Based on the answer for question 1 below add 4 more points and explanation and 4 or more citation for the explanation

1. You are appointed as a CEO in one of the financial institutions. What are the main elements that you may adopts in your institutions in the contexts of recruitment (Human Resource), promotion (performance/evaluations/ appraisal), productions (financial Islamic package) that confirms with Islamic Labor approaches or syariah compliance? (50 Marks)Firstly, we should understand what is Islamic Economics and its functions in the organization. According to Zaman, 1985, qualifying the phrase modern economics with Islam, is one approach of dening Islamic economics. "The study of economics in light of Islamic principles" or "putting economics in line with the Shari'ah" is what Islamic economics is all about. However, this would assume that the concept of economics as a science is universally acceptable, which it is not. The signicance of combating poverty is emphasized in Islamic economic teachings, which emphasize the benets of charitable giving. Simultaneously, there is a recognition of the perils of fostering a culture of dependency as well as the need of philanthropic giving that is long-term. There is worry not only about how money is produced, but also about how it is spent, with Islamic economic teachings advising on what spending is acceptable and what is not (Wilson, 2019). The concept of fair remuneration, with distribution considered as a moral concern, is essential to Islamic economic teachings in commercial dealings. Risks are inherent in any economic system, but under Islam, creditors should share the risk rather than the debtors. This has an impact on the way banking and nance are run. Because of concerns about exploitative usury and a lack of clarity about how interest rates are calculated, interest is not allowed to be charged (Wilson, 2019). In Islamic economics, markets are seen as a natural way of doing business, and private property rights are protected. Although there is no consensus among Islamic economists on where the line between the state and the private sector should be drawn in the economic domain, Islamic economic teaching is frequently considered as more compatible with a capitalist economic system than a socialist economic system. While macroeconomic scal and monetary policy options remain debated, it is possible that Islamic teaching has matured more at the rm's microeconomic level (Wilson, 2019). Over the last few decades, Islamic economics has seen a resurgence. It is, however, still in the early stages of development. Traditional economics, on the other hand, has evolved into a well-developed and sophisticated science over the course of more than a century of research and development. When compared to the demands on them, it is commonly acknowledged that resources are scarce. Almost every culture, however, recognizes the necessity to ensure the well- being of all human beings at the same time. Because of the shortage of resources, if scarce resources are not used properly and fairly, everyone's well-being may remain a pipe dream. Every culture must devise an efficient strategy that is influenced by its worldview, whether consciously or unintentionally. The method may not be able to assist society in realizing the well-being of all if the worldview is wrong. For the purpose of simplicity, current worldviews can be divided into two categories: secular and materialist, and spiritual and humanitarian (Chapra, 2008). Lastly, let us identify the key concept of national economic development. It is a process of transforming primitive, low-income national economies into contemporary industrial economies is known as economic development. Although the term is occasionally used interchangeably with economic growth, it is most commonly used to denote a change in a country's economy that is both qualitative and quantitative in nature (Myint & Krueger, 2016). For instance, boosting the Islamic Economics in line with its finances since it increases over a period of time. They expanded to Banking and Finance. Although Islamic finance has been practiced in some form since the beginning of Islam, it was only in the 1980s that it was acknowledged as a significant part of global financial activity, and it really began to gain traction at the turn of the century. In recent years, the world's largest conventional financial hubs, such as London, New York, and Hong Kong, have expressed a strong interest in Islamic finance, and Western investors are increasingly considering investing in Islamic financial instruments. In an Islamic economy, the basic principle of Islamic finance is transaction based on exchange, in which real assets are exchanged for real assets. Islam fosters risk sharing, which promotes social solidarity, by focusing on commodity and asset trading and exchange. The characteristics of an Islamic economy will have an impact on society's behavior. In financial negotiations, there will be more consultation, so there will be nowhich promotes social solidarity, by focusing on commodity and asset trading and exchange. The characteristics of an Islamic economy will have an impact on society's behavior. In nancial negotiations, there will be more consultation, so there will be no impulsive-compulsive reactions. Simultaneously, in an Islamic economy, the workforce will operate under a trust-based system that ensures that all contracts and duties are well understood. A stronger incentive structure than a set wage is that workers share in the rewards earned through risk, which is based on productive actions. The signicance of human dignity in Islam will be reected in the way workers will be treated (Zamir & Abbas, 2013). Another is an Article from a University in Indonesia. According to the article written by Nino Eka Putra in 2019, the Islamic Economics FEB UI in collaboration with ISEF (Indonesia Sharia Economic Festival) under the auspices of Bank Indonesia held the ISEF 6th International Public Seminar "Embracing Sharia Economy as A New Engine Towards Strong, Sustainable, and Inclusive Growth". We must improve the future of educational institutions to print and deliver human resources quality, said Teguh Dartanto, Chair of the Department of Economics at FEB Ul. The expansion of the Islamic nance industry is also a critical factor. In line with its aim to be Asia's center of economic and business learning, it also seeks to provide superior high-quality education and research. Finally, I'd like to offer my heartfelt gratitude to everyone who has helped to make this occasion possible. Hopefully, you will learn something new and fascinating from this seminar. In opening the ISEF 2019, the Vice President of the Republic of Indonesia, Ma'ruf Amin, stated that four components of the Islamic economy's development should be prioritized: halal industry, encouraging the industry, Islamic nance, Islamic social funds, and halal business. The tactics employed to increase national economic resilience by speeding the growth of Islamic economics, expanding and developing Islamic economics. 0n the public market, the Islamic economy's new path is currently undergoing signicant changes. The world of education, which is created to transform us into exceptional and high-quality human resources, is one approach to make it happen. A signicant interest shapes our understanding of the world. Thus, If policies are put in place, the economy of the country will be stronger and more long-term. Of course, in order to be on target, the policy must be well-thought-out and demands rigorous calculation. By optimizing and relating to al-maqasid shariah, we also aim to value our lives. It is thus possible to accomplish Islamic economic policy and corporate governance through social means. Citation: Zaman, S. M. Hasanuz, Definition of Islamic Economics (1984). Journal of King Abdulaziz University: Islamic Economics, Vol. 1, No. 2, 1984, Available at SSRN: https://ssrn.com/abstract=3127466 Wilson, R. (2019, December 23). Islamic Economic Principles. Https://Doi.Org/10.1093/Acrefore/9780199340378.013.687. Retrieved February 7, 2022, from https://oxfordre.com/religion/view/10.1093/acrefore/9780199340378. 9780199340378-e-687 Chapra, M. "Islamic Economics: What It Is and How It Developed". EH.Net Encyclopedia, edited by Robert Whaples. March 16, 2008. URL http://eh.net/encyclopedia/islamic-economics-what-it-is-and- how-it-developed/ Iqbal, Zamir; Mirakhor, Abbas. 2013. Economic Development and Islamic Finance. Directions in Development--Finance;. Washington, DC: World Bank. @ World Bank. https://openknowledge.worldbank.org/handle/10986/15787 License: CC BY 3.0 IGO Myint, Hla and Krueger, Anne O.. "economic development". Encyclopedia Britannica, 27 Sep. 2016, https://www.britannica.com/topic/economic-development. Accessed 7 February 2022. Eka Putra, N. (2019b). Islamic Economics, a New Engine of Strong, Sustainable and Inclusive Economic Growth. Universitas Indonesia. Retrieved February 7, 2022, from https://www.feb.ui.ac.id/en/blog/2019/11/15/islamic-economics-a- new-engine-of-strong-sustainable-and-inclusive-economic-growth/