Role of Islamic Scholars in Islamization of Economics

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Role of Pakistani Ulema in Islamization of Economics

By

Arifa Siddiqui
M-10-45
Session 2010-12

University of the Punjab, Quaid-e-Azam Campus, Lahore

DEDICATION
To my beloved parents who taught me counting but I cannot count their love, and beloved Pakistan which is not a man-made country but God-made country.

* ACKNOWLEDGEMENT
Praise to Allah, most gracious, most merciful, profound thanks are due to Almighty Allah who bestowed me the courage and determination to compute this work. Prayers and blessing on our Holy Prophet Muhammad (Sal Lallaho Elahe Wa Aalehee Wassalam), who is the motive of creation of whole universe, who made great sacrifices to keep us on right path.

No words can express and no deeds can return love to the parents who are the symbol of strength, confidence and guidance. Their prayers and affections are a source of inspiration and encouragement in every walk of my life.

It is my privilege and honor to express my deep gratitude to my dignified and honorable thesis supervisor Prof. Mumtaz Ahmed Salik for his invaluable advices and helpful attitude throughout my work.

I would like to pay my special thanks to my sisters and brothers who always give me strength and share their happiness with me at every step of my life.

This acknowledgement is incomplete without expressing my deep appreciation for the co-operative behavior of my sweet, beloved, nice sisters, Bushra Siddiqui, Atiqa Siddiqui, and Tanzeela Siddiqui. * Arifa Siddiqui

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But for him who shall turn away from remembering Me - his shall be a life of narrow scope (TAHA 20: 124).

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* PREFACE
The achievements of the 20th century are too numerous to be counted. However, in the final analysis, the material advancements of this century have concealed from our eyes the persistent despoiling of human qualities and the erosion of the moral bases of human culture. The unprecedented material prosperity that came along with technological developments made available to an ordinary person a lifestyle which used to be the prerogative of kings alone and the elite in the last century. This became possible only with the help of the money that was made available to finance scientific research and large development projects. But unfortunately the entire effort to increase the inventory of material possessions and comforts left out of its focus the most important element - man himself. The accumulated effort of all nations of the world during the whole century contributed only to the growth and development of human beings as mere cogs in a vast development machine. For man was not conceived as the crown of all development efforts. At best he was treated as 'human capital'. As a result, very little was done for the education and training of man to bring about his cultural advancement and to nurture fellow-feelings in him. Even today, gross disparities exist in the provision of basic services like potable water, 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 by 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...
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