect waqf. Sadaqah' literally means
'righteousness' and refers to the voluntary giving of alms or charity. The basic premise of
giving Sadaqa is similar to that of Zakat, i.e. to maintain equality and social welfare in society
and provide for those who can't provide for themselves. Sadaqa serves to purify one's own
wealth and helps to establish a flow of wealth in society. For example, of sadaqah is help and
doa. Infaq is an Arabic word meaning spending, disbursement. simply to please God without
asking for any favor or hoping for a return. Benefit of infaq Allah will return may be
increased to twice the amount given.
B) three instruments use by Central Bank of Malaysia to promote a sound monetary and
financial stability towards sustainable growth of the economy. firstly, Malaysia Islamic
Treasury Bills (MITB). MITB are issued by Bank Negara Malaysia on behalf of the government
to raise short term funds for financing of government expenditure. MITB are also structed
based on the bay al-inah principle. Then, Central Bank Ijarah Certificates. Sukuk al-ijarah is
issued by the central bank and only Islamic bank can hold such certificates. The tenor
depends on the level of the liquidity but generally, it takes up a year. Finally, Interbank
Musharakah. Its is a short-term restricted partnership where the banks are invited to invest
the amount in a special pool of asset on a pre-agreed profit- sharing ratio agreed upon at the
outset.

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1- A) Two objectives of Islamic economy are a right ownership.

All resources in the earth is

B) Problems according to Islamic Perspective is unlimited want. Unlimited wants essentially

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