The Importance of Islamic Economic

Topics: Islam, Qur'an, Muhammad Pages: 5 (1927 words) Published: December 22, 2011
First of all we need to know what is Islamic economic before we carry on discussing the importance of Islamic economic. There are two main categories of definition of Islamic economic are ventured by Muslim economists. The first categories consist of definitions that concentrate on the principles of Shari’ah that make up the framework or the milieu of the behavior of economics agents. While the second categories focuses on the behavior of the agents themselves. Hasanuz Zaman defines Islamic economics as “the knowledge and application of injunctions and rules of the Shari’ah that prevent injustice in the acquisition and disposal of material resources in order to provide satisfaction to human being and enable them to perform their obligations to Allah and society”. Similarly, Zaidan Abu al Makarim’s definition is “the science that deals with wealth and its relations to man from the point of view of realization of justice in all forms of economics activities”. These two definition focuses on determinant of the normative framework of the economics activities, they look at Islamic economics as a branch of Islamic studies similar to Fiqh or the interpretation of the Quran. The subject of Islamic economics, according to this definition is not the decisions that economic units take and their rationality, but the framework that consists of principle, rules and regulations that govern people when they take economic decisions. On the other hand, M. Akram Khan defines Islamic economics as “the study of human falah archive by organizing the resources of earth on the basis of cooperation and participation” and Muhammad Ariff defines it as “the study of Muslim behavior that organizes the resources, which are a trust, to archive falah”. Notice that focus of these two definitions is the behavior of the Muslim economic agent in using resources. Both these categories of definitions do not perceive Islamic economic as capable of discovering universal law that apply regardless of people beliefs and faith. The first categories restrict its scope to the description of the Islamic economic system while the second confines it to the behavior of Muslim individual units within an Islamic framework. For them, the many statement in the Quran and Sunnah that deal with human behavior such as lust of acquisition, desire accumulation, avarice nature, urge for imitation, pursuit of reasoning and observation, love of truth, hunger for venture and sacrifice and many more. Fall outside the realm of Islamic economic except from the viewpoint of their applicability to the Muslim as an economy unit. This restriction leaves a great segment of human economic behavior outside its arena and does not venture to Islamize the discipline of economic itself. The first and the foremost aim and objective of Islam is falah or well-being of the mankind in this world and in the next world. That is why al-Quran, the revealed book of Islam, admires those who pray to God: “Our Lord! Give unto us in the world that which is good and in the Hereafter that which is good, and guard us from the doom of fire…” (2: 201). The Islamic concept of falah is very comprehensive. It refers to spiritual, moral and socio-economic well-being in this world and success in the Hereafter. At micro level, falah refers to a situation where an individual is adequately provided for in respect of his basic needs, and enjoys necessary freedom and leisure to work for his spiritual and material advancement. Meanwhile at macro level, it aims at establishment of an egalitarian and happy society with clean environment, with freedom from want and with opportunities to its members for progress in socio-political and religious affairs. Although welfare of the individual and the society does not necessarily lie only in economic prosperity because moral, cultural and socio-political advancement is equally important, but still Islam does not discourage achievement of material prosperity through fair means....
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