Ijtihad Network Being Wise and Faithful Muslim in the Contemporary World
In the field of economics, Iqtisaduna provides necessary guidelines, values and rules that aim at achieving the twin objectives of social justice and sustained increase in economic productivity.
Islam is a complete way of life. It aims at constructing the entire fabric of human life and culture on the firm foundation of ethical values and principles revealed by Almighty Allah for man’s guidance. In the field of economics, it provides necessary guidelines, values and rules that aim at achieving the twin objectives of social justice and sustained increase in economic productivity. Islamic economic system is based on Quran and the Sunnah. Its central concern is overall prosperity of man, the wholesome and balanced growth of his personality. It prompts that Judicious and efficient management of resources is possible only when an Individual’s total behaviour is designed within a proper ethical and moral framework. It further guides that a just society can be built only when the material and spiritual aspects of human activities are welded together.
The foundation of Islamic economics is laid on the principles of Justice, righteousness, brotherhood, equal opportunity, adequate employment and social security. Justice and social security are the basic foundations of the system. Justice is a very wide and comprehensive term embracing almost all phases of human life. In economic terminology it stands for maintaining balance among the people in respect of their rights as well as rendering their due share conscientiously. The entire universe is made amenable to exploitation by man though it is owned by Allah alone. The life on earth is a test, man is accountable to Allah for his deeds and his success in life hereafter depends on his performance in this life on earth. Islam guides that life is to be conducted in fair circumstances and no one should go without an adequate share of resources that are needed for his survival and good life. Equality of opportunity and social care of the disabled is the minimum requirement that this calls for. Islam discourages (ruhbaniyah) and its economic objectives aim at eradication of poverty, hunger, exploitation, corruption and illiteracy. It further focuses at mobilization of resources for strengthening the Islamic state and spreading the message of Allah and maintaining a sustained growth of economic development.
The literature on the subject of Islamic economics dates back to the early period of Islam. The Quranic injections, the prophetic Traditions and the juristic opinions all taken together provide voluminous material on the subject. Some of the early works on the subject are Kitab al Kharaj by Abu Yusuf (d.798 C.E.), another Kitab al Kharaj by Yahya b. Adam-al-Quraishi (d. 818 C.E.), Kitab- al-Amwal by Abu Ubayd (d.838 C.E), Kitab al Iktisab fil Rizq al Mustahab and Kitab al Asl by Muhammad b. Hassan al Shaybani (d.804 C.E.), Al-Ahkam al Sultaniyah and Kitab al Din wal Dunya by Mawardi (1058 C.E.),and Kitab al Muhalla by Ibn Hazm. Besides these works, we find objective insights on economic matters in a number of compendiums including Imam Ghazzali‟s (d.1111 C.E.) Ihya al Ulum al Din, Ibn Taimiyah‟s (d.1328 C.E.) Al-Hisbah fi-al Islam, Ibn Khaldun‟s (d. 1404 C.E.) Muqaddimah and Shah Waliullah‟s (d.1762 C.E.) Hujjatullah Balighah.
Although Muslim scholars have discussed economic principles of Islam earlier, exclusive attention to the subject is a twentieth century phenomena. It started in the third decade and specialized works appeared in the fourth. The process was stimulated by the world wide economic crisis during the thirties and forties and increased exposure of Muslim mind to the socialist doctrines. Besides this, the independence of Muslim countries and the rise of the Islamic movements also raised hopes of serious attention to the application of the Islamic teachings in the practical affairs of the new states including their fiscal domain.
On one hand economic principles of Islam were thoroughly analyzed and discussed by Muslim Scholars in the light of Quran, Hadith and the vast intellectual heritage left by their predecessors. On the other, the prevailing economic systems; capitalism and socialism were critically evaluated. The two systems, however, emerged as unbalanced and unjust approaches for solving man’s economic problems. A fairly good number of Muslim scholars got seriously and sincerely engaged in this endeavor. They adopted an objective, unbiased and judicious approaches to this issue. We present here, a synoptic view of this effort….
Bibliographic Information
Title: Economic Thought of Muhammad Baqir al-Sadr: A Study of Iqtisaduna (Our Economics)
Author(s): Mohd Lateef Khan
Submitted to: the University of Kashmir
Language: English
Length: 152 pages
