ISLAMIC AND CONVENTIONAL ECONOMIC

Economic is concerned with aspects of the production, distribution, and consumption of goods and services. There are similarity between the Islamic and conventional discipline based on the subject matter, that is, the allocation and distribution of scarce resource. However the objects of Islamic economics are to eliminate injustice and exploitation in financial dealing and to create an equitable distribution of wealth, in turn, would increase productivity, goodwill and inspire all member of the society to achieve economic goal.

Perception of economic problem:
1)Secular economists.
Economic problem arise because man has unlimited want to e fulfilled but the resource available for their fulfillment are limited. So, this problem solved by easing the supply constraint in order to satisfy these unlimited human want.

2)Islamic economic.
The Almighty has provided sufficient means for the fulfillment of all human needs. The problem arises because of the lack of efforts and uncontrolled human wants. There is no absolute scarcity in Islam; the limited resource is made to show that man’s ability to exploit resource is limited by his knowledge.

The question is how Islamic economic is differ from conventional???
In other to solve the problem of scarcity, there is some choices can be done. In the conventional view, in making choice they will look based on capitalism or material for benefit of one party only. In Islam, as a human, they have to follow what have already mentioned in Al-Quran as a guide and the choice must give a positive impact to the society. For example, as a businessman you have an ability to produce food. You have a choice between to put higher price or make decision based on the society interest. The choice will make you act whether to gain more profit by be a selfish or be good businessman to other people. The cycle of the wealth is important so that the economic will grow. If not, just like what we can see today, the rich will become rich and poor will become more poor.