Alhassanain(p) Network for Heritage and Islamic Thought

Conclusion

Islamic economics has been the subject of discussion among Muslim scholars right from the prophet’s period. Early analysis of economic matters was made by them in the disciplines of Tafsir, Hadith and Fiqh. This was followed by abundance of literature that was produced on the subject. The economic responsibilities of the ruler, payment of Zakat, disbursement of public funds, exploration, utilization and development of natural resources and works of public utilities are some of the major themes upon which the early Muslim scholars, such as, Imam Abu Yusuf, Abu Ubayd, Yahya bin Adam Qudamah bin Jafar and Mawardi focused upon their attention. This was followed by special treatment to the other economic aspects such as; buy and sale, prohibition of interest, lending of money and prices, production and distribution, supply and demand, development of various types of crafts, capital formation, trade cycles and international trade. Some of the eminent Muslim scholars who have made analytical study of these economic issues are Imam Ghazzali, Ibn Taimiyah, Ibn Khaldun and Shah Waliullah. The subject got extraordinary momentum in the twentieth century when a number of Muslim scholars came forward and produced abundant literature, in which they attempted to project Islamic economics as a viable alternative to the capitalism and socialism, on the basis of the logical and realistic solutions that Islam provides to the economic problems of man. One of the eminent Muslims scholars and thinkers of the modern times, Ayatullah Muhammad Baqir al Sadr made a significant contribution in this direction.

Baqir al Sadr holds the view that, every economic system has got two aspects; scientific aspect and doctrinal aspect. The scientific aspect of Marxist economy is the historical materialism, while as its doctrinal aspect comprises of Socialism and communism. Historical materialism as an interpretation of history in terms of single factor (economic) does not explain most of the historical and social events which are the results of social, political, religious and psychological factors.

The labour theory of Marx has also many loopholes. It does not apply in case of hoarding and in some technical and monumental productions, as well as when there are fluctuations in the supply and demand. It is not the human labour, remarks Sadr, but the human desire on the basis of which exchange between commodities take place. Similarly, Marxist doctrines viz, socialism and communism are not the inevitable ends of historical and social development. There are enough possibilities that capitalism may be replaced by a society based on some ideology other than socialism, as history bears witness that many societies have emerged in history on military, political and religious basis. However, if the socialism is being given the practical form, it will create a new form of class inconsistency, as individuals naturally differ in terms of their physical capabilities and mental abilities, while as the principle for distribution in the socialist stage is, “for everyone according to his work”. This will lead to the distribution of production among the individuals with different degrees and class inconsistency will take a fresh birth. Similarly, Marxist anticipation that socialism will be replaced by communism does not explain that which class is going to bring this change, as there is a single class in the socialist stage. However, if it is the government itself that will wither away then, it contradicts with human nature. Sadr makes an important argument that, how can government in the socialist stage give a death blow to itself, while every other government on the surface of earth adhere to its centre and defend its political existence till the last moment of its life.

Capitalist economy like Marxist economy has also got two aspects; scientific aspect and doctrinal aspect. However, the laws of the capitalist economy are doctrinal in nature, because, they are influenced by human will and differ from society to society. So far the natural laws of the system are concerned, they are universal in nature and do not belong to any particular system. The remarkable feature of capitalist economy is that, it provides unrestricted freedom of ownership, consumption and exploitation to every individual. However, such an unbridled freedom has resulted into numerous economic problems such as; poverty, hunger, inflation, unequal distribution of wealth and economic backwardness. In fact, it has opened ways for rich people to exploit the poor. Although the level of production has considerably increased in capitalism, but it is not the manifold increase in production, but its proper distribution which ensures individual betterment and promotes welfare of the society.

The distinctive nature of Islamic economy is that it adopts a moderate approach, while solving man’s economic problems. The edifice of Islamic economy comprises of dual form of ownership, judicious economic freedom and social Justice. The various aspects of the system are integrated together, besides the entire system is intimately related with other aspects of Islam such as social, political spiritual and Psychological.

Islamic economy is more a doctrinal one. The Science of the economy can take its real birth only when it is implemented in a society completely based on Islamic Shariah.

According to Islam, economic problems in man’s life are due to his unjust nature and his thanklessness to the bounties of Almighty Allah. Man’s injustice lies in unequal distribution of wealth, while as his thanklessness to the divine bounties lies in neglecting the exploitation of natural resources. Islam provides a broader framework for the distribution of wealth, where no one is deprived from his basic rights.

Islam assigns much role to the state in the economic matters of people. The government can prohibit something hitherto regarded as permissible or make some permissible act an obligatory one, in accordance with the fulfillment of the needs of common people.

The state plays a significant role in providing social security to all sections of the society. It makes continuous efforts for elevating the position of underprivileged subjects and thus maintains balance in the society. In this way, it is free from the imbalances and imperfections which are embedded in capitalism and socialism. Therefore, it is undoubtedly the most practicable and the best alternative for the humanity in the present times to combat the economic crises from which they suffer.

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