ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Al-Qur’an emphasizes the benefits of goods produced. Producing goods must have a relationship with human needs. This means that goods must be produced to meet human needs, not to produce excessive luxury goods that are not by human needs, therefore the labor expended to produce these goods are considered unproductive.

Detailed explanation-2: -Abstract. Consumption in Islamic economics is viewed as a positive action that would contribute to human wellbeing. Islam sees consumption as having a moral agenda and noble goals rather than viewing it as a mere wants-fulfillment enterprise in a personal self-pleasure agenda.

Detailed explanation-3: -The goal of consumption in an Islamic framework is not to gain personal wants satisfaction per se, as such effort would be a waste of time and meaningless. The goal instead, is to direct the consumption in achieving the individual and social wellbeing (maslahah) and the higher purpose of achieving God’s pleasure.

Detailed explanation-4: -Production in the Islamic economy must be based on three fundamental aspects, namely aspects of belief, knowledge, and deed. Therefore, the benefit of individuals, families, communities, living things, and the earth could be achieved.