In the name of ALLAH, the
Most-Merciful, the All-Compassionate
"May the Peace and Blessings of ALLAH be upon you?"
Praise be to ALLAH, we seek His help and His forgiveness. We seek refuge with
ALLAH from the evil of our own souls and from our bad deeds. Whomsoever ALLAH
guides will never be led astray, and whomsoever ALLAH leaves astray, no one can
guide. I bear witness that there is no god but ALLAH, and I bear witness that
Muhammad is His slave and Messenger.
Bismillah Walhamdulillah Was Salaatu Was Salaam 'ala Rasulillah
As-Salaam Alaikum Wa-Rahmatullahi Wa-Barakatuhu
ECONOMIC PROBLEMS AND THEIR SOLUTION
Of the many difficulties faced by the world today the economics problems and
those of livelihood are of the foremost importance. In this lesson you will
learn (Insha-ALLAH) about the clear and final solution to these problems that
have been offered by ISLAM.
It may be remembered that a number of people have attempted to solve these
problems specially those of livelihood, but history shows that all such
solutions have been temporary. They succeeded for specific periods for
particular peoples, but failed at the end. Islam is the only religion which
offers such solutions to these problems which are universal and practicable for
all times. Let us see how.
1. The success of every economic system depends on good and comprehensive
planning.
Islam teaches this principle, as follows:
“Make not thy hand tied (Like a Niggard’s) to thy neck, nor stretch it forth to
its utmost reach, so that thou become blame worthy and destitute”. (17:29)
2. These days Banks are considered to be an essential part of Economic system.
And every body knows that the entire business of the bank is conducted on the
basis of interest. This benefits the rich and they grow richer every day but the
poor man is buried under the debts. Islam declares this cruel system as
unacceptable. In its place Islam suggests a system of mutual cooperation without
interest which is called “Mudayana”.
ALLAH, the Magnificent, says: “O ye who believe when you deal with each other in
transactions involving future obligations in a fixed period of time reduce them
to writing.” (2:282)
3. We have stated in Para no. 2 that the rich become obviously richer by doing
business through banks, but in reality they do not. Being rich does not mean
filling up of ones vaults with money, but the facility with which all his needs
are met and he remains contented at heart. You might have observed that one who
is engaged in the business of interest, his needs are never met and he is never
satisfied. Such people cannot even sleep calmly at night. Islam while solving
this problem says that people should stop banking on interest. They should know
that prosperity in business and inner satisfaction lies in acting on the
economic system designed by ALLAH (S.W.T). And interest results in loss and loss
alone.
ALLAH, the Magnificent, says: “O ye who believe Fear ALLAH and give up what
remains of your demand for usury, if ye are indeed believers. If ye do it not,
take notice of war from ALLAH and his apostle. But if ye turn back ye shall have
your capital sums: deal not unjustly, and ye shall not be dealt with, unjustly.”
(2:278-279)
4. In any society the secret of rehabilitation of economic system lies in a
balanced distribution of wealth. That it does not accumulate with a certain
person but every one gets his share out of it. This principle has been
enunciated by Islam in the shape of ZAKAT (Charity) & SADAQAT (Alms). This does
not allow wealth to remain with the rich alone, but they give away a part of
their income to the poor. Thus prosperity is available everywhere. And this is
the system which promises a simple and permanent remedy for poverty in the
world.
ALLAH, the Magnificent, says: “Those who (in charity) spend of their goods
by night and by day in secret and in public, have their reward with their Lord.
On them shall be no fear, nor shall they grieve.” (2:274)
5. One of the reasons of problems of economy and livelihood is that people do
not observe the system designed by ALLAH, which includes both dealings and
worships. Quran mentions yet another reason for economic hardship guiding
simultaneously towards its remedy. That is, ALLAH (S.W.T.) may be worshipped as
He ordains.
ALLAH, the Magnificent, says: “But whosoever turns away from my message, verily
for him is a life narrowed down, and we shall raise him up blind on the Day of
Judgment.” (20:124)
Q.1. Para no. 1 mentions of a golden rule given by Islam for a successful
economic system what is that principle? Please answer after reading verse (29 /
Bani-Israel).
Q.2. In the verse quoted in para no. 2 (282 / Al Baqara), ALLAH, the
Magnificent, has provided a clear and better system in replacement of system of
interest, which is called ‘MUDAYANA’:
i. Why ISLAM is against of interest?
ii. What is the benefit in ‘MUDYANA’?
Q.3. The wealth which does neither provide happiness nor inner satisfaction is
not useful to the people who are indulge in interest. They in reality, wage a
war against ALLAH, the Magnificent, and His Apostle. How, then, could they get
inner satisfaction? After going through the verses (278-279 / AL-Baqara)
Q.4. After reading para no. 4, tell what teachings are provided by Islam for
keeping a balance of wealth and what are its benefits?
Q.5. You have read in this lesson about some Islamic principles of economic
system to earn their benefits. You have noticed that if this system of
livelihood is followed, how many of our problems can be removed. Are you
prepared to make your life really pleasant and happy by acting upon these
principles?
1 We should spend moderately in every walk of life. Neither spends too less nor
too much.
2 (i) Because "Interest" makes rich, richer & poor, poorer (ii) It balances rich
& poor. It also creates co-operation & love between poor & rich.
3. You shall have your capital sums …… not be dealt with unjustly. (2:278-279)
4 Pay (Full) Zakat (Charity) and sadaqat (Alms) if we do this our Society will
be prosperous Insha-ALLAH
Conclusion
Congratulation on completing this basic faith on the Holy Book the “QURAN”! If
you have any suggestion please E-mail me at [email protected]
May ALLAH, the magnificent reward you for your efforts (Amen)