Sharia economics is a subject that is becoming more popular in the UK. It is a way of thinking which believes that individual nations are economically independent and as such have the power to determine the economic wellbeing of their citizens. Under this system, taxes and regulations are imposed by Islamic law on businesses within the Muslim community itself. This is essentially done in order to protect the interests of the Islamic religion, but also to ensure that the financial benefits are not taken by non-Muslims.
In theory, this type of economic theory states that individuals who live under Islamic law will be better off as a result of these laws. These individuals will receive higher taxation from businesses and also be allowed to have more influence over decisions regarding their religion and therefore over their own economy. As a result, there is an increase in education as individuals want to learn about these laws and how they can benefit them through their religion. Individuals are also able to benefit as more money is spent this way as it increases the value of property and wealth.
While it is well known that economies based on Sharia principles are not usually sustainable, this is not always the case. Statistics show that those who have access to education, jobs and capital investment are generally happier than those who do not. They have access to financial resources, which allow them to purchase properties and start new businesses. This therefore has an effect on the economy, although some argue that the effects are short lived because individuals tend to move on after a period of time.
Those who wish to live in countries that base sharia law on strict sharia law are therefore forced to adhere to these laws. The problem here is that those who are required to adhere to sharia laws are not always aware of these laws. They therefore become susceptible to the consequences as these individuals tend to feel that they must conform to whatever laws are stipulated. Ultimately, this can lead to poor education, low economic growth and even high rates of illiteracy. In the end, the economy will suffer from the bad management of these individuals.
Some argue that the implementation of sharia has actually been beneficial to some Muslims. For instance, theocrats in certain nations have been able to successfully implement sharia-based taxes and social norms without having to worry about the backlash from ordinary citizens. This therefore means that Muslims living in these nations benefit from their religion, while paying their duties to society as a whole.
Critics of sharia economics however point out that sharia has actually caused some issues. The creation of Islamic societies autocracies has created a lack of opportunity for women. This is because sharia laws demand that women be submissive. This has created a situation where there are few job opportunities for educated women. This is because most Islamic societies require women to be housewives who take care of the family.
Another problem with sharia economics is that they have led to many biases and stereotypes. For instance, while it is true that some cultures require women to be submissive, others require them to be powerful. Some cultures also believe that people with large incomes possess extra wealth, so it is not surprising that the wealthy from these countries are using their wealth to spread these beliefs. This then causes problems such as poverty and ignorance.
Critics of sharia economies claim that sharia has created problems by promoting unequal living standards. Women are denied their rights to fair treatment in the workplace and are prevented from making decisions about their own lives. In addition, they are also forced into marrying young, thereby limiting their ability to create wealth. All these problems have been noted by human rights organizations all over the world and are forcing governments to reassess their sharia-based economies. However, many scholars argue that sharia should remain intact, and that they only need to be implemented for once, to ensure fair and equal living.