Basic Economic Concepts: An Islamic Perspective

Abstract

In the West, the scope of economics limits itself completely to the material aspect of human life. It focuses on how to satisfy as much as possible the material needs of man out of the scarce resources available in respect to land, labor and capital. It also deals with the nature of production, distribution, exchange and money. These can be accepted with emphasis on moral and ethical framework in the scope of Islamic economic system. But being completely mundane and secularized does not make it acceptable to Islam, because Islam synchronizes secular and spiritual aspects of everything being at a middle course. For complete secularism without spiritual synchrony is repugnant to the code of conduct laid down by Islamic law, Shariah. In short, economics in the West, does not deal with ethical and moral questions. It throws away morality and religion, and has nothing to do with consequences of political, social, economic and spiritual side of human behavior in relation to the question of halal (lawful) and haram (unlawful) means. The notion of the basic economic problems as perceived by the Western scholars of economics has no place in Islam. This is because as stated in the Qur’an, “So many a (living) moving creatures carries not its own provision! Allah provides for it and for you. And He is the all-hearer, the all-knower (Qur’an, 29:60). It is “(He) that enlarges the provision for whom He wills of His slaves, and limits it for whom (He wills). Verily, Allah is the all-knower of everything” (Qur’an, 29:62). Prophet Mohammad (PBUH) through whom the Qur’an was sent to mankind commanded and said, “O mankind! Remember Allah; He will take care of you. Remember Allah, you will find Him everywhere, recognize Allah’s right in your prosperity, He will recognize you in your adversity. If you want to ask anything ask from Allah. If you need help, seek from Allah for if all the men together decide to help you they will not be able to do so. If Allah has not written that for you they have no control over it. And if all want to harm you, whom Allah has not meant for you, they cannot harm you a bit. The ink of the pen has dried and the sheets have been collected (Ibn Abbas).

Keywords: Islam, economics, concepts, West, secularism, morality