Economy Of Islam Essay

1533 words - 6 pages

Introduction:The discussion of the Islamic economic system, in this monograph, draws mainly on the quran and Sunnah, the two fundamental sources of the Islamic ideology. Where necessary, the fiqah literature has also been referred too. It may, however, be emphasized here that the quran and Sunnah do not and could not prescribe minutely all the details of the Islamic economic system but deal mainly with the fundamental principles from which may be derived the details to suit different environments through space or time. The principles enunciated by the quran and the sunnah for regulating the economic aspects of life may be divided into twoparts.The first part relates to the goal which Islam sets before Muslims and the nature of the Islamic system that gives a practical shapes to these goals; the second part relates to certain specific measures prescribed by Islam to attain these goals namely Islamic socio-political framework, zakat law of inheritance, prohibition of riba etc.To find the origins of trend that asserts the existence or at least the possibility of a whole, specifically Islamic, economic order we have to turn, I believe, mainly to two developments: a) the establishment of the state of Pakistan and, ina more general fashion, the legitimization of political power by an Islamic assumed order; b) the search for an own identity in face of the overwhelming presence of the capitalist west as well as the communist east. (Thomas p119)Goals of the Islamic Economic System.Islam is not an ascetic religion and does not aim at depriving Muslims of the good things that God has provided. It takes a positive view of life considering man not as a born sinner eternally condemned for his original sin, but as the vicegerent of God for whom has been created everything on earth. Action in every field of human activity, including the economic, is spiritual provided it is in harmony with the goals and values of Islam. It is really these goals and values that determine the nature of the Islamic economic system. Islam has prohibited begging and urged Muslims to earn their livelihood. From this premise one may infer that one of the economic goals of Muslim society should be to create such an economic environment that those who are willing to and looking for work are able to find gainful employment in accordance with their abilities. One of the traditional functions of religion has been to nourish this moral sense by defining right or wrong. It follows that, poorly suited to modern economic conditions the morality of Islamic economics might be, it can remain a source of influence indefinitely. (Kuran p441)Nature of the Economic System of Islam.The very foundation of the Islamic system being different from that of capitalism and socialism, which are both earth-bound not oriented to spiritual values, the superstructure must necessarily be different. Any attempt to show the similarity of Islam with either capitalism or socialism can only be demonstrate a lack of...

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