Islamic Economics VS Conventional Economics

 

	Islamic Economics	Conventional Economics
Role of Individual	Driven by legitimate (actual need), in order to be rewarded by Allah.	Do not fully understand why/how the consumer make purchase decision. Something that will satisfy their needs.
Being Rational	Rationality encourages the consumers to maximize his utility by insuring religious, national, historical, cultural and social values.	Unidimensional.
Objective of Consumer	Achievement of the economic development of the society, and the interest of the consumer.	To understand how new technology are enabling marketers to better satisfy the needs And want of the consumer.
Responsibility	Spend within tenets of Islam.	Responsibility to be aware, to think independently, and to speak out.
Spending	To spare the original requirements for the worship and obedience to Allah.	Spending n services and goods to fulfil their everyday needs.
Guiding Principles	Moderations and priorities (people and goods).	Reciprocity, commitment, pack mentality, authority, liking and scarcity.
Amount/ Level of Consumption	Sustain life. The 5 necessities.	Household may not fall.
Characteristics of Good	Tayyib (good, clean, pure).	Often care as much about who they buy from as what they buy.
Definition of Good	Pure and clean goods role.	Purely.
Definition of Bad	Prohibited and doubtful items.	Extravagant/wasteful.
Priority to Spending	Daruriyyat. Hajiyyat. Hasniyyat.	The value propositions as a priority.
Priority of Consumption of Goods and Services	Need to priories society but for individuals that does not exceed the sufficiency thresholds.	For personal and professional use.