ECONOMICS
FINANCIAL MARKETS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ambiguous depend on the way the development is conceptualised
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no because the the inequality still rising
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yes because the muslim can use the halal financing
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None of the above
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Detailed explanation-1: -These objectives serve the financial needs of human beings. They include the circulation of wealth in the society, enjoining fair and transparent financial practices and promoting socio-economic justice. Wealth circulation comprises all processes related to its creation, consumption and distribution.
Detailed explanation-2: -Shariah, and very much in the context of Islamic finance, emphasises justice and partnership. The main principles of Islamic finance are that: Wealth must be generated from legitimate trade and asset-based investment. (The use of money for the purposes of making money is expressly forbidden.)
Detailed explanation-3: -There are five Maqasid (objectives) of Shariah: Protection of life, protection of property, protection of health, protection of religion, and protection of dignity.
Detailed explanation-4: -The Islamic banking system is, in principle, compatible with a close correspondence between financial and real rates of return and an efficient allocation of resources. Moreover, it could be adopted without harming the effectiveness of official supervision of financial intermediation.