Articles

Islamic Economy (An Introduction)
Author : Dr. Safwan Odaybat
Date Added : 12-09-2022

Islamic Economy (An Introduction)

 

Amidst the increasing economic crises that hit countries every now and then, the recent fall of capitalist economy, the failure of socialism, and the fall of communism in the late eighties, conflicting calls have emerged:

First: A call for the application of an Islamic economic system, encompassing macro and micro levels, doesn`t discriminate between classes, swings between the steadiness of the total principles and the flexibility of the application to the branches. Accordingly, it constitutes a comprehensive system for mankind, deriving its comprehensiveness from the fact that Sharia is applicable to every time and place. 

Second: A call for applying the fittest economic system to mankind, as agreed by countries, be that system capitalist, socialist or mixed. As a matter of fact, there isn`t what is called an Islamic economic system. Rather, there are mere viewpoints and reasoning that impose a certain meaning on texts of Sharia and limited banking experiences that don`t live up to be called an economic system, in addition to failure to find comprehensive developmental solutions.

What is the concept of the Islamic economy? How true is the assumption that there is an Islamic economic system? We will attempt to give an answer through the following:

From a linguistic viewpoint, economy refers to spending between exceeding and falling short. For more details, kindly check [Al-Mohkam Wal Moheet Al-`Adam by Ibn Seedoh, vol.6/pp.186]. As a term, it refers to "The science that investigates all that is related to fortune, money, earnings, possessing, spending, production, investment, services, savings, poverty and richness." [Al-Mo`jam Al-Iktisadi Al-Islami by Dr. Ahmad Al-Shorbasi, pp.36].

 

Leaving such definitions aside, let`s consider some definitions delivered by contemporary scholars of Islamic economy:

 

First: It is impossible that the Sharia, which is eternal and fits for every time and place, lacks general rules and controls for the themes of Economics, such as fortune, investment, production, and the like. This is because these have to do with man`s succession on earth. These elevate life and cause it to continue; however, without them society will return to the life of the jungle and take the path of extinction. Rather, these themes are amongst the requirements for the perfection of Sharia, about which Almighty Allah Said (What means): "This day have I perfected your religion for you, completed My favour upon you, and have chosen for you Islam as your religion." [Al-Ma`idah/3].

 

Second: Demonstrating the greatness and comprehensiveness of Sharia to all aspects of life, including economic terminology, is one method for calling people to the way of Allah. Rather, it is calling to Him with insight and knowledge. This call also needs scholars of economy who are aware of the minutest details of this field and its emerging issues from Sharia, legal, and specialist technical aspects. Their knowledge and experience will enable them to deliver Fatwa, make disciplined Ijtihad, and understand texts using their talent in jurisprudence. We may add that this is a collective obligation.

 

Third: The general rules and the total principles of Sharia are tantamount to a general constitution on which rulings rely. "In terms of jurisprudential principles, the economic policy of Islam is divine, but in terms of application, it is secular." [Thatiyat Al-Siyasa Al-Ektisadiya Al-Islameyah Wa Ahmeyat Al-Ektisad Al-Islamic by Dr. Moh. Shawki Al-Fangari, pp.18]. Consequently, there are many texts of Sharia about the economic policy. For example, Allah The Almighty Says (What means): "And do not eat up your property among yourselves for vanities, nor use it as bait for the judges, with intent that ye may eat up wrongfully and knowingly a little of (other) people’s property." [Al-Baqara/188]. He also Says (What means): "In order that it may not (merely) make a circuit between the wealthy among you." [Al-Hashir/7]. Moreover, narrated a man of the Companions (RA): I went on an expedition with the Prophet (PBUH) and heard him saying: "People are partners in three things: grazing, pasture, water and fire." [Reported by Ahmad and Abu Dawood, and its narrators are reliable (thiqah)]. The Prophet (PBUH) said: "If anyone makes a barren land productive, then it belongs to him." [Reported by Ath-Thalatha. At-Tirmidhi graded it Hasan (good)].

Economic theories that fit to be a just comprehensive economic system for reforming mankind have been established upon these jurisprudential principles.

 

Fourth: We conclude that Islamic economy is "A science that examines whatever is related to fortune, money, earning, possessing, spending, production, investment, services, savings, poverty and richness in light of the principles of Sharia, its total rules, and the Islamic value system."

 

The published article reflects the opinion of its author

Article Number [ Previous | Next ]

Read for Author




Comments


Captcha


Warning: this window is not dedicated to receive religious questions, but to comment on topics published for the benefit of the site administrators—and not for publication. We are pleased to receive religious questions in the section "Send Your Question". So we apologize to readers for not answering any questions through this window of "Comments" for the sake of work organization. Thank you.




Summarized Fatawaa

Where should a woman who is led by her husband in prayer stand?

All perfect praise be to Allah The Lord of The Worlds                                                                                                                                                                          It is from Sunnah (Prophetic tradition) that she stands behind him. And Allah Knows Best.

Is it permissible to agree with a butcher to purchase the meat of an animal after it has been slaughtered — for instance, by buying the meat of a sheep at a price determined by the weight of its meat following slaughter, at a fixed rate per kilogram? And what is the ruling if the animal is being purchased with the intention of it being an uḍḥiyyah (sacrificial offering)?

 
 
 
 
 

All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
It is not permissible to sell livestock in the manner of pricing each kilogram of meat after slaughter at a fixed rate, because the meat within the animal prior to slaughter is unseen and unknown. This leads to jahālah (ignorance of the subject matter) and gharar (contractual uncertainty), both of which are among the invalidating factors in sales transactions.
However, it is permissible for the buyer to issue a promise to purchase the meat of the animal after slaughter at a specified price per kilogram, with the actual sale being concluded at the time of weighing the meat — at which point both the quantity of the goods and the total price become known. There is no Sharī'ah objection to this arrangement.
The jurists have stipulated that for a sale to be valid, both countervalues must be present and observable. Al-Khaṭīb al-Shirbīnī, may Allah have mercy upon him, states:
"It is valid to sell a heap of grain whose total measure is unknown to both contracting parties at a rate of one sā' per dirham. This sale is valid because the subject of sale is present and observable, and ignorance of the total price is not harmful since it is known in detail — and uncertainty is thereby lifted."— [Mughnī al-Muḥtāj, Vol.2/P.355]
As for the uḍḥiyyah, the 'aqīqah, and vowed blood sacrifices (al-dam al-mandhūr) — full ownership of the animal must be established prior to slaughter. It is not valid for such animals to be slaughtered while still in the ownership of the butcher. Rather, the animal must be purchased alive and then slaughtered with the intention of uḍḥiyyah or the like. And Allah Almighty knows best.

What is the ruling on fasting only on Friday, Saturday, or Sunday?

In voluntary fasting (nafl), it is disliked (makruh) to fast only on Friday, Saturday, or Sunday.
However:
● If one fasts a day before or after Friday, then that is permissible.
● The same applies to Saturday and Sunday—fasting them along with another day removes the dislike.
● Fasting all three days (Friday, Saturday, and Sunday) together is not disliked.
If any of these days coincide with a recommended fasting day, such as Arafah or Ashura, then fasting it alone is not disliked.

What is the ruling on the Friday bath (ghusl al-Jumu'ah)?

The Friday bath is a confirmed Sunnah, based on the Prophet's (peace be upon him) saying: "Whoever performs ablution on Friday, it is good for him, and whoever takes a bath, bathing is better." (Reported by Abu Dawud and al-Tirmidhi who said it is a hasan hadith). It is recommended for everyone who wants to attend the Friday prayer, even if they are not from its usual attendees, like a woman or a boy.
If a person is in a state of major impurity (junub) and intends by his bath both lifting the major impurity and the Friday bath, he achieves both. If he intends only one of them, he achieves only what he intended. And Allah the Almighty knows best.