Economic Peace In Islam - ( By Bushra Bajwa )

Islam and Economic Peace Bushra Bajwa

Which Economic System? Socialism – tried, tested, failed Capitalism – greed, exploitation, inequality, individualism ISLAMIC

ECONOMIC SYSTEM

Outline 1)

Macroeconomic System

– the economics of states

2)

Microeconomic System

the economics of individual households

–

1) Macroeconomic System

Aim Right

of every person to have basic necessities

‘It is provided for thee that thou wilt not hunger therein, nor wilt thou be naked. And that thou will not thirst therein, nor wilt thou be exposed to the sun’. (20: 11920)

Aim Equality

"Whatever there is in the earth has been created for all of you." (2:30)

Islamic Economic System

5

characteristics

Islamic Economic System 1) Simple Living Prohibits luxuries and indulgences

Rich will contribute surplus to relief of poor Poor will not be tempted to

Islamic Economic System 2) Forbids lending of money on interest Those who devour interest do not rise except as rises one whom Satan has smitten with insanity. That is because they say, 'Trade also is like interest;' whereas Allah has made trade lawful and has made interest unlawful. (2:276)

Islamic Economic System 2) Forbids lending of money on interest To prevent accumulation of wealth in few hands To prevent gradual crippling of poor

Islamic Economic System 3)

Zakat - - Right of poor from

wealth of rich Surely,

those, who believe and do good deeds, and observe Prayer and pay the Zakat, shall have their reward from their Lord, and no fear shall come on them, nor shall they grieve (2:278)

Islamic Economic System

3) Zakat Secures circulation of wealth Secures money for the poor

Islamic Economic System

4) Forbids the hoarding of money To promote economic activity To provide employment

Islamic Economic System 5)

Encourages voluntary contributions to charity

It

is not thy responsibility to make them follow the right path; But Allah guides whomsoever He pleases. And whatever of wealth you spend, the benefit of it will be for yourselves, for, you spend not but to seek the favor of Allah. And whatever of wealth you spend, it shall be paid back to you in full and you shall not be wronged (2:273)

Islamic Economic System

5) Encourages voluntary contributions to charity To provide relief for poor Care for others

2) Microeconomic System

Economic Peace in the household Men and Women are equal in Islam Created

from the same

species: “He has made for you mates of your own kind” (42:12) E.g.

spiritual capacity, reward

Economic Peace in the household Islam recognizes men and women have been created differently: Financial

burden of household falls on men

Women

responsible for future generation of mankind

Women in Islam Honors

women Priority – husband and children May work Financial responsibility not her obligation May contribute to upkeep of household E.g of Khadija.

Conclusion To

promote equality in the world

To

create harmony in the household

Conclusion What

can we do?

Caring,

not selfish,

attitude Simple lifestyle Give charity Support CSR organizations

Further Reading: New

World Order of Islam

Islam’s

Response to Contemporary Issues

$10 each at www.store.alislam.org