Islam is hinged on the belief in one true God, the
Sustainer of the universe. It has its belief deeply rooted in the Hadith which
is the life and teachings of the Prophet (Sunnah) recorded by the Companions
and handed down to later generations, and the Qur’an revealed to Prophet
Mohammed.
In the same vein, Islamic economics is in
accordance with the Islamic law which is based on divine revelations and
inculcates all aspects of human life with accountability, and the resourceful
and equitable use of resources.
The beliefs that underpin Islamic economics are treated
under the following headings:
Trusteeship
Islam reiterates that all things are owned solely
by Allah. All wealth is entrusted to human being by God and account will be
given on how the wealth is spent. And because man is a Khalifa (trustee), he is
not expected to hoard and deny others who are in need of the surplus wealth but
rather share amongst the poor and the needy.
Quran says:
“Lo! We offered the trust unto the heavens and the earth and
the hills, but they shrank from bearing it and were afraid of it. And man
assumed it. Lo! he hath proved a tyrant and a fool.”
This shows the great responsibility Allah (SWT)
placed on man as His vicegerent on earth and for which man will be held liable.
Man is consequently subject to the conditions of the trust and must always keep
in mind that the real proprietor is God.
Spirit of Brotherhood
Love for fellow man is accentuated in Islam.
Looking beyond one’s self-interest and having in mind the needs of fellow human
beings. Islam compels the extension of assistance to the poor, orphans and the
wayfarer in the spirit of brotherhood as this ensure adequate redistribution of
wealth and prevent poverty and the resultant crime that may arise. The importance
of care and giving is emphasized in the following verse of the Qur’an:
They ask you about giving: say, "The charity you give
shall go to the parents, the relatives, the orphans, the poor, and the
traveling alien." Any good you do, God is fully aware thereof."
[2:215]
It is also worthy to note that this care is not
limited to material welfare alone but it also extends to spiritual welfare.
Humble living
The need to live modestly and shun ostentatious
life style is stressed in Islam. There is no index to measure what is
considered extravagant but man should always live in moderation and not amass
wealth more than he needs at the expense of others.
Shura
Islam enjoins representative democracy. It
encourages mutual consultation in making decisions that affect individual(s)
and the community as a whole. Two heads they say are better than one; and since
no single person is an Island of
Knowledge, communal consultation brings out good and quality decision to
all concerned.
Allah says in Quran:
“Those who hearken to their Lord, and establish regular
Prayer; who (conduct) their affairs by mutual consultation; who spend out of
what We bestow on them for Sustenance” [are praised]
(42:38)
The Quran has presented shura as a principle, and
not as a system, of governance. This distinction is important to note because
the Qur’an has thereby left it to successive generations of Muslims to continue
to apply this principle toward more perfect resolutions.
Productive enterprise
Islam makes it a duty for every individual to
strive to earn a living. Creation of wealth is highly encouraged and is seen as
part of faith. Laziness and idleness is frowned upon in Islam and the lazy
fellow is regarded as being ungrateful to God for leaving the vast resources
available for utilization and development unexploited.
Prohibition of Riba
Islam considers interest as the most unfair
institution for humanity and has abolished it in its entirety. Wealth can only
be generated through lawful deal and investment. Any profits relating to these
deals are shared between the person providing the resources and the person
providing the skill. According to the Qur’an, taking interest is compared to
war against God and the Prophet. This can be found in the following verse of
the Qur’an:
O ye who believe! Observe your duty to Allah, and give up
what remaineth (due to you) from usury, if ye are (in truth) believers. And if
ye do not, then be warned of war (against you) from Allah and His messenger.
And if ye repent, then ye have your principal (without interest). Wrong not and
ye shall not be wronged.
(2:278-279)
Sharing of Wealth
Human beings are enjoined to view wealth as a means
of survival and not to accumulate wealth more than is needed. Man should only
hold enough to grant him freedom from hunger and freedom from domination by any
other than Allah. Any wealth acquired over and above these needs should be
redistributed in the spirit of brotherhood to the less fortunate. Hoarding of
wealth has been condemned in clear terms and those who hoard wealth have been
threatened with a painful punishment in the hereafter.
And let not those who covetously withhold of that which Allah
has bestowed upon them of His Bounty (Wealth) think that it is good for them.
Nay, it will be worse for them; the things which they covetously withheld shall
be tied to their necks like a collar on
the Day of Resurrection…………
(3:180)
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