Which two phrases best reflect the economic implications of Islam?

• A. Prohibition of interest (riba) and emphasis on wealth redistribution through zakat
• B. Promotion of unlimited consumption and accumulation of wealth
• C. Support for laissez-faire policies without ethical constraints
• D. Encouragement of monopolies and price fixing

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the economic principles embedded in Islamic teachings, focusing on how they influence financial and economic behavior.
2. Step 2: Recognize that Islam prohibits interest (riba), which means charging or paying interest on loans is not allowed, affecting how financial transactions are structured.
3. Step 3: Identify the emphasis on wealth redistribution through zakat, a mandatory charitable contribution designed to reduce inequality and support social welfare.
4. Step 4: Compare these principles with other options such as promotion of unlimited consumption, laissez-faire policies without ethical constraints, and encouragement of monopolies, which do not align with Islamic economic ethics.
5. Step 5: Conclude that the two phrases best reflecting the economic implications of Islam are the prohibition of interest (riba) and the emphasis on wealth redistribution through zakat.