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Development of the Islamic Economics
Author : Dr. Safwan Odaybat
Date Added : 02-02-2023

Development of the Islamic Economics

 

As a science, Islamic Economics witnessed an accelerating dynamic development in the second half of the twentieth century. Al-Azhar University was the first to include Islamic Economics as an independent scientific course in 1961, followed by King Abdulaziz University in 1964, and Omdurman University in Sudan in 1966 (Al-Wajiz in Islamic Economics by Dr. Mohammed Shawqi Al-Finjri, pp.5-7, and Contemporary Financial Transactions in Islamic Fiqh by Dr. Mohammed Osman Shabir, pp.257).

 

One of the recommendations of the seventh Muslim Scholars Conference held in Cairo in 1972 was the necessity of teaching the course, Islamic Economics, in all universities of the Muslim world. This recommendation constituted the first nucleus for the establishment of Islamic Economics Departments and the emergence of institutes specializing in Islamic Economics and Banking. This is especially after the First World Conference on Islamic Economics held in Mecca in 1976. (Al-Wajiz by Al-Finjri, pp.5-7).

 

The experience of the Islamic banks developed following the development of the Islamic Economics. The first experience of the Islamic Bank was (Meteghumar Experience in Upper Egypt) in 1963, which was established as a local savings bank operating under the provisions of Islamic Shari 'a (Zero-Interest Banks by Ahmed Abdel Aziz Al-Najjar, pp.67).

 

The Islamic Development Bank (IDB) and Dubai Islamic Bank (DIB) were established in 1975. Moreover, in 1977, three Islamic banks were established: Faisal Islamic Bank of Sudan, Faisal Islamic Bank of Egypt, Kuwait Finance House, Jordan Islamic Bank in 1978, and Islamic International Arab Bank in 1998.

 

After this long journey of giving and innovation and according to the latest global economic reports, Islamic banking-as part of the Islamic Economics-has achieved world records. Among the key findings of the Global Islamic Economy Reality Report of 2018 produced by Thomson Reuters in cooperation with Dinar Standard:

 

1. The size of the Islamic finance sector in 2017 was $2.438 billion, and is expected to reach $3.809 billion in 2023, with a growth rate of 7.7%.

 

2. The volume of significant investments in the Islamic economy- disclosed in private equity or venture capital funds for the years (2015-2018)-reaches $745 million.

 

3. A major trade movement in the Islamic economy lifestyle products with imports of up to $271.8 billion and exports of up to $210.5 billion. This is according to the Islamic countries data in the Organization of Islamic Cooperation (OIC) for the year 2017.

 

4. The size of the 2017 Islamic economy market reaches $2.107 billion and is expected to reach $3.007 billion in 2023.

 

5. The funding available for investment in the OIC countries reaches $4.9 trillion.

 

6. Islamic financing is undergoing change since digital banking and financial technology are in full swing in this sector reaching $12.6 million available for Islamic Fintech.

 

These recent results indicate the significant and continuous development in the finance and investment sector in various areas of the Islamic economy, including Islamic banks. This indicates the accelerated global trend towards the Islamic economy and the Islamic exchange in particular. Iran takes center stage in terms of Islamic finance market assets amounting to $578 billion; followed by Saudi Arabia then Malaysia. At the same time, we find a growing interest in the Islamic economy by European countries, America and East Asia. For example, Britain is establishing an Islamic Fintech Committee to take the lead position in this field in 2017. In France, Islamic transactions are taught in addition to introducing the specialization-Islamic Economics and Islamic Banks-in dozens of international universities in Europe, America and other countries.

 

 

 

 

 

 

 

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Summarized Fatawaa

What is the ruling of Islamic Law on one who died owing debts and left no wealth? Is it obligatory upon the heirs to settle these debts?

 

All praise is due to Allah, and peace and blessings be upon our master, the Messenger of Allah.
The general rule is that if a person dies owing rights to other people, such as debts, these are settled from his estate, if he left any wealth, before the estate is divided. The Prophet (peace and blessings be upon him) said: “The believer's soul is suspended by his debt until it is settled for him.” Graded ḥasan by al-Tirmidhī. Repayment of debts takes precedence over the heirs’ right to inheritance.
If the deceased left no estate, or left wealth that was insufficient to cover his debts, it is not obligatory for the heirs to pay from their own wealth, but it is recommended for them to do so, because the deceased’s dhimmah (legal liability) remains occupied by the debt. It is reported in some narrations that he remains held in suspension until his debt is paid, and it is not part of filial righteousness for a child to leave his father’s dhimmah burdened with debt.
All of the children may contribute to settling the debt on behalf of their father and cooperate in doing so, even in installments, according to their ability. And Allah Almighty knows best.

What should a person who doubted having missed a pillar of prayer do?

All praise be to Allah, The Lord of The Worlds.                                                                                                                                                                              The prayer of one who doubts having missed one of its pillars is valid, and nothing is due on him/her since having a doubt after offering the act of worship doesn`t undermine its validity. And Allah Knows Best.

Is it permissible for women to attend Tarawih prayer in the mosque?

Yes, it is permissible for women to attend Tarawih prayer in the mosque, provided they observe modesty, proper covering, and avoid mixing with men.
The Prophet ﷺ said: "Do not prevent the female servants of Allah from the mosques of Allah." [Bukhari and Muslim]

What is the ruling on using the *subḥah* (prayer beads) to count during *tasbīḥ* and *dhikr*?

All praise is due to Allah, and peace and blessings be upon our master, the Messenger of Allah.
It is recommended to use the ordinary or electronic subḥah (prayer beads or counter) to count tasbīḥ, dhikr, and istighfār, because it helps one to remember Allah. Many reports have been transmitted from the Companions and the Followers (tābiʿūn) showing that they continued to use strings of date pits as an aid to dhikr and tasbīḥ.
It is one of the lawful means of worship. Indeed, what is established from the Prophet (peace and blessings be upon him), namely that he counted tasbīḥ on his right hand, shows that it is permissible to count tasbīḥ with whatever helps a Muslim keep track of the number. There is therefore no basis for calling it an innovation (bidʿah), and we know of no jurist who said so.
Al-Ḥāfiẓ al-Suyūṭī (may Allah have mercy on him) wrote a dedicated treatise on the subject titled al-Minḥah fī al-Subḥah, printed within al-Ḥāwī li’l-Fatāwī (vol. 4–6).
Shaykh al-Islām Imam Ibn Ḥajar al-Haytamī (may Allah have mercy on him) was asked: Does the subḥah have a basis in the Sunnah? He replied: “Yes, and al-Ḥāfiẓ al-Suyūṭī wrote on this. Among the evidence is what is authentically reported from Ibn ʿUmar (may Allah be pleased with them both): ‘I saw the Prophet (peace and blessings be upon him) counting tasbīḥ on his hand.’ Ibn Abī Shaybah, Abū Dāwūd, and al-Tirmidhī also narrated: ‘Hold fast to tasbīḥ, tahlīl, and taqdīs, and do not be heedless, lest you forget the affirmation of Allah’s oneness (tawḥīd). Count them on the fingertips, for they will be questioned and made to speak.’ Counting tasbīḥ with pebbles, date pits, and a knotted string has also been reported from a group of the Companions and those after them. Some scholars held that counting on the fingertips is better than the subḥah, based on the ḥadīth of Ibn ʿUmar. Others distinguished, saying: if the one reciting is safe from miscounting, counting on the fingertips is better; otherwise the subḥah is better.” [al-Fatāwā al-Fiqhiyyah al-Kubrā, Vol.1/p.152]. And Allah Almighty knows best.

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