A Comparison of Islamic Economics and the Sufficiency Economy - - PowerPoint PPT Presentation

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a comparison of islamic economics and the sufficiency
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A Comparison of Islamic Economics and the Sufficiency Economy - - PowerPoint PPT Presentation

Feb 19, 2023 12 likes •123 views

A Comparison of Islamic Economics and the Sufficiency Economy Philosophy Asst. Prof. Saran Sarntisart, Ph.D. 1 www.sudsesc.nida.ac.th Motivation Continuous growth but vulnerable and increased inequality Alternative economics: Islamic

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A Comparison of Islamic Economics and the Sufficiency Economy Philosophy

  • Asst. Prof. Saran Sarntisart, Ph.D.

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Motivation

  • Continuous growth but vulnerable and increased

inequality

  • Alternative economics: Islamic Economics and the

Sufficiency Economy Philosophy

  • Sustainable development in Muslim communities

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Islamic Worldview

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ISLAM Faith & Belief (Aqidah) Practice & Activities (Shariah) Man to God Relationship (Ibadah) Man to Man Relationship (Muamalat) Political Activities Economic Activities Social Activities Moralities & Ethics (Akhlaq))

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Sources of Islamic Economics

  • Quran
  • Hadith
  • Sunnah

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Theory of Islamic Economics

  • Economic well-being and morality
  • Universal brotherhood
  • Justice: social and economic
  • Prohibition of taking interest
  • Zakat
  • Ownership
  • Economic freedom within reason

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Islamic VS Conventional Economics

  • Limited resources but unlimited needs?
  • The role of ethical and moral values
  • The Afterlife
  • Rational economic man
  • Pareto optimum

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The Theoretical Model

  • Present life and Afterlife utility
  • Income, time, and religious constraint
  • Halal, Haram, and Zakat

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Max

𝑑𝑞,𝑑𝑏,𝑢𝑞,𝑢𝑏 𝑉𝑞( 𝑑𝑞, 𝑢𝑞, 𝐵 𝑑𝑏, 𝑢𝑏

+ 𝐹{𝑉𝑏 𝐵(𝑑𝑏, 𝑢𝑏) } (1 + 𝑠)𝑚 ) s.t. 𝑑𝑞 + 𝑑𝑏 = 𝑍 and 𝑢𝑞 + 𝑢𝑏 = 𝑈

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Sufficiency Economy Philosophy

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Source: Action for Climate Thailand

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The Comparison

  • Economic freedom
  • Regulated behavior
  • Source
  • Values
  • Knowledge
  • Consumption
  • Application

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Guidelines for Muslim Communities

  • The promotion of values
  • Islamic finance for financial inclusion and SMEs
  • Haram consumption, health issues, and government

burden

  • The environment
  • The dissemination of knowledge and the catalyst for

change

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Th Thank Y You

  • u

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