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An Introduction to Islamic Economics
An Introduction to Islamic Economics
Description

About the Book

The contemporary economic systems have failed to solve the economic problems of mankind. The failure of socialism is too obvious to need any documentation. The track record of capitalism is far from being promising. Although a small minority has achieved unprecedently high material standards of living, a vast majority lives under conditions of abject poverty. The problems of un-employment, inflation, poverty amidst affluence, unequal distribution of wealth, frequent bouts of business recession, environ-mental pollution, and ecological imbalance still bedevil man’s present life and threaten his future.

The present book contend that the Islamic economic order has the potential of ushering in an age of human bliss; and the resources to build a free, just and responsible world for everyone on the earth.

Foreword

Although Islamic Economics is still in its early stages of development as an academic discipline, there is a constant flow of useful and valuable literature on its different aspects and themes relating to Islam’s economic teachings. There is also a rich scholarly tradition from whose womb this nascent discipline has emerged. In all ages and times Muslim scholars have written on the economic teachings of Islam. The current century has, however, been particularly prolific. Theologians, legists, fuqaha, social thinkers and reformers have profusely written on economic themes and have tried to identify what guidance could be drawn from the Islamic sources-the Qur’an, Sunnah, Fiqh, social thought and historical experience. Lurid light has been thrown on certain aspects, like prohibition of riba, dynamic potential of zakat, concept of property and enterprise, role of state, etc. Reflection and discussion continue on many more aspects from the micro level to the global issues. It is in the context of this rich intellectual background that the Muslim economists are trying to develop what can be described as ‘Islamic Economics’ .

There is also an increasing realisation that Islamic economics cannot be studied in isolation-it can seek flowering only in the context of a whole social system. Contemporary Muslim economists have, on the one hand, gone deep into the original sources to understand the Islamic ideals and targets and, on the other; to realistically comprehend the process through which the Muslim society is passing i.e. a status quo that is a complex of vestiges of the great historic traditions, polluted and corrupted by a colonial past, during which a host of foreign values, laws, institutions and consequent distortions were imposed upon it. As such the problems of transition are beginning to attract more and more the attention of researchers and scholars.

More fundamental is the debate on the future of the very paradigm of economics. The economic paradigm, which has held the sway for the last two centuries. is not only showing cracks beyond repair; its very theoretical foundations, underlying assumptions and capacities to predict future modes of behaviour, are being challenged. Discussion is no longer confined to changes within the paradigm; the current debate is moving more and more towards the need for the change of the paradigm itself “Challenged”, writes Amitai Etzioni, “is the entrenched utilitarian, rationalistic, individualistic, neo-classical paradigm which is applied not merely to the economy but also, increasingly to the full array of social relations, from crion to family” (Amitai Etzioni, The Moral Dimension: Towards a New Economics. New York, Macmillan, 1988, p.ix).

The result of this approach would be that: “Technological options must be determined by an economic rationale subordinate to social objectives formulated by ethical values. The hierarchical order: technical values/economic rationale/social objectives/ethical values, would thus be reversed” (ibid. p)64).

Coming to the ground situation of the world economy it deserves to be noted that the socialist economic experiment has miserably failed, while the capitalist economies, despite long strides in the fields of economic growth and technological transformation, are in the throes of an ever-deepening crisis. Modern economy has failed to ensure distributive justice, sustained growth and social harmony for a vast majority of mankind and is confronted at home and abroad with the menaces of prolonged recession, persistent unemployment, stagflation, unrestrained monetary expansions, staggering mountains of domestic and foreign debts, and co-existence of extremes of affluence and stark poverty within as well as among the community of nations. The link between moral values and economic judgement and behaviour, both at individual as well as governmental levels which had sustained humanity through the millenna, had been torn as under during the age of secular capitalistic ascendance and the economists as well as the common man are now trying to re-discover that missing ethical link. ‘Islamic economics’ represents a systematic effort by Muslim economists to cast a fresh look on the entire economic problem and methodology and come up with fresh solutions to old and persisting problems. We are aware that the Muslim economists have a long way to go, but there is no doubt that a beginning has been made in this direction. This beginning bears great promise for the future.

Brother Mohammad Akram Khan is one of those scholars who have shown keen and persistent interest in Islamic economics. He has already produced an extremely useful annotated bibliography on Islamic economics. He has also written quite extensively on a number of substantive issues, particularly in the fields of banking, performance audit and rural finance’. His present study covers a rather vast area, from Islam’s world view and basic economic concepts to a number of policy prescriptions. The value of the book lies in its simplicity, directness of style, unapologetic approach and reliance on original sources to develop Islamic perspectives on a number of economic concepts, issues and problems. I am confident that An Introduction. to Islamic Economics will be of great assistance to the uninitiated reader, particularly for the students of economics. It will help the reader develop familiarity with a large number of issues that go to make up the current matrix of Islamic economics. I welcome the publication of this short but useful book and am also happy to record that its publication marks a new phase in the history of cooperation between the International Institute of Islamic Thought, Washington/Islamabad and the Institute of Policy Studies, Islamabad who have jointly sponsored its publication.

Preface

The achievements of the 20th century are too numerous to be counted. However, in the final analysis, the material advancements this century have concealed from our eyes the persistent despoiling of human qualities and the erosion of the moral bases of culture. The unprecedented material prosperity that came along with technological developments made available to an ordinary on a lifestyle which used to be the prerogative of kings alone and elite in the last century. This became possible only with the help of money that was made available to finance scientific research large development projects. But unfortunately the entire effort to ease the inventory of material possessions and comforts left out of focus the most important element - man himself.

The accumulated effort of all nations of the world during the le century contributed only to the growth and development of beings as mere cogs in a vast development machine. For was not conceived as the crown of all development efforts. At he was treated as ‘human capital’. As a result, very little was for the education and training of man to bring about his cultural advancement and to nurture fellow-feelings in him. Even today, disparities exist in the provision of basic services like potable r, sanitation, medical care, roads, fuel gas, electricity and telephones between rural and urban areas and between rich and poor countries, although a lot of lip service has been paid to the equality of human beings. The allocation of resources has been guided mostly economic and financial criteria and not by human needs similarly, the research programmes in science and technology are guided by potential pay-back for business firms or economic power for the state. Capital, wherever it is available, flows to the programmes where it has all the safeguards and an assured return. Financial considerations reign supreme. There are vast spans of undeveloped earth and oceans, and infinite potentialities of development, enough to enrich everyone on this earth provided finance is available to explore these possibilities. But unfortunately finance becomes available only at a certain rate of interest. Projects which do not assure the going rate of interest to the financier starve for funds. Millions of human beings are unemployed only because the money-lender insists on his pound of flesh. All programmes of human development, education, training, scientific research, and construction of infrastructure require finance which becomes available only at a cost.

The lesson of the 20th century appears to be that full employment is not possible until we can attain ‘euthanasia of the rentier’. Therefore, the challenge of the 21st century lies in inventing a mechanism for providing finance on an interest-free basis. If man is able to discover such a mechanism he would be able to unshackle himself from the bonds of money. It would usher in an era of human supremacy over money rather than money over human beings. Although interest on finance has been denounced by all religions and thinkers of various shades of thought throughout the ages, very little serious effort has been made to find out a practicable mechanism to provide institutional finance on an interest-free basis. The 21 st century should accept the challenge of liberating man from the bonds of finance.

In many ways, the stage is sec for such an endeavour. On the economic front, the debt trap, stagflation, unemployment, and growing disparity between the rich and the poor nations are some of the compulsions posed by the 20th century. The awareness of the atrocities of interest is increasing and the need for interest-free finance is being felt. On the political front, the dramatic changes in the communist countries and the long-range fears of internal contradictions leading to some identical blow-up in the capitalist world, compel us to evolve an un-exploitative framework so that the 21st century would become the century of hope for man.

There has been an increasing realization in the UN and various regional organizations to give greater importance to the development of man. But these programmes miss the essential point. Man shall never be able to develop if he remains subservient to finance. He must release himself from its clutches. The availability of interest-free finance would enable man to harness vast areas of land. It would eradicate unemployment and under-employment to an extent that could obliterate fiscal deficit and help in calling a halt to inflation. On the international front, the present outflow of resources from the poor to the rich nations in the form of interest would stop. The poor nations would toil for their own betterment and not for the betterment of their money-lenders. It would be, in Keynes’ words, a ‘sea-change’ for humanity.

We should enter the 21st century with the resolve to develop a practical mechanism to make finance available free of cost. All other strategies to promote world prosperity and peace are likely to fail if adequate finance ‘is not available. Therefore, we should try to overcome the most insurmountable of all obstacles first. It would lead to an era of prosperity for all.

The suggestion seems to be utopian. But history gives us hope and courage. There was a time when ideas like abolition of slavery, the introduction of adult suffrage, education-for-all, and equality between men and women were wild dreams of visionaries. A few decades back, let alone a few centuries, all these ideas were considered as impractical as is the vision of an interest-free world today. Given the ingenuity and will of man, however, this dream can also come true. It would make the 21st century worth living. It would virtually transform the whole earth into a heaven.

The present book aims at showing the contours of an Islamic economy. Its main theme is that the neo-classical economics which has fashioned the present-day world has outlived its utility. Its approach is narrow, its assumptions are unrealistic, and its strategies inhuman. It has landed humanity into an abyss of problems. If human thinking does not transcend the basic framework of neo- classical economics, the future of man on this globe is pretty bleak.

In this background, the Islamic economic precepts provide a ray of hope. The present book invites the reader to cast an objective look at the principles / of Islamic economics and perceive their potential. The book addresses both the common reader and the professional economist trained in the West. It is not, however, a detailed exposition of the subject. Instead; it attempts to give a bare introduction to the subject of Islamic economics.

Chapter one gives a broad overview of the subject. It is intended for those who cannot spare the time to go through the entire book. It is a quick run-through of the main themes of the subject.

Chapters two : and three are more in the nature• of an academic excursion into formalizing the basic precepts of Islamic economics. They define the subject and spell out its scope and methodology. They are meant for professional economists and students of Islamic economics at the university level.

Chapter four gives a brief resume of the practice of Islamic economics in the present day world. It shows the eagerness of the Muslim countries to put into practice, albeit inadequately, the basic principles of Islamic economics.

The last two chapters argue that Islamic economics is the economics of the future and that neo-classical economics can benefit from its principles and methodology.

Two appendices follow the main text. The first discusses the liability of the shareholders in a joint stock company. The second deals with discounting for project evaluation. We believe that as compared to capitalism, Islam has a distinctive position on these issues. But the main text could not afford their discussion as it would have disturbed the balance and continuity of the book. Therefore, we have made them into appendices. We have added a select bibliography of recent writings on Islamic economics to help a serious reader pursue the subject further. We believe that the book will be able to stimulate further thinking toward establishing an interest-free world economy imbued with the Islamic values and norms of behaviour. We fervently hope that the prejudice of the modern world against religion will not undermine the rationality and objectivity of the contemporary man. We hope that the people of our age, who are likely to close the present century in a state of despair, will see a ray of hope in the principles of the Islamic economic order.

Contents

 

  Foreword v
  Preface ix
  Acknowledgement xiii
One Islamic Economics : An Overview 1-25
Two The Nature of Islamic Economics 29-52
Three The Methodology of Islamic Economics 57-77
Four Islamic Economics in Practice 79-85
Five Hope for the Future 85-104
Six Direction of Future Research 107-111
  Appendix I 113
  Appendix II 116
  Notes 121
  Glossary 131
  Bibliography 135
  Subject Index 145
  General of Names 151

 

Sample Pages










An Introduction to Islamic Economics

Item Code:
NAH368
Cover:
Paperback
Edition:
2009
Publisher:
ISBN:
8171512631
Language:
English
Size:
9.5 inch x 6 inch
Pages:
172
Other Details:
Weight of the Book: 250 gms
Price:
$20.00   Shipping Free
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About the Book

The contemporary economic systems have failed to solve the economic problems of mankind. The failure of socialism is too obvious to need any documentation. The track record of capitalism is far from being promising. Although a small minority has achieved unprecedently high material standards of living, a vast majority lives under conditions of abject poverty. The problems of un-employment, inflation, poverty amidst affluence, unequal distribution of wealth, frequent bouts of business recession, environ-mental pollution, and ecological imbalance still bedevil man’s present life and threaten his future.

The present book contend that the Islamic economic order has the potential of ushering in an age of human bliss; and the resources to build a free, just and responsible world for everyone on the earth.

Foreword

Although Islamic Economics is still in its early stages of development as an academic discipline, there is a constant flow of useful and valuable literature on its different aspects and themes relating to Islam’s economic teachings. There is also a rich scholarly tradition from whose womb this nascent discipline has emerged. In all ages and times Muslim scholars have written on the economic teachings of Islam. The current century has, however, been particularly prolific. Theologians, legists, fuqaha, social thinkers and reformers have profusely written on economic themes and have tried to identify what guidance could be drawn from the Islamic sources-the Qur’an, Sunnah, Fiqh, social thought and historical experience. Lurid light has been thrown on certain aspects, like prohibition of riba, dynamic potential of zakat, concept of property and enterprise, role of state, etc. Reflection and discussion continue on many more aspects from the micro level to the global issues. It is in the context of this rich intellectual background that the Muslim economists are trying to develop what can be described as ‘Islamic Economics’ .

There is also an increasing realisation that Islamic economics cannot be studied in isolation-it can seek flowering only in the context of a whole social system. Contemporary Muslim economists have, on the one hand, gone deep into the original sources to understand the Islamic ideals and targets and, on the other; to realistically comprehend the process through which the Muslim society is passing i.e. a status quo that is a complex of vestiges of the great historic traditions, polluted and corrupted by a colonial past, during which a host of foreign values, laws, institutions and consequent distortions were imposed upon it. As such the problems of transition are beginning to attract more and more the attention of researchers and scholars.

More fundamental is the debate on the future of the very paradigm of economics. The economic paradigm, which has held the sway for the last two centuries. is not only showing cracks beyond repair; its very theoretical foundations, underlying assumptions and capacities to predict future modes of behaviour, are being challenged. Discussion is no longer confined to changes within the paradigm; the current debate is moving more and more towards the need for the change of the paradigm itself “Challenged”, writes Amitai Etzioni, “is the entrenched utilitarian, rationalistic, individualistic, neo-classical paradigm which is applied not merely to the economy but also, increasingly to the full array of social relations, from crion to family” (Amitai Etzioni, The Moral Dimension: Towards a New Economics. New York, Macmillan, 1988, p.ix).

The result of this approach would be that: “Technological options must be determined by an economic rationale subordinate to social objectives formulated by ethical values. The hierarchical order: technical values/economic rationale/social objectives/ethical values, would thus be reversed” (ibid. p)64).

Coming to the ground situation of the world economy it deserves to be noted that the socialist economic experiment has miserably failed, while the capitalist economies, despite long strides in the fields of economic growth and technological transformation, are in the throes of an ever-deepening crisis. Modern economy has failed to ensure distributive justice, sustained growth and social harmony for a vast majority of mankind and is confronted at home and abroad with the menaces of prolonged recession, persistent unemployment, stagflation, unrestrained monetary expansions, staggering mountains of domestic and foreign debts, and co-existence of extremes of affluence and stark poverty within as well as among the community of nations. The link between moral values and economic judgement and behaviour, both at individual as well as governmental levels which had sustained humanity through the millenna, had been torn as under during the age of secular capitalistic ascendance and the economists as well as the common man are now trying to re-discover that missing ethical link. ‘Islamic economics’ represents a systematic effort by Muslim economists to cast a fresh look on the entire economic problem and methodology and come up with fresh solutions to old and persisting problems. We are aware that the Muslim economists have a long way to go, but there is no doubt that a beginning has been made in this direction. This beginning bears great promise for the future.

Brother Mohammad Akram Khan is one of those scholars who have shown keen and persistent interest in Islamic economics. He has already produced an extremely useful annotated bibliography on Islamic economics. He has also written quite extensively on a number of substantive issues, particularly in the fields of banking, performance audit and rural finance’. His present study covers a rather vast area, from Islam’s world view and basic economic concepts to a number of policy prescriptions. The value of the book lies in its simplicity, directness of style, unapologetic approach and reliance on original sources to develop Islamic perspectives on a number of economic concepts, issues and problems. I am confident that An Introduction. to Islamic Economics will be of great assistance to the uninitiated reader, particularly for the students of economics. It will help the reader develop familiarity with a large number of issues that go to make up the current matrix of Islamic economics. I welcome the publication of this short but useful book and am also happy to record that its publication marks a new phase in the history of cooperation between the International Institute of Islamic Thought, Washington/Islamabad and the Institute of Policy Studies, Islamabad who have jointly sponsored its publication.

Preface

The achievements of the 20th century are too numerous to be counted. However, in the final analysis, the material advancements this century have concealed from our eyes the persistent despoiling of human qualities and the erosion of the moral bases of culture. The unprecedented material prosperity that came along with technological developments made available to an ordinary on a lifestyle which used to be the prerogative of kings alone and elite in the last century. This became possible only with the help of money that was made available to finance scientific research large development projects. But unfortunately the entire effort to ease the inventory of material possessions and comforts left out of focus the most important element - man himself.

The accumulated effort of all nations of the world during the le century contributed only to the growth and development of beings as mere cogs in a vast development machine. For was not conceived as the crown of all development efforts. At he was treated as ‘human capital’. As a result, very little was for the education and training of man to bring about his cultural advancement and to nurture fellow-feelings in him. Even today, disparities exist in the provision of basic services like potable r, sanitation, medical care, roads, fuel gas, electricity and telephones between rural and urban areas and between rich and poor countries, although a lot of lip service has been paid to the equality of human beings. The allocation of resources has been guided mostly economic and financial criteria and not by human needs similarly, the research programmes in science and technology are guided by potential pay-back for business firms or economic power for the state. Capital, wherever it is available, flows to the programmes where it has all the safeguards and an assured return. Financial considerations reign supreme. There are vast spans of undeveloped earth and oceans, and infinite potentialities of development, enough to enrich everyone on this earth provided finance is available to explore these possibilities. But unfortunately finance becomes available only at a certain rate of interest. Projects which do not assure the going rate of interest to the financier starve for funds. Millions of human beings are unemployed only because the money-lender insists on his pound of flesh. All programmes of human development, education, training, scientific research, and construction of infrastructure require finance which becomes available only at a cost.

The lesson of the 20th century appears to be that full employment is not possible until we can attain ‘euthanasia of the rentier’. Therefore, the challenge of the 21st century lies in inventing a mechanism for providing finance on an interest-free basis. If man is able to discover such a mechanism he would be able to unshackle himself from the bonds of money. It would usher in an era of human supremacy over money rather than money over human beings. Although interest on finance has been denounced by all religions and thinkers of various shades of thought throughout the ages, very little serious effort has been made to find out a practicable mechanism to provide institutional finance on an interest-free basis. The 21 st century should accept the challenge of liberating man from the bonds of finance.

In many ways, the stage is sec for such an endeavour. On the economic front, the debt trap, stagflation, unemployment, and growing disparity between the rich and the poor nations are some of the compulsions posed by the 20th century. The awareness of the atrocities of interest is increasing and the need for interest-free finance is being felt. On the political front, the dramatic changes in the communist countries and the long-range fears of internal contradictions leading to some identical blow-up in the capitalist world, compel us to evolve an un-exploitative framework so that the 21st century would become the century of hope for man.

There has been an increasing realization in the UN and various regional organizations to give greater importance to the development of man. But these programmes miss the essential point. Man shall never be able to develop if he remains subservient to finance. He must release himself from its clutches. The availability of interest-free finance would enable man to harness vast areas of land. It would eradicate unemployment and under-employment to an extent that could obliterate fiscal deficit and help in calling a halt to inflation. On the international front, the present outflow of resources from the poor to the rich nations in the form of interest would stop. The poor nations would toil for their own betterment and not for the betterment of their money-lenders. It would be, in Keynes’ words, a ‘sea-change’ for humanity.

We should enter the 21st century with the resolve to develop a practical mechanism to make finance available free of cost. All other strategies to promote world prosperity and peace are likely to fail if adequate finance ‘is not available. Therefore, we should try to overcome the most insurmountable of all obstacles first. It would lead to an era of prosperity for all.

The suggestion seems to be utopian. But history gives us hope and courage. There was a time when ideas like abolition of slavery, the introduction of adult suffrage, education-for-all, and equality between men and women were wild dreams of visionaries. A few decades back, let alone a few centuries, all these ideas were considered as impractical as is the vision of an interest-free world today. Given the ingenuity and will of man, however, this dream can also come true. It would make the 21st century worth living. It would virtually transform the whole earth into a heaven.

The present book aims at showing the contours of an Islamic economy. Its main theme is that the neo-classical economics which has fashioned the present-day world has outlived its utility. Its approach is narrow, its assumptions are unrealistic, and its strategies inhuman. It has landed humanity into an abyss of problems. If human thinking does not transcend the basic framework of neo- classical economics, the future of man on this globe is pretty bleak.

In this background, the Islamic economic precepts provide a ray of hope. The present book invites the reader to cast an objective look at the principles / of Islamic economics and perceive their potential. The book addresses both the common reader and the professional economist trained in the West. It is not, however, a detailed exposition of the subject. Instead; it attempts to give a bare introduction to the subject of Islamic economics.

Chapter one gives a broad overview of the subject. It is intended for those who cannot spare the time to go through the entire book. It is a quick run-through of the main themes of the subject.

Chapters two : and three are more in the nature• of an academic excursion into formalizing the basic precepts of Islamic economics. They define the subject and spell out its scope and methodology. They are meant for professional economists and students of Islamic economics at the university level.

Chapter four gives a brief resume of the practice of Islamic economics in the present day world. It shows the eagerness of the Muslim countries to put into practice, albeit inadequately, the basic principles of Islamic economics.

The last two chapters argue that Islamic economics is the economics of the future and that neo-classical economics can benefit from its principles and methodology.

Two appendices follow the main text. The first discusses the liability of the shareholders in a joint stock company. The second deals with discounting for project evaluation. We believe that as compared to capitalism, Islam has a distinctive position on these issues. But the main text could not afford their discussion as it would have disturbed the balance and continuity of the book. Therefore, we have made them into appendices. We have added a select bibliography of recent writings on Islamic economics to help a serious reader pursue the subject further. We believe that the book will be able to stimulate further thinking toward establishing an interest-free world economy imbued with the Islamic values and norms of behaviour. We fervently hope that the prejudice of the modern world against religion will not undermine the rationality and objectivity of the contemporary man. We hope that the people of our age, who are likely to close the present century in a state of despair, will see a ray of hope in the principles of the Islamic economic order.

Contents

 

  Foreword v
  Preface ix
  Acknowledgement xiii
One Islamic Economics : An Overview 1-25
Two The Nature of Islamic Economics 29-52
Three The Methodology of Islamic Economics 57-77
Four Islamic Economics in Practice 79-85
Five Hope for the Future 85-104
Six Direction of Future Research 107-111
  Appendix I 113
  Appendix II 116
  Notes 121
  Glossary 131
  Bibliography 135
  Subject Index 145
  General of Names 151

 

Sample Pages










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  • The Basic Principles of Islamic Economy




    INTRODUCTORY BOOKLET ON ISLAMIC ECONOMY

    BY

    ALLAMA MUHAMMAD YOUSUF GABRIEL



    TRANSLATED BY
    M.ILYAS MALIK


    PUBLISHED BY

    ADARA AFQAR GABRIEL {OQASA}
    Quaid e Azam Street Nawababad Wah Cantt
    Distt Rawalpindi
    Pakistan
    www.oqasa.org

    Forewords
    Though this book- The Islamic Economy’ Compiled by Allama Yousuf Gabriel, seems a booklet yet it provides its readers a refulgent economic system. The basic unite of this system is ‘DAULATAH’, an Islamic term that does not mean ‘wealth’ at all. It is an objective of other Islamic terms known as brotherhood, equality, forbearance and liberty. It is the instant of mutualism and humanism. It actuates the readers on inhibition and sacrifice. As Islam is a practical religion, so is Duluth. It is an injunction to control inflation. This recipe is not only for the Muslims but also for the all societies and creeds throughout the world. It creates the spirit to have faith in one God and the life hereafter. It is an accusatory code of economic system and it inspires to act upon moderation. Moreover, it commands to refrain the monopolization of capitalism, imperialism, feudalism and autocracy because of the fact that all human beings belong to Allah, the Almighty. So Islamic Economy is peerless that prevails miracally all other economic systems of the world.
    May God bless Allama Sahib with heavenly home for this attempt for the survival of human race!
    {Muhammad Ilyas}
    This introductory book on Islamic Economy attempted by Allama Yousuf Gabriel is a stunning success on account of its principles extracted with the reference of the Holy Quran and rationalization of the decisions accomplished by the Holy Prophet P.B.U.H and the four caliphs. It provides the readers unrivaled economic justice to avail themselves of the equal probability of cerebral and corporeal demands besides medical and spiritual needs. In short, it is an anodyne remedy of human sorrows and anguish. If a community universalizes these economic principals painstakingly, all social evils will confiscate by it because economic discrimination indicates a backward and contaminated society.
    {FAIZAN}
    We deem that Islam is a universal religion and inclusive code of life because it has encircled each and every phase of human life. However, some diverse aspects acquire different characteristics and the way of condemnation is according to their basic traits. Islam has two main aspects, reliance and worldliness. The phase of faith has been unveiled from Alfa to omega since then the Islamic history. The second facet of Islam is worldliness and the objective of this feature is economy, which remains unpredictable. No doubt, Islam is a unique religion and every thing has been mentioned in it meticulously but accomplishment of some laws is gradually according to the suitability of state of affairs. The variation is only that the economic affair depends upon long-term plans while the economic principles have been derived from the Holy Quran and the Sunnah of the Holy Prophet.
    Very likely, the anthology of all economic laws for all ages up to the Day of Judgment was intricate in view of diverse economic arising in different ages in the age of Prophet hood.
    It comes out while assessing the focus that execution of the rules was essential increasingly whereat it may harm Islam in the preliminary juncture because of the extreme enmity against Islam but the reason for the slow and steady implementation is offered by the example of seed which has all persona of a tree but gradually.
    Further, man is a part of whole, called by us universe. The aspects of universe are two, spiritual and material. Because, Islam is a universal religion, and the universality of the universe is present in Islam. The spiritual aspect of universe and the faith aspect of Islam will linger constant up to the Last Judgment and life hereafter as well. The matter of grasping side of universe is dissimilar.
    This side of universe appeared steadily and is variable momently and will culminate one day for the cause of changeability. On the same prototype, the principles of Islamic economy were implemented. If the culmination of Caliphate and the initiality of Mulukyat had not happened, the economic principles would have remained changeable.
    Supposingly, the scientists claim that the earth we live on was ablaze mass of fire. If it is true, there were only thermodynamics principles. Then they claim that it began to cool steadily even it began to rain. If this theory is admitted, then the rules would be of metrological and then botanical and on the birth of human and animals, the rules of zoological would be implemented. Then, it has to admit that all such rules were present in the Holy Book. On the same pattern, the principles of economy had been already present in the Holy Book, the Quran and the Sunnah. For the validation of this subject, an example of slavery is adequate.
    Slavery, as it was in the time of ignorance was not accepted to Islam even for a day, at all but, the commands in opposition to it revealed gradually because they might create a niggling situation, but environmentally, such organism was created that the blight of slavery vanished and equality prevailed. A question rises about the method. The retribution for some crimes was to get slave free. After that, some amount of wealth was suggested to get freedom if both, the master and the slave agreed.
    Even then, the verse was revealed that the amount collected by ZAKAT could be spent to get the slave free.
    And then Allah’s command that feed your servants with the same food you yourself eat and give them clothes you yourself wear. But, soon after the end of Calliphate, the Muslims gave up that peerless economic system which was not less than a tragedy.
    For the believers, the scientific theory was mentioned only by the way of supposition despite the fact that Allah has created this universe in six days according to the Holy Quran. Now, I request to pay full attention what I want to say. Ignore, what I am, where I am, but I can never see my nation astray.(The Author}.
    The elementary Principles Of Islamic Economy
    The set of guidelines of our belief is that what so ever the world and in the world, is in the ownership of God because He is the only creator. Man is martal. Man’s life is impermanent and uncertain. Man comes and departs, neither gains nor loses. The concept to be put under discussion is’ possession’. Very likely, the concept of such possession, which only suits to Allah, may create in man’s mind and heart. If it happens so, it will be considered a ‘Tyranny’ because of the fact that man is violating or deviating the unity of Allah and the belief in the life hereafter, which is permanent.
    Behold, in each street, village, town and city in Pakistan and other Islamic world, there is a Farroh whose worshippers are present around him in different positions. Some one is standing before him tying his hands, some one is bending before him and some one has fallen on his feet. So this situation is intensively sorrowful for the inhabitants of Pakistan, which is known as the torchbearer of Islam. And it is an admitted reality that Islam is to remove ‘Tyranny”, not to adopt it. The Islamic concept of ‘unity of God, as a faith, is to struggle against the person challenging God’s system Until the concept of possession like Farroh’s is present, and if steps are not taken for its removal, our economic, social, religious, moral and political situation cannot be bettered. Allah prohibits this infidel economic system that concludes an eternal curse.
    The second concept of “Possession’ is Jewish which is endless. In this concept, man is not bound to collect wealth or to act upon equality, brotherhood and forgiveness. Usury is the inhaling spirit of this system. This system is found in its full swings in the capitalist and feudalist countries in the world.
    The Third concept of possession is Islamic concept.
    The earliest Muslims were so convinced of the sublime nature of the Holy Quran and the excellent character of the Holy Prophet {P.B.U.H} that they did not need any other proof. Apparently or disapparently, a Muslin confesses that the world, and whatsoever in the world is, even his own existence belongs to Allah, The Almighty.
    The fact is that,
    What so ever, a man earns or produces belongs to Allah and the luck of a man is temporary and conditional for a time he is alive. Moreover, he deserves from his wealth only the same what fulfills his general needs. Except that, whatsoever he possesses, is the fraction of the persons who have been deprived on account of some reasons known by Allah. It means that as a test, a part of handed property for some people has been delivered in the hands of other persons whether they pay or not this right whom it deserves to. All the Muslims on the earth are one brother hood and are like the same family and they are the equal cohorts in God’s blessed wealth according to the values of brother hood and equality.
    What we are to know that all living things on this earth have allocate characteristically from God’s blessed treasure but man’s matter is required a such economic system wherein equality values can be put into forth accurately from individual to collective so that Tyrannical salience can be nipped. So, it is averred that Islamic economic system prevails miracally all other economic systems throughout the world because of it’s refulgent principals that consist of charm of collective relations, individual rights, righteousness and equilibrium. Let’s come to the point. Though Islam pays a person the right of handed property and does not have confines on it yet it disfavours the wealth gyrating only in the hands of riches. Apparently, it is contrariness but wondrously makes adjustment between these two different theories. The only key for the elimination of this controversiality is moderation which is the fundamental of Islam. Besides this, there are four other principals known as lenience, impartiality, brotherhood and liberty. The mutual attraction of the above-mentioned ethics is the spirit of Islamic economy. Where ‘ autonomy ‘ pays the right of handed property and does not have limitation on it, there, tolerance will demand for the inadequate right of one’s wealth as one can carry out one’s requirements easily. Equality pays the scale of mutual equation and brotherhood provides the spirit to bear the shock of sacrifice of wealth and actuates to scarify too.
    Regarding all these things, it comes out that average annual income of middle group of a nation will be standardized and the surplus will be taken back in the form of taxes to spend on the persons below this standard so that they may be lifted up to the fixed standard. This group of people pertains labourers and servants etc. Zkakat’ which is the blooming flower of Islamic economy for disable persons will be arranged separately. The salary of servants and labourers will be fixed in accordance with the ratio of wealth taken back from the persons above that standard. In this regard, as much wealth will be taken back, as the salary will be raised. Under this system, neither complaints nor dearness will take place. The whole nation will take the shape of a family. The fixed average standard of the nation is variable. If the country economy rises, the whole nation will be benefited equally. If country economy falls, all will be equally affected. The point to achieve this object, the implementation of boundary will not affect one’s handed property rather the annual income or profit. This system is called “DAULTAH”.
    Regarding this system, all demands like liberty, equality, brotherhood and tolerance will be fulfilled. Because brotherhood pertains goodness, hence, a person who earns ten lacks annually and deposits nine lack and seventy thousand in the national treasure, acts upon the passion of brotherhood. More ever, equality is an Islamic term witch can’t be defined as rivalry. It means to endow with a person equal probability of intellectual and spiritual development besides medical and physical needs and fundamental rights regardless colour or race.
    Of course, Allah keeps in esteem only him who acts upon piousness. The dogma of ‘Oneness’ is the basic creed of Islam and equality is the reflection of it. It is the sign of removal of tyranny. The theory of equality is such a spirit, which is running through each and every sphere and aspect of life. A point to overcome all economic problems and issues is “MODERATION” which is refulgent characteristic of Islam. For the achievement of this purpose, a line should be drawn at an average level between rivalry, which is quite unfeasible, and discrimination. This line will be called an Islamic equality. This point is adequately supportive and it will actuate on candidly division of wealth according to the Holy verse ‘Allah bestows countless whom He wants’. The explanation of this verse is. Allah is the only power that bestows all of us, and it may be less or much. Man has been put into a test in both states of affairs and man is unable to judge this viewpoint but Allah, The Almighty. Though, a little knowledge that man understands comes out after the age of poverty or affluence. The other philosophy of this verse is that neither wealth on a large scale is the sign of pride or is not due to a special virtue nor poverty is the sign of curse. The real purpose of this verse is that nonbeliever should not saunter the poor Muslims on account of poverty because these poor Muslims will get better place in the life hereafter. This verse negates the thought that the riches as well as their wealth are above law and they are not culpable. In fact, poverty is for gratification and richness is to help the poor because both are the blessings of Allah, The Almighty.
    According to the Holy verse, the both should be helped. The poor may suffer from infidelity for the cause of poverty and the rich may become Farroh. In other words, wealth earned by anti Islamic means, is inequitable. Further, the awareness is needed to awake that man has been given a test in the both conditions because the human life depends upon mutual service. So on the principles, the universe is, if rivalry is brought to forth in one’s mind, is a conflict because of impossibility.
    Logically, if it is thought that the universe wherein we are, is working like an automatic man made machine, is an illusory. The negation of this logic is faith. The fact is that there is a power that is controlling it. The power is Allah.
    For an example, it rains. Sometimes, it rains heavily and occasionally, it hales and snow falls. No time boundary, no seasonal condition. Anyhow, physical and chemical causes effect this system but we are to think for a moment who brings these seasonal changes. Sometimes it rains after months and sometimes it passes years and sometimes-continual while the pullies of a machine work according the setlines. Not only this but the same surroundings and the same atmosphere should be in the rain time when it rained before while it is impossible because it is the sign of an automatic machine or rivalry. Further, all of the human beings should be same in size, shape and colour.
    The objective of the subject
    No doubt, this world is full of colours and charms but the world hereafter has been arranged with the richest colours and charms beyond man’s imagination with the reference of the Holy Quran. All of the things in the universe have no choice but to obey Allah. But, man’s matter is different because he has been blessed with knowledge and will. It is upon one’s wish, if one desires for this world, is bestowed by God and he enjoys this world without feeling any guilty and does not care other brothers, and if he longs for the life hereafter that is ever lasting where are no sorrows, no worries, no think of livelihood or dresses or any thing else that one will desires.
    So, for that world, man has to do such deeds, which can be awarded, otherwise, he will be thrown into the blazing fire of hell. In some religion, the reward in the life hereafter is due to monkery, but in Islam, one can hope for better home rather monkery, because Islam calls this world, the field of the world hereafter. So we should think of that world and ignore this mortal world. We should act upon humanity and think other people our brothers, because they as well as belong to Allah.


    Updated on 17-7-2014

    by shaukat awan on 26th Nov 2014
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