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Islamic Society (11 Jun 2018 NewAgeIslam.Com)


Economic Principles for an Islamic Society Laid Down In Quran Can Lead to a Society Based On Justice, Equality and Economic Prosperity



By S. Arshad, New Age Islam

11June 2018

The holy Quran has laid down principles for every sphere of social life. It has enjoined on the human beings to live a just and fair life giving the human beings their fare share of wealth and other provisions. Since economic aspect of the society is the most aspect of human life, the Quran has laid down a number of economic principles for an Islamic society which if followed will lead to a society based on justice, equality and economic prosperity.

First of all, it should be noted that all the evils of society emanate from corruption, selfishness and a hankering after money and wealth. Therefore, to root out corruption and inequality in the society, the Quran enjoins on man not to be selfish and not to violate the rights of others; to give the poor and the destitute, the orphan their due. We find the following guiding principles in the Quran that can be the basis of a just Islamic society.

Charity

During the pre-Islam period, people would consider giving alms and charity to the poor a vain practice. It was heavy on their conscience to party with their earnings and wealth to the poor and the destitute though the previous revealed books also enjoined their followers to give alms and to help the poor and the need in times of need. Instead, they would seek an opportunity to devour the wealth and property of others by various means. The Quran told people that the poor and the destitute needed care and sympathy because they were the creation of Allah and the rich and the prosperous had the duty to help them. Therefore, the Quran encouraged Muslims to give charity and alms to the poor:

“O ye who believe! cancel not your charity by reminders of your generosity or by injury” (Al Baqarah; 264)

“And whatever ye spend in charity or devotion, be sure Allah knows it all”. (Al Baqarah: 270)

“If ye disclose (acts of) charity, even so it is well, but if ye conceal them, and make them reach those (really) in need, that is best for you: It will remove from you some of your (stains of) evil”. (Al Baqarah: 271)

(Charity is) for those in need, who, in Allah's cause are restricted (from travel), and cannot move about in the land, seeking (For trade or work): the ignorant man thinks, because of their modesty, that they are free from want. Thou shalt know them by their (Unfailing) mark: They beg not importunately from all the sundry. (Al Baqarah: 273)

Thus, charity has been declared as the means of purifying the soul and gaining salvation in the Hereafter. Charity and alms develops among men a feeling of camaraderie and fellow-feeling and strengthens the bond between human beings creating a well-nit society.

Miserliness

Miserliness is another evil of the society that is a hindrance to the development of society because it prevents men from spending their money and wealth on just causes of the society. Miserly men covet their wealth and money and save it till they die without benefitting the society. God says that He has given wealth and money to people to spend on right and jut causes after what is left from after they have met their own needs. Quran warns such people with a heavy torment in the Hereafter and declares such men condemned to go to Hell.

“And let not those who covetously withhold of the gifts which Allah Hath given them of His Grace, think that it is good for them: Nay, it will be the worse for them: soon shall the things which they covetously withheld be tied to their necks Like a twisted collar, on the Day of Judgment.”( Al e Imran:180)

“(Nor) those who are niggardly or enjoin niggardliness on others, or hide the bounties which Allah hath bestowed on them; for We have prepared, for those who resist Faith, a punishment that steeps them in contempt;”- (Al Nisa; 37)

“The Hypocrites, men and women, (have an understanding) with each other: They enjoin evil, and forbid what is just, and are close with their hands.” (Tauba; 67)

The verse of Surah Al Tauba also hints that miserliness is the attribute of the hypocrites. And a hypocrite is a person who is not a Muslim at heart but only feigns to be one.

Lavish Expenditure or Wastage

The Quran also lashes out at those who waste food, money and other natural resources. Food, water and money should not be wasted as they invite economic troubles for the nation and the community.

“But waste not by excess: for Allah loveth not the wasters”. (Al Anam: 141)

“Eat and drink: But waste not by excess, for Allah loveth not the wasters.” (Al Araf; 31)

Zakat

Zakat is the means of distribution of wealth in the society to bring economic equality in the society. In Islam a portion of the income of the rich people is ordained to be distributed among the unprivileged section so that they become prosperous and the gulf between the rich and the poor is minimized. Zakat was also ordained in Torah and other religious communities but they gradually left the practice because they did not like to part with their hard earned money to the poor. Instead the promoted the practice of riba (interest) to take away the money and property of the people to become rich. The Quran revives the practice of Zakat to bring economic equality in the society.

“But My mercy extendeth to all things. That (mercy) I shall ordain for those who do right, and practice regular charity, and those who believe in Our signs;”- (Al Araf: 156)

“And be steadfast in prayer; practice regular charity;” (Al Baqarah: 43)

“And be steadfast in prayer and regular in charity:” (Al Baqarah: 110)

“Allah has bestowed His gifts of sustenance more freely on some of you than on others: those more favoured are not going to throw back their gifts to those whom their right hands possess, so as to be equal in that respect. Will they then deny the favours of Allah?” (Al Nahl: 71)

The Quran condemns the practice of taking and giving Riba declaring it a heinous sin as it violates the economic rights of people.

Interest (Riba)

“That they took usury, though they were forbidden; and that they devoured men's substance wrongfully;- we have prepared for those among them who reject faith a grievous punishment”. ( Al Nisa: 161)

“O ye who believe! Devour not usury, doubled and multiplied; but fear Allah; that ye may (really) prosper”. (Al Imran: 130)

Corruption

Corruption is one of the evils of every society. It existed in the ancient society and exists in the modern society too. Corruption is misappropriation of funds and resources meant for the masses by individuals, rulers or a group of powerful people. Quran also condemns corruption and those who practice it and enjoins on Muslims not to indulge in corruption. Quran asks Muslims not to take away the property of the orphans or weak people and not to substitute mean quality ingredients for good ones and not to devour things meant for the orphans and the poor. Quran also discourages hording of wealth and good depriving the people of their share in it.

“To orphans restore their property (When they reach their age), nor substitute (your) worthless things for (their) good ones; and devour not their substance (by mixing it up) with your own. For this is indeed a great sin”. (Al Nisa: 2)

“Those who unjustly eat up the property of orphans, eat up a Fire into their own bodies” Al Nisa: 10)?

Hording

“O ye who believe! there are indeed many among the priests and anchorites, who in Falsehood devour the substance of men and hinder (them) from the way of Allah. And there are those who bury gold and silver and spend it not in the way of Allah: announce unto them a most grievous penalty”- (Tauba: 34)

The Quran is against all the corrupt and unjust practices that are a hindrance to the development of the society on just and fair basis. These corrupt practices also cause moral and ethical degradation of people making them selfish and oblivious to the misery and economic problems of their neighbourhood. That’s why the Quran has specifically laid down economic principles for an ideal Islamic society.

URL: http://www.newageislam.com/islamic-society/s-arshad,-new-age-islam/economic-principles-for-an-islamic-society-laid-down-in-quran-can-lead-to-a-society-based-on-justice,-equality-and-economic-prosperity/d/115509

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TOTAL COMMENTS:-   31


  • Hats Off's despicable attempts to classify me as an extremist seem to rely on his mischaracterization of CAIR, as if I can be lumped with some of CAIR's past officials with Brotherhood connections! We did go through a lot of mudslinging on CAIR on the inter-net five or ten years ago, but that is all a thing of the past. CAIR today is a respectable civil rights organization, has cooperated with various local police organizations as well as FBI in anti-terrorist activities and education of police officers. Its attempt to fight victimization of and discrimination against Muslims has been remarkably successful. In any case I am not an activist and my sole involvement with CAIR is  paying my annual membership dues. 

    Hats Off will try to make a mountain out of this molehill because he does not have any other mud to sling at me. If one has been reading my comments in NAI for the past several years and still doubts my liberal credentials, one must be either a moron or a liar. Since Hats Off is involved in a campaign of hate against Islam and against progressive Muslims, he has to lie just as all rabid Islamophobics do.

    By Ghulam Mohiyuddin - 6/18/2018 1:13:28 PM



  • Hats Off's efforts to find dated and dubious material on CAIR makes me laugh! Since it is an organization to protect American Muslims from discrimination and harassment, it is bound to displease him because his mission in life is to spread hatred against Muslims and Islam.


    By Ghulam Mohiyuddin - 6/18/2018 12:51:11 PM



  • en.wikipedia.org/wiki/Council

    _on_AmericanIslamic_Relations

    when you run out of honesty, you have nothing. and therefore nothing to lose.

    By hats off! - 6/18/2018 8:41:45 AM



  • exactly. you are a moderate. to you whose position is just an arithmatic average, you find the wolves as reasonable as the hares they hunt.

    you will be a card carrying member of the worst as well as the best. it doesn't actually disconcert you. you are probably inert.

    this is the infantilism. when you cannot ever understand a moral or even an ethical commitment.

    so you will be a member of the republicans and you will also be a member of the democrats. you will be aclu and you will be cair. you will be here. you will be there. you will say this and then you will say that.

    you are indeed a moderate. moderate in scruples, honesty, integrity and the nitty gritty.

    you are blessed. for you cannot discriminate, differentiate, separate, filter or even falter.

    you are the true monad.

    neither here nor there. may your god bless you and do the needful.

    By hats off! - 6/18/2018 7:47:11 AM



  • When Hats Off runs out of arguments he pulls out CAIR! I have told him umpteen times that CAIR members represent the full range of American Muslim opinion from the most liberal to the most conservative. But  facts only come in the way of his campaign of lies and hate so he has to ignore all facts. For his information, I am also a card carrying member of the ACLU.

    By Ghulam Mohiyuddin - 6/17/2018 12:51:41 PM



  • card carrying members of CAIR are suddenly laying claims to oh-so-liberal tender views.
    the sudden innocence syndrome.

    By hats off! - 6/17/2018 8:39:39 AM



  • Hats Off is either just ignorant or a born liar. Show me a single post of mine in which I have expressed any hatred of America. My views on Trump are exactly the views of the vast majority of my fellow Democrats and liberals. When did I ever exhibit any love of money? When did I ever support the idea of bringing Sharia laws to the U.S.? As a matter of fact I have expressly condemned any such ideas!

    The fact is that I am appreciative of more aspects of America than I criticize. And what have I criticized other than Islamophobia which tries to promote hatred of and discrimination of Muslims, something that Hats Off himself is a rabid proponent of? By the way Islamophobia afflicts only a very small percentage of Americans. 

    I am a great admirer of American freedom of speech,  America's very liberal Ivy League universities, institutions such as The New York Times and The Washington Post, its reverence of the First Amendment to the Constitution, and I love writers and entertainers such as Mark Twain, Ernest Hemingway, William Faulkner, Tennessee Williams, Johnny Carson, David Letterman and Jimmy Kimmel. I support, to the extent that I can, politicians such as Bernie Sanders and Barack Obama.

    The degree to which Hats Off lies and vilifies in his attack on me is illustrative of his tactics in carrying on his disgraceful campaign of hatred against Islam and against progressive Muslims.


    By Ghulam Mohiyuddin - 6/16/2018 1:08:53 PM



  • Gulam Mohyuddin how much you will lie yourself.

    Your Muslims arrogance unessacary, your relgious books have sex slavery of Yazdi womens, we not followers of Islam do not care whether you call them Muslims or not for us they are Muslims.

    Look at the Pakistani extremist what they will do with Hindus if they win. You Muslims will never fight for our curse.

    What hatts off is saying in not in his mind it followed throughout Muslims and Islamic history by some Mus,kms groups.

    Live in your own world of lieing to yourself and fooling to non-Hindus but action speaks louder than words.

    By Aayina - 6/16/2018 1:31:25 AM



  • moderates are inherent liars.

    mr. ghulam mohiyuddin thinks nothing of spitting into the very plate he is eating from.

    he hates the ameriacn country, its leaders, its everything, but there is an exception. he loves its money and will walk. crawl or swim to america for green backs but take every opportunity to run it down, denigrate and join traitors who want sharia in there.

    these are the thin edge of the wedge. what a moderate.

    lying comes naturally to a man of very moderate honesty.

    By hats off! - 6/15/2018 5:35:09 PM



  • Sex slavery and jiziya are dead issues except in the mind of Hats Off. He has to hold on to them im order to carry on his disgraceful campaign of hate.
    By Ghulam Mohiyuddin - 6/15/2018 12:45:40 AM



  • Allah is without doubt, all knowing, most wise and if Allah has forbidden usury, no good can come from it but only misery. It may take two millenniums for man to come to the same understanding or may be never quite understand it so deeply it may be enmeshed in it but the fact that usury destroys economies will be proven again and again, and we will continue to rationalize like we have the argument today that fiscal deficit is not bad provided it is not excessive. That is like saying that a little poison that does not immediately kill is OK!
    By Naseer Ahmed - 6/14/2018 10:31:00 PM



  • economics..blah, sub-prime..blah, blah this..blah,blah blah. that blah blah, therefore sex slavery is noble and jizya ia wonderful.

    theorem proved by economical blather and Qur'anic supremacy and blah blah is therefore proved by null hypothesis, market research and thus kuffar means nothing at all.

    the most excellent traditionalist view, that goes everywhere and especially haywire.

    this proves that before the Qur'an people were burying daughters. now they simply stone them.

    By hats off! - 6/14/2018 5:00:03 PM



  • The Quran is a book of guidance/message (zikra lil alameen) for all of mankind (6:90). It prohibits usury, any kind of profiteering, gambling, and by implication speculative trades.

     What is it that we want to achieve through economic activity? Is it well-being for all and elimination of poverty or increasing the size of the national economy measured by GDP?  Our constructed preferences have brought only misery to the masses, degradation of the ecology while enriching a few.

     For an economy to function well, it is not necessary that it be based on interest nor is inflation a necessary evil and the world is better off without the negative sum games of the speculators which only distort the real economy. Today, the real economy (production and sale of goods and services) is only a small fraction of the total economy.

     The sub-prime lending was resorted to only because there wasn’t enough demand for prime lending and the Banks were flush with funds which had to be “profitably” deployed. Instruments such as securitization were invented to make these loans look safe. The profit motive was also strong since sub-prime lending is at higher rates of interest. The banks under pressure to earn interest on funds, lend dangerously. If the government had not come to the rescue of the banks, the entire banking industry in the US may have collapsed like a house of cards.

     Flow of foreign money results in i) increase in Forex reserves ii) matching increase in Rupee deposits on conversion of these amounts. Flow of funds in a different currency leads to a net increase in money supply in the system (world economy) with consequent inflationary pressure. The crisis in the Indian Banking industry is because of the pressure to lend the vast amount of Rupee deposits created from sudden flow of foreign money after liberalization of the economy. There is a pressure to pay interest on the deposits and therefore a pressure to deploy the funds at higher rate of interest which led to dangerous lending resulting in the current crisis of these loans turning into Non-Performing Assets.

     Where does the problem lie? It is a complex subject but there is no gainsaying that the problem starts with taking and giving of interest which is what the Quran is telling us but we have become incapable of understanding as our thinking is blocked by delusionary concepts of what constitutes economic well-being. The Quran puts its finger on the root cause of the problem and tries to eliminate it. The discourse is not accompanied by expounding of economic theories which is left to man to discover on his own. The fact is that economies based on interest find it easier or even necessary to resort to deficit financing since the governments are major borrowers of funds. Deficit financing leads to inflation and to the inevitable step of delinking currencies from tangible value (deficit financing means backed by nothing). All currencies are backed today by nothing but an empty promise. Our greed for interest has led to destruction of the real value. This is proof that the modern economy has become a Ponzi scheme and we have seen and will continue to see national economies go bust and perhaps the world economy itself. It sustains as long as we continue to pretend that the Ponzi scheme can go on forever, but there comes a time when we can pretend no longer. The pressure to contain the fiscal deficit is nothing but pressure to prevent the Ponzi Scheme from blowing up in our face.

     What is rational is not what we can readily explain and what cannot be readily explained is not necessarily irrational. What is rational is what is sustainable and will survive. Ponzi schemes, of which interest is a necessary component, are not sustainable in the long run and blow up destroying real wealth of the people. That should be easy to understand and hopefully therefore, why the Quran has banned usury. There are clear lessons to learn from the examples of Greece, Italy etc.,


    By Naseer Ahmed - 6/14/2018 2:32:26 AM



  • mr. arshad of course is wondering what to say!

    it is the turn of mr. arshad to feel proud as IIT trained ulemas justify the worst as the best and attempt to prove the morality of sex slavery, wife beating, kuffar hatred, nobleness of marrying one's own daughter in law, and other assorted abominations.

    By hats off! - 6/13/2018 5:54:34 PM



  • Anyone who is for jizya tax or sex slavery is not a moderate (progressive) Muslim by any stretch of the imagination. Hats Off pretends that he does not know it in order to carry on his fraudulent war of hate against progressive Muslims.


    By Ghulam Mohiyuddin - 6/13/2018 12:31:00 PM



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