The method in studying scarcity from Islamic perspective consisted of semi-structured interview with five experts in the field of Islamic economics and development. Design/methodology/approach – Analyses of both interviews and texts were performed. Keywords: Islamic Consumer Theory, Islamic economics, Consumption, Bangladesh IntroductionĪbstract Purpose – The aim of this paper is to reconcile the diverging opinions among Islamic economists toward the concept of scarcity and to present a holistic model of scarcity and abundance from a Qur’anic perspective. Finally, it presents the problems, prospects and recommendations to apply the Islamic consumer theory in Bangladesh. The findings satisfy the assumptions of Islamic consumption framework. Finally, the opinion is found that, religious and ethical instruments (Zakat, donation, hereafter life etc.) should be included in the syllabus of modern economics in school, college and university level.
It is found that, a large proportion of the respondents did not study Islamic economics due to unavailability of the reading materials in spite of having their interest while half of the respondents read it.
Scarcity principle definition free#
In addition, they mentioned that, the use of interest is not essential to run economic activities and interest free economy is possible. The report explores that, though the wants is unlimited, the respondents are capable to control their wants and choose moderate and simple standard of living. The research finds that, the majority percent of respondents consider Halal (lawful), Haram (unlawful), economic disadvantages of other consumers, scope of reward and punishment in hereafter life (life after death) in their consumptions and other economic activities. Besides, the consumption framework of Islamic economics has been discussed in this paper. This paper presents an empirical survey report on the application of Islamic consumer theory in Bangladesh.The survey is conducted on 184 graduate students of economics from university of Dhaka, Bangladesh. Like as conventional economics, Islamic economics has also its own law of consumption which is superior to that of conventional economics. One of the main goals of economics is to satisfy the wants of consumer.
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