Conventional economics is an economic system that uses the rules, theories and practices that apply in financial markets, with the clear goal of maximizing profits. Conventional economics relies on the concepts of private ownership, free markets, and the use of conventional currency to pay for goods and services.
Meanwhile, sharia economics is an economic system based on islamic law that regulates economic activities at all levels of society. Sharia economics prohibits usury, gharar, maisir, and speculation and requires transparency in all financial aspects. Therefore, Sharia economics also recognizes people’s rights to own assets and respects.Therefore, the rights of workers and business owners. Sharia economics is also known as islamic economics, because islamic laws regulate economic activity.
Advantages of conventional economics
More flexible, the conventional economy is more flexible in terms of trade in goods, services and investment.
Therefore, More accessible, conventional cell phone number list economics is more easily accessed and regulated by financial institutions and governments.
More flexible monetary and fiscal policies. Conventional economics offers more flexible and stronger monetary and fiscal policies.
Disadvantages of conventional economics:
Unethical policies. Conventional economics often concentrates on short-term profits and is not always guided by ethical principles.
Instability: the conventional economy is vulnerable to financial crises and economic instability.
Unfriendly environment. Conventional economics can have an unfriendly impact on the environment.
Advantages of sharia economics.
Ethics based sharia economics emphasizes ethical principles and avoids unethical practices
Therefore, Balance, sharia economics emphasizes balance between capital owners and workers, as well as avoiding economic inequality.
Positive impact in social terms, sharia BSB Directory economics can improve social welfare in society.
Disadvantages of sharia economics:
Therefore, Less flexible, sharia economics limits flexibility in various matters, such as trade, investment, and monetary and fiscal policy.
Lack of understanding, sharia economics is still little known by the general public so it is difficult to implement.
Difficulty in regulating, sharia economics is sometimes difficult to regulate and requires the government to create complex policies.
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