Islam and Economic development

[Ibtisam]

The issue Islam and Economic development has been playing on my mind for a while, I have tried doing some reading around it and I’m still confused. so normads knock your heads together and help me understand this. Does Islam hinder or aid development is what i am trying to understand. As a muslim i know the answer, but i want prove, facts figures, theories, anything!

This is what I know so far.

 

From a Islamic point of view, you and what you possess is created by the supreme Being and you are accountable to him. You are not free to do absolutely as you please, nor are you completely hopeless pawns. Rather you have a mission to perform with the limited resources you have and with respect to each other and your environment. This is determined by the world view. The current world view is the survival of the fittest (this is the strategy), which would be in direct conflict with your goal (religious responsibility), this is what i concluded, is it correct?

 

The Islam world view is based on three fundamental concepts; the tawhid, the khilafah and adalah. Obviously tawhid is the most important and the other two are its logical derivatives. If the Khilafa is the ideal form of government in Islam for the muslims. The khilafa or ruler ha to be responsible to both God and his subjects for the implementations of the sharia. This limits the ruler’s powers of discretion, which is also held in check by the shura, the consultative council, which has the decision making powers, and the ruler is expected to respect and implement these decisions. A system of balance and diffusion of power it seems. If that’s the foundation of a state, rather than a capitalist or a democratic state, would it have the opportunity to prosper? Note that Islam was reviled in 7centery, when business was different (I know Allah knows best, and he would have know the world would change) But how is Islam applicable to economics today? Does following a Islamic ideology hinder economic development?

 

If anyone can help me.

 

p.s. the only books I can find are by Ibn Khaldun (“Islamic philosopher and historian) and Chapra who is an economics. sayad quttubi I’m still searching for it. Does anyone know of anyone else?

[Baashi]

Help is on the way Ibtisaam. Gimme the wkend and I will get you Abu Ala Moududi's transcript of a lecture he gave in Lahore circe 1946.

 

It is an hour worth of Islamic economical thought. I don't think mighty google can help you find Maududi's lectures but it is worth the try.

 

Let me know if you find Maududi's lectures on the subject.

[Ibtisam]

^^thank you, i'll look forward to it!

all i can find for Sayyid Abul A'la Maududiis is his bibliography, quranic translation and information on his party aND life in India. Nothing on economics.

 

currently reading up on Sayyid Qutb and his work interesting but not what i'm looking for!

 

cheers

[Baashi]

Well let me find the time for typing that lecture. I hope you find it helpful.

[Ibtisam]

again thank you baashi

 

i guess what i am trying to understand is; Islam emphasis the community, and the role of society rather than the individual and their own pursuit of wealth, does this make iSlam is ill-equipped for modern economic development which is built on the idea of individual enterprise and therefore not suited to material progress in this world. :confused:

[Sayyid]

guess what i am trying to understand is; Islam emphasis the community, and the role of society rather than the individual and their own pursuit of wealth, does this make iSlam is ill-equipped for modern economic development which is built on the idea of individual enterprise and therefore not suited to material progress in this world.

Wrong walaal, it's a misperception and I believe that you're 'confusing' islaam here with socialism!

 

Islam encourages the 'individual' to persuit personal wealth and economic success through halaal means. The only responsibilty they have is towards their children, family and relatives. Actually Islaam is best in terms of 'material progress' because of the minimal interference by the khalifate in ones 'wealth' and money. In the west, governments exploit the 'people' by heavy taxation 45-50% of ones earnings and revenues is that fair?

 

No thinking person, who makes a lot of money nowadays in the west keeps their money in Britain or the USA because the 'taxation' is simply to heavy, that's why tax-saving havens such as Monaco (Monte-carlo), Macau and Dubai do so well.

 

In capitalism, states and governments especially the more 'advanced' ones in the system have made it into an 'artform' of stealing other people's money and wealth and because in Islam there is no such 'thing' as taxation, its advisable for that matter only for the folks in the west to 'convert' towards islaam and make it their way of life and ideology!

 

The only 'thing' that is shared by the community are the god-given natural resources such as the 'rivers, seas, oceans, coal mines, oil', which nobody can priviatise because it is shared commonly by the community, this is a great idea so I would have not to pay for my electricity, watersupply and heating!

 

Try reading 'Principles and Objectives of Islamic Economic System' by Sheikh Maududi, inshallah but beware this books contain 'chips' that report back to MI5 and the FBI! So if you're not put off by that, then certainly get that book and have a nice read!

[Allamagan]

Ibtisam,

Last week, I have been to an Islamic awareness week in my university, where masha'Allah a muslim brother called Tarek El Diwany delivered a very interesting and highly informative speech on Islamic economics topic, especially in the Islamic finance.

 

This chap's knowledge of this field you now looking for is hugely extensive, therefore if you have questions I think you can email him. I personally bought his book "The Problem With Interest" right after the speech. He is expert in Islamic finance field and developed investment products in accordance with Islamic principles on behalf of a leading financial institution in London.

 

You can find his email by simply clicking the link below.

 

http://www.theproblemwithinterest.com

hope that helps,

 

am

[Sharmarkee]

Salaam,

 

Ibitisam,

 

Try to find this book in your library, just in case it helps.

 

Islamic Finance in the Global Economy

 

Ibrahim Warde

 

 

"Islamic Finance in the Global Economy provides masterful country surveys . . . and promises to be the definitive critical study on Islamic banking and finance."

—Chibli Mallat, American Journal of Comparative Law

 

"A good political economy account of Islamic finance. Its general viewpoint is well-informed but sensibly critical; this is rare in writings on this topic. It contains a wide range of material in one place in a way that is unique."

—David Cobham, University of St. Andrews

 

 

In the past decade, Islamic finance has grown at rates exceeding 20% a year. It is now a $200 billion industry, with operations in over 70 countries. This book explains the paradox of a system rooted in the medieval era thriving in the global economy. It traces the evolution of Islamic finance, explores its significance from a historical and comparative perspective, and considers the strategic, marketing, managerial, political, economic, regulatory and cultural challenges faced by Islamic institutions. Based on rigorous academic research as well as considerable empirical work, this authoritative book is set to become an invaluable reference work for all those with an interest in Islamic and Middle Eastern economics, business and finance.

 

Contents

 

Introduction: Islamic Finance in the Global Economy

1. Islamic Finance in Theory and Practice

2. Islam, Economics, and Finance

3. Riba, Gharar, and the Moral Economy of Islam in Historical and Comparative Perspective

4. The Evolution of Modern Islamic Finance

5. Islamic Finance and the Global Political Economy

6. Country Differences

7. Financial Products and Istruments

8. Strategic, Managerial, and Cultural Issues

9. Economic Issues: Islamic Finance and Development

10. Regulatory Issues and Challenges: Global Norms and Religious Constraints

11. Islamic Finance and Politics: Guilt by Association

12. Religious Issues and Challenges: Defining Islam and Interpreting the Shariah

Conclusion

Glossary

Index

 

About the Author

 

Ibrahim Warde is lecturer at the University of California, Berkeley and an international consultant specializing in global economics and finance

 

PS: also check out if (Mohammed Qutub)brother of Sayid Qutub wrote anthing about this topic as he wrote many books comparativly between islam and the west, though he is specialist in "Tarbiyah" and education rather than economics.

 

Wa Salam

[Sensual_Healing]

As'salamu alaykum !

 

Sayid Qutb?...

 

as in the finder of the Qutubis? Allahu Mustaa'an Brother i dont know whetehr you have studied Manhaj & Aqeedah but inshaAllaah my nasee7a to you is do a little back information about sayd Qutb because subhanaAllaah you shouldnt be promoting devience Astaghfir'Allaah.

 

his teachings, his student and his followers till this day are being refuted so inshaAllaah reincheck! inshaAllaah i'll give you some of his errors..

His denial of some of the Attributes of Allaah in the way and style of the Jahmiyyah. [The way of the Mu'attilah]

His attacks on the Miracles of the Messenger (sallallaahu alayhi wasallam) .

 

His refusal of the acceptance of ahaad hadeeth in matters of Aqeedah. [The way of the Mu'tazilah]

His denial that Eesaa (as) was raised to the heaven

 

His claim that the point of dispute between the Messenger and the Pagans was with respect to Tawheed ur-Ruboobiyyah only and that Tawheed ul-Uloohiyyah is but Tawheed ur-Ruboobiyyah

 

His claim that the Sifaat (Attributes of Allaah) are but mere imaginations (takhyeel)

 

His refusal to pray Salaatul-Jumu'ah with the justification that there is no khilaafah at the present time.

This list could go on and on inshaAllaah I hope this encourages you to do a little background search on him and make Tawbah if you were jaheel on the issue if Not May Allaah guide you Aameen

 

May Allâh increase our Taq'wa, Îman, Ihsân and Ikhlas, Allâh huma amîn. May

we be loyal to our Creator no matter what the circumstance, Aameen.

[Pi]

Oh not again. I guess we have another Sharmarke on our hands. So, did you read the books of Sayyid Qutb? Nope. You're just parroting what you came across from a Salafi website. Next time, atleast give the SOURCE and dont plagiarize . You didnt even paraphrase almost all of your sentences. You copied it word for word. Not being able to atleast express the ideas in your own words goes to show how familiar you are with what you read. Shameful copy and paste. Ugh!

 

P.S. Amen to the Dua' though.

[Sharmarkee]

Salaam,

 

I think you need glasses, read above I said Mohamed Qutub in here, and he was a lecturer of Umu alqura university of Makkah Mukurmaha last time I knew him as a teacher under the blessings of the Saudis, as for Sayid Qutub though he wrote as no other man like him,also in Jail and behind bars and hanged for that matter and died for what he wrote which basically was "LA ILAAHA ILAA ALAAH" specially in "Macaalim fi Dariiq",but nevertheless anyone can make mistakes,for that matter the mistakes of Mujtahid and the position of the Mujtahid is wellknown in islamic Fiqah, unless you want to speculate,but it's down to the ayyah of Quraan:

تÙلْكَ Ø£Ùمَّةٌ قَدْ خَلَتْ لَهَا مَا كَسَبَتْ ÙˆÙŽÙ„ÙŽÙƒÙÙ… مَّا كَسَبْتÙمْ وَلاَ (تÙسْأَلÙونَ عَمَّا كَانÙواْ يَعْمَلÙونَ (141

 

2:141 That was a people that hath passed away. They shall reap the fruit of what they did, and ye of what ye do! Of their merits there is no question in your case:

 

Ps acknowledge the question in hand is not from Caqaa'id but from the Islamic Ecnomic position, but anyways thanks for your reminder,that late sayid Qutub was a fallen guy in the eyes of the Salafis, am not in positon to argue in here,maybe I need to read Caqaai'd Aldaxaawiyah again.

Peace.

[Sharmarkee]

Originally posted by Pi:

Oh not again. I guess we have another Sharmarke on our hands. So, did you read the books of Sayyid Qutb? Nope. You're just parroting what you came across from a Salafi website. Next time, atleast give the

SOURCE

and dont

plagiarize

. You didnt even paraphrase almost all of your sentences. You copied it word for word. Not being able to atleast express the ideas in your own words goes to show how familiar you are with what you read. Shameful copy and paste. Ugh!

 

P.S. Amen to the Dua' though.

Oh Pi,

 

Didn't I gave you the source of the website Pi, of that "If Shia are Muslims?".?

[Pi]

Dude, I was just referring to cut-paste-and-run technique that alot of people use( you included). It wouldnt be so bad if the person atleast acknowledged the source. Ya know, I kinda get ticked off when I read a post that masterly caps off with a Dua' when it should be capped off with a "citation", especially when the sinister poster gives the idea that he/she is the author of the words.

 

I agree with everything else you said. Caqiida has nothing to do with this. Ask the plagiarist, Sensual, why he/she brought it up.

 

EDIT: No need to hijack the thread. But the point of citation is to give the source before and not after the fact. Kinda pointless to give me a source that I already found. Atleast use "quotation marks" for God's sake.

[Sharmarkee]

^^

Salaam,

 

Pi,

 

I think thats not too much to ask for, waad iga hesha (meesha, iyo meeqa)

[Baashi]

Ibtisaam, I didn't get the time to deliver the goods. Insha'Allah I'll get time to type it.