The Hisbah is a religious institution under the authority of the state that appoints people to carry out the responsibility of enjoining what is right, whenever people start to neglect it, and forbidding what is wrong, whenever people start to engage in it. The purpose of this is to safeguard society from deviance, protect the faith, and ensure the welfare of the people in both religious and worldly manners according to the Law of Allah. Allah has made it obligatory upon all Muslims to enjoin good and forbid wrongdoing to the extent of their knowledge and abilities. Allah says:
"Let there arise from you a group calling to all that is good, enjoining what is right and forbidding what is wrong. It is these who are successful."(Q.3:104) Allah's Messenger (may the peace and blessings of Allah be upon him) said: "Whosoever among you sees an act of wrong should change it with his hands. If he is not able to do so, then he should change it with his tongue. If he is not able to do so, then with his heart, and this is the weakest of faith." We have already mentioned that the Hisbah is a religious institution, meaning that it is one of the official offices of a Muslim state, one that specializes in fulfilling the obligatory task of enjoining what is right and forbidding what is wrong. The Hisbah is the official means of carrying out this duty. The Hisbah is essentially organized around safeguarding the limits of Allah from being violated, protecting the honor of the people, and ensuring public safety. It also includes monitoring the marketplace, craftsmanship, and manufacturing concerns to make sure that the laws of Islam are upheld by these entities. It must also ensure that quality standards are maintained. The Hisbah carries out these responsibilities in conjunction with the appropriate government agencies and other relevant establishments. The importance of the Hisbah in the overall Islamic order: 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. Such an environment allows everyone to carry out the responsibility of being Allah's vicegerent on Earth and to fulfill their purpose for existence, which is to worship Allah. Allah says: "I did not create Jinn and mankind except to worship me."
People are constantly in need of order in their lives and, consequently, they are in need of some authority to ensure that order. Because of this, there must be someone there to remind the people of this order and to keep tabs on how well they are adhering to it. This is why enjoining what is right and forbidding what is wrong is so important.
II- Al-Hisbah objectives
Islamic Law has come to ensure the welfare of humanity and to prevent or at least diminish all things that can cause harm. When faced with a choice, it always chooses the better of two good options or the lesser of two evils. Allah Almighty commands his servants to exert themselves in adhering to what is best and avoiding what is most harmful. This is the greatest principle behind Islamic legislation. Islamic Law centers on the following words of Allah: Fear Allah as much as you are able.
These words, in turn, explain another verse of Qur’ân: Fear Allah as He ought to be feared. Allah’s Messenger (peace be upon him) said: “If I command you to do something, then do as much of it as you are able.”
The objective of Islamic Law is to ensure the welfare of humanity and to prevent or minimize harm. If two aspects of this welfare are in contradiction with one another, then the most important need will be fulfilled at the expense...
...IslamicEconomicsEconomics studies are devoted with the economical behavior of individuals and societies, for
instance production, consumption, saving, good exchange and so on. Every nation is supposed to
regulate the production of goods and services as demanded by the people, consumers, thus any
economic system needs to answer four main questions:
1- What to produce of goods and services?
2- How to produce these goods and services?
3- Who to produce to these goods and services?
4- What will be the rate of economic growth?
Economic growth is essential in order to be able to provide high living standards to the people
affording to provide more products, the faster the rate of economic growth the better the living
standards are going to be. The four main production resources are:
1- Natural resources
Every economic system aims to achieve a better utilization of these resources which leads the
way to a greater economic growth providing a balanced system and better living standards
through equal division of wealth among different social sectors.
Towards the end of the 20th century, a new terminology was raised by muslim scholars, although
theories ages back to the early days of Islam, yet the term IslamicEconomics was only...
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
the social science that studies economic activity to gain an understanding of the processes that govern the production, distribution and consumption of goods and services in an exchange economy.
SCARCITY: THE NEED TO CHOOSE
Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. A common misconception on scarcity is that an item has to be important for it to be scarce. However, this is not true, for something to be scarce, it has to be hard to obtain, hard to create, or both. Simply put, the production cost of something determines if it is scarce or not. For example, although air is more important to us than diamonds, it is cheaper simply because the production cost of air is zero. Diamonds on the other hand have a high production cost. They have to be found and processed, both which require a lot of money. Additionally, scarcity implies that not all of society's goals can be pursued at the same time;trade-offs are made of one good against others.
The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources...
Economics 1 Assignment
Name: Shaun Neo Wei Qiang
Student CT NO. : CT0209608
Date : 18th April 2014
Module : Economics 1
Lecturer : Mr Wong Hean Hoo
1) Introduction 2
2) Relating to the Article – Inflation 3
3) Some of the causes for inflation 4
4) Managing inflation 5
5) Conclusion 6
6) Biblology 7
7) Actual Article Selected 8
The article I chose Is from Today Online(with approval from Mr. Wong), which is heavily categorized under inflation .Reasons for choosing article due to that its related to present findings and forecast of the general economy. MAS touches on the housing, labor markets, wage pressures and Inflation forecasts.
Economic Terms of Inflation
Inflation can be defined as a continual increase in prices for goods which happens over a period of several months usually. Whenever inflation strikes, the purchasing power of consumers declines and the ability to purchase goods drops. This means that during a period of Inflation, the $X of money you spend only allows you to purchase a smaller portion of what you used to be able to purchase (full portion) before inflation. It can also be deemed as money losing its value overtime. Comparison of the difference in CPI(Consumer Price Index) is also vital. CPI is made up 6,500 of goods and services pertaining to general items or services...
...rate in south Africa over the past five years has been fairly unstable, It is can be seen from graph from the decreasing and increasing trends over the quarters. South Africa experienced a rapidly increasing inflation rate in 2008, the inflation rate percentage was in the range of 11.5%, in 2009, the inflation rate decreased to 7.1%,in 2010 the average was 4,3% which indicates that the economy was doing well as there was a major drop in the inflation percentage but there was an increase in 2011 and 2012 with the ranking of 5.0% and 5.6 % respectively.
b) Explanation of the trends identified is as follows:
The upwards trends as can be seen from the graph(year 2008-2009) represents an increase of inflation and they can be influenced by the economic events in the country such as excess money growth and price increase in the economy. The price increase is triggered by an increase in international oil prices, a drop in exchange rate nationwide, excessive salary and wage hikes, or an increase in food prices caused by a drought. (South African Reserve Bank, how to fight inflation, fact sheet 3,p2).
Long periods of high inflation are often the result of lax monetary policy. If the money supply grows too big relative to the size of an economy, its purchasing power falls and prices rise. This relationship
between the money supply and the size of the economy is called the quantity theory of money. Pressures on the supply or demand side of the economy can also...
...Elasticity is a measure of the sensitivity of one thing, to another
(Bannock, 2011, p.116). It could be divided into price, income and
cross-price elasticity of demand and supply and they are known as
PED, YED, XED and PES. They can be used to measure how the change
in demand and supply of a product responds to the change in price,
income and other commodities. Calculating price, income and crossprice elasticity can review the new cars market, it can be found that
the demand and supply of new cars are always affected by these three
factors. This essay will examine the economic factors that affect the
elasticities for new cars.
First of all, this essay will now examine the PED. The price elasticity of
demand "measures the responsiveness of quantity demanded to the
price change of a product", and It can be calculated by "the percentage
change in the quantity demanded divided by the percentage change in
the price of a product" (Gillespie, 2011, p.56). If an answer of price
elasticity is lower than 1 then the product could be said as price
inelastic. This means the percentage change in quantity demanded of
the product is smaller than the price change, demand is less related to
the price change(Figure2). However, a product will be price elastic
when the measurement of PED is greater than 1 which means the
percentage change in quantity demanded is larger than the price
change, demand is very sensitive to the price change(Figure1).
...1. Below is a list of topics in usually studied in
economics. Determine whether each topic deals under
the area of microeconomics or macroeconomics.
a. How Bangko Sentral ng Pilipinas influences the
consumer spending in the Philippines.
b. How a household decides what LPG brand to buy.
c. How a firm decides whether to continue business or
d. How debt affects the income gap among Filipinos.
e. How new parents decide whether to work or stay at
home with their children.
f. How the Aquino administration attracts foreign
g. How banks implements lower interest rates on car
h. How the Department of Finance creates new
policies on collecting more revenue from BIR and
i. How a new entrant to the labor force decides
whether to work in a private firm or a government
j. How the government addresses the issue of urban
and rural poverty.
2. Identify the economic system that each item below
a. Price system allocates the resources.
b. A central authority makes all the economic
c. There is competition among the producers.
d. A master economic plan is being followed.
e. The government does not intervene in the economy.
f. All resources, goods and services, are privately
g. If the government fails, then the economic system
h. An authority does all the economic decision
...Apa itu Ekonomi Islam?
Professor Muhammad Anas Al -Zarqa
6 Ramadhan 1428
18 September 2007
Q.1. Apa itu Ekonomi?
Ans.1. It is the social science that studies the production, distribution and consumption of goods and services.
Ans.1. Ini adalah ilmu sosial yang mempelajari produksi, distribusi dan konsumsi barang dan jasa.
Q.2 What is an Economic System?
Q.2 Apakah yang dimaksud dengan Sistem Ekonomi?
Ans.2. It is the set of goals rules and institutions that society prefers to follow in its economic life. Economic systems are the major repository of the “values” and ideals that society wants to live up to in its Economic life.
Ans.2. Ini adalah seperangkat aturan tujuan dan lembaga bahwa masyarakat lebih suka mengikuti dalam kehidupan ekonomi yang hidup. Ekonomi sistem utama repositori dari "nilai" dan cita-cita yang masyarakat ingin hidup sampai di Ekonomi.
Q 3.What are the main components of Economics?
Apa saja komponen utama Ekonomi?
For this lecture it is useful to divide Economics as a field of study into three components:
Untuk kuliah ini berguna untuk membagi Ekonomi sebagai bidang studi menjadi tiga komponen:
A. Economic analysis : the cause – effect and descriptive economic statements. This is the “What is” or “positive” element in Economics.
Analisis Ekonomi: penyebab - efek dan...
...‘Nature of IslamicEconomics’
‘’Islamic economy identifies and promotes an economic order that conforms to Islamic scripture and traditions".
Economic problems started with the birth of men and become more complicated with the development in the wants of men as the men is surrounded by wants. According to western scholars economics is the study of wants and scarcity and the reaction towards the ends and wants of the people. Adam Smith is regarded as the Father of economics due to his famous book, ’’The wealth of nations ‘’ in 1776 A.D. But five centuries before Adam Smith Madan’, and ‘Al-Muash’ etc. our well known economists are Muhamad bin Hassan tossi (1274 A.D), Ayatollah Mahmoud Taleghani (1911 - September 9, 1979), Ibne Khaldun (1332 A.D to 1406 A.D).
The industrial resolution have given an edge I almost every field to western nations. Due to the advancement of western arts and science and more and new concepts that the modern institutions in Islamic countries has started providing education and training in those areas. The awareness of the need to re orientate the arts and science has risen among Muslim academicians and educationists of the countries which have won independence in the 20th century.
‘Difference between Islamic and Modern economics’