The Qur'an confines itself to certain broad principles and values, so far as the economic aspect of man's life is concerned. It does not hold any brief for a feudal, capitalistic or socialistic structure of society, or for any particular values that should guide economic policy in an Islamic society irrespective of time and place. The ultimate objective of "Islamic economic" is to establish just social order in which the material and the spiritual aspects are welded together, with the result that "Progress" and "Prayer" do not represent two watertight compartments but two stone of the same coin, with prayer acting as a stepping stone to human progress and progress leading to the glorification of the creator.
Islam being a code of life for the whole of mankind and not for any particular nation, has not handed down any cut and drives constitution. What it refers is certain broad and general principles for making a well organized social system. According to Qur'an behests an Islamic state must in all respect be formed upon the law laid down by Allah through his prophet (peace be upon him)
Islam is a complete way of life and culture in the light of values and principles revealed by the Allah for man's guidance. Human life is looked upon as an organic whole and it's problem are approached, not in a purely mechanical way, but in the light of moral values and social ideals that Islam expounds. (The purely positivist vision of social sciences developed in the West becomes obsolete in this new context).
The Muslim economist starts from the assumptions that economic neither is, nor can be, totally value free. The social sciences have to have their own instance vi-a- viz human objectives and values. Other economic philosophies fail to encompass the life hereafter and exalt the material value to the status of the ultimate ends. But Islam makes material value insuring in man, reflecting the divine will and ensuring the welfare of both the phases of man's life. This is the features distinguishing Islam's economic system from the others systems. It removes the edge from economic competition and puts human relation on a co-operative basis. It also serves as a principle harmonizing the economic system with the spiritual, social and political system of Islam. Islam's economic system can be properly studied only in the context of the Islamic way of life as a whole, we have a corpus of injunctions relating to almost every aspect of the economic aspect. Life itself is, however, an integrated whole in which the ultimate ends are served by a number of means, spiritual, moral, material, economic and political. For example, the value-end of ibadat or Tawheed: that man should owe allegiance to the one God in all his thought and action. Moral strength enabling steadfast adherence to the right path of temptations and pressures, and freedom from domination by any authority other than that deriving its sanction from God is also necessary. Is also requires that man is not crushed under the strain of such privations as destroy the will, making spiritual and moral independence almost impossible.
Islam being a code of life for the whole of mankind and not for any particular nation, has not handed down any cut and drives constitution. What it refers is certain broad and general principles for making a well organized social system. According to Qur'an behests an Islamic state must in all respect be formed upon the law laid down by Allah through his prophet (peace be upon him)
Islam is a complete way of life and culture in the light of values and principles revealed by the Allah for man's guidance. Human life is looked upon as an organic whole and it's problem are approached, not in a purely mechanical way, but in the light of moral values and social ideals that Islam expounds. (The purely positivist vision of social sciences developed in the West becomes obsolete in this new context).
The Muslim economist starts from the assumptions that economic neither is, nor can be, totally value free. The social sciences have to have their own instance vi-a- viz human objectives and values. Other economic philosophies fail to encompass the life hereafter and exalt the material value to the status of the ultimate ends. But Islam makes material value insuring in man, reflecting the divine will and ensuring the welfare of both the phases of man's life. This is the features distinguishing Islam's economic system from the others systems. It removes the edge from economic competition and puts human relation on a co-operative basis. It also serves as a principle harmonizing the economic system with the spiritual, social and political system of Islam. Islam's economic system can be properly studied only in the context of the Islamic way of life as a whole, we have a corpus of injunctions relating to almost every aspect of the economic aspect. Life itself is, however, an integrated whole in which the ultimate ends are served by a number of means, spiritual, moral, material, economic and political. For example, the value-end of ibadat or Tawheed: that man should owe allegiance to the one God in all his thought and action. Moral strength enabling steadfast adherence to the right path of temptations and pressures, and freedom from domination by any authority other than that deriving its sanction from God is also necessary. Is also requires that man is not crushed under the strain of such privations as destroy the will, making spiritual and moral independence almost impossible.
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