Explanation of the book entitled Islamic Microeconomics by Fahmi Medias, SEI. MSI

This Android application is an explanation of the book entitled Islamic Microeconomics by Fahmi Medias, SEI., MSI. In Pdf format.

This book consists of 11 (eleven) interrelated chapters:

Chapter 1 discusses Islamic microeconomic theory starting from the history of Islamic microeconomics, followed by an explanation of the characteristics and scope of Islamic microeconomics. In other sections, this chapter also analyzes Islamic economic tendencies both from a scientific perspective and as a doctrine in society. Then it ends with the main points of discussion in Islamic microeconomics.

Chapter 2 discusses the concept of consumption from an Islamic perspective. This chapter is important for providing basic knowledge of consumption as applied in Islam, how Islam regulates ethics in consumption. And ends with an opinion about the existence of an inverse relationship between usury and alms in consumption.

Chapter 3 discusses the Islamic perspective on demand. This chapter discusses many things about types, the law of demand according to economists, consumer behavior, and ends with how Islam views demand in microeconomics.

Chapter 4 discusses the theory of satisfaction (utility) in Islam. In this chapter, Imam al-Ghazali provides the main basis for analyzing the principle of utility for each individual in society. Followed by the principle of satisfaction in consuming halal and haram goods with the existence of budget constraints which limit people in achieving satisfaction.

Chapter 5 discusses the basic concepts in carrying out production from an Islamic perspective. Starting with the understanding of Muslim scientists, continued with the obligation to prioritize piety in production. Islamic views on profit maximization are also at the core of the discussion in this chapter. Then it ends with a comparison of the effect of interest and profit sharing on income and production costs.

Chapter 6 discusses offers in Islam. Starting with factors that influence supply, what the shape of the supply curve is, the relationship between supply and production. From an Islamic perspective, taxes and zakat have different effects on producer profits. And ends with the obligation to internalize external costs that are usually incurred by a producer.

Chapter 7 discusses how Muslim economists think about supply and demand. This chapter also discusses Islamic market mechanisms and Islamic views on forms of government intervention in the supply and demand activities of a product.

Chapter 8 discusses ownership from an Islamic perspective. Starting with the concept of ownership which is divided into 3 (three) types of ownership (individual, social and state), forms of ownership and the reasons for ownership of an item. It ends with how Islam regulates the form of use of property owned by the community.

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