True or false with justification:
1) To assist the Islamic consumer to be rational in his or her actions, legal fines and penalty may become useful to make him control his or her individual tastes and preference on certain goods and services.
2) Socialism emphasizes on the importance of social welfare and this is to be achieved mainly by the state owning factors of production.
3) The hisbah institution should have the authority to confiscate face masks and hand sanitizers when it is known that sellers hoard these items during a pandemic (e.g. Covid-19) situation.
4) When a clothing supplier company decides not to extend the repayment period to one of its struggling debtor that has no sales during the lockdown period, that company is acting in line with ihsan (benevolence).
5) It is not allowed for Muslim entrepreneurs to seek maximum profits even when they are operating within the limits set by Islamic commercial law.
6) In socialist countries such as North Korea, absolute authority is given to decentralized decision making arrangements since they allow for the expression of freedom and liberty.
1) False. The tastes and preferences of the Islamic consumer is driven by his religious beliefs that are based on firm principles of islam. Legal fines and penalties cannot change their behaviour.
2) True. In socialism social welfare is supposed to be achieved through state control.
3) False. Hoarding hand sanitisers and masks is illegal, and only the law of the country can punish such acts.
4) False. According to the principles of ihsan, the company ought to extend the repayment period in such circumstances.
5) False. It is allowed for muslim entrepreneurs to seek profit within the framework of Islamic laws.
6) False. In socialist countries the state has ultimate authority and everything is centralised.
True or false with justification: 1) To assist the Islamic consumer to be rational in his...