Islamic Economic Order English Essay

Islam has introduced three new fundamental disciplines:

  • How to think correctly
  • How to live correctly
  • How to organize correctly

These disciplines are the underlying principles of Islamic Economic Order. They are bases for collective, social and economic activities in daily life.

The verses of the holy Quran indicate that economic activities of man are quite lawful, meritorious and necessary, Islami does not consider economic activities as the basic problem of’man. Likewise, economic progress is not the be-all and end-all of human life. All the means of livelihood are no more than just stages on man’s journey, and his final destination lies beyond worldly life (the Hereafter).

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As soon as man gets lost in the mazes of the path of this journey; and over looks final destination, the means of livelihood turn into allurements, into the trail. He shuns the path of righteousness and morality. The Quran clearly warns the Believers:

“Seek the abode of Hereafter in that Allah has given them and neglect. not the portion of the world.”

(Al-Quran – 77).

According to the Islamic philosophy given by the holy prophet (SAW):

‘The world is for you but you are not for the world’.

Man must earn his bread honestly (Halal) and spend it wisely as ordained by Allah. Islam does not give an open license to earn wealth by all unfair and foul means. The Believers must keep the collective interest’ and good in view. Such means of earning or income are dishonest that benefit one man and harm others. It is fair and honest if mutual benefits result justly for the relevant parties. The richer is a person, the greater are his/her duties towards the poor, the needy, the relatives, neighbors and the wayfarers. The Quranic principle is:

“O! ye who believe! squander not your wealth among yourself in vanity except it be trade by mutual consent, and kill not one another. Lo! Allah is merciful unto you. Who so ever does that through aggression and injustice, We shall cast him into fire and that is very easy for Allah.

(Al-Nisa 29-30)

These verses prescribe codes and conditions for trade and witness:

  • Firstly, it must be done through mutual consent.
  • It must not result in gain to one party and loss to the other.

Thus all the foul means of earning such as bribe.theft. gambling, smuggling, hoarding, interest, swindling, cheating, and unfair profit are prohibited by Islam. All these are being practiced boldly and openly in the Islamic Republic of Pakistan. What a shame! The Wealth must not be hoarded, but it must be kept in circulation. Amassing of wealth is not only a moral crime, but it is also a serious crime against the community.

“They who hoard up gold and silver and spend it not in the way of Allah! unto them give tidings of a painful doom”.

(Al-Tauba)

Islam enjoins on the Believers to spend money on good channels and on wide charity. It prohibits to spend lavishly. on comforts and luxuries. The followers must practice moderation in food, dress and house-making. The savings from austerity are to be spent for the good of the community, in Zakat, charity and alm-giving, Fitrah and Sudqah.

Thus Islam’s economic order is based on the principles of justice, equality, altruism, and service, of mankind. Pakistan was made to establish the Kingdom of God in the country and to uphold and practice Islamic teachings. May Allah show the rulers and the people right path.

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