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Transcript of ECO2
Why take it? He is the Creator, Sustainer, All-Knowing, All_Aware of our needs and what is good for us Economic System Of Islam Administering of the economy is the focus of the rules that address the management of human issues.
The Economic Policy in Islam ensures complete satisfaction of all basic human needs
enables a man, as a member of a particular society with a given way of life, to satisfy his luxurious needs through earning them.
It is NOT merely aimed at raising the GDP of the country as a whole, irrespective of whether every single individual has actual access to this raised living standard.
It is NOT about raising GDP and leaving individuals free to partake from it as much as they can.
Mandatory for men to work and support their family
Bait-ul-Maal takes care of those who have no-one to support them
Earn with in the rules of Islam The Economic policy of Islam Wealth is used for 3 purposes: To accumulate or save, to invest or spend and to transact business
Islam has legislated rules for each in a way that wealth is used for service of mankind and not reducing people to be its slaves
Mere Hoarding is haraam, while saving for a specific halaal purpose is allowed
Halaal and haraam ways of spending have been clarified. Sadaqah, zakat, buying halaal stuff, spending on jihad - allowed, while spending on wine and gambling - not allowed
Halaal Business transactions have been clarified and standard of money has been fixed with gold and silver. Islam's View of Wealth The Prophet SAW specified gold and silver as the monetary medium of cash and made these as the only benchmark to measure goods and wages for work.
All transactions were based on this standard, the units of which were ounce, dirham, daniq, carat, mithqaal and dinar.
1 dunar = 4.25 g of gold, 1 dirham = 2.975 g of silver.
This standard didn't face any fiscal crisis
However, since the replacement of gold as the sole monetary standard with the joint standard of dollar and gold under the Bretton Woods System at the end of WWII and later on totally by dollar we have witnessed quite a few crisis. Islam's monetary View Conclusive Prohibition in strongest terms with no scope of any other interpretation or Ijtihaad
Dealing in Interest = waging war with Allah swt and His Prophet
Prophet SAW cursed its payer, taker, recorder and witness
Interest ---> exploitation and subjugation
Consequences = Misery + Hardship + distress
Even the champions of the Capitalist system that stands on interest are advocating a reduction in rates to promote economic activity Strong Prohibition of Interest Wealth under the Khilafah state is owned under 3 categories: Private, Public and State
Public: "Muslims are partners in 3 (resources): Water, pastures and Fire", Fire = all fuels, highways and roads, mines of minerals, fuels,
State: Fai, Khiraj, inheritance of those with no successors, Zakah (8)
Private: owned by individual, protected by the laws against unfair usurping Distribution of Wealth and Ownership The state guarantees work for each of its citizens because, "The Imam is the caretaker and a shepherd for his herd"
The state is liable for the maintenance of the destitute and the poor who is unable to work and has no close relatives, poor who can work but has no job. The state finds employment for the capable and help through the Bait-ul-Maal the one who is not.
These rules cover the dhimmis as well because, " Feed the hungry, visit the sick and set free the captives" Economic Welfare that the
State carries out Should not He Who has created know? Surah Mulk "Whomever we appointed in his job and we provided him (some funds), so whatever he took unduly is ghalool (misappropriation)"
Omar RA used to account the properties of aamils before and after their appointment
Accounting the State Employees Muhtasib, judge of the markets monitors the market
for fair weights and measures.
guards against cheating and deception
monitors any other violation
The Judge: rules in matters of all disputes
Administrative apparatus: mechanism to control movement of money in the Bait-ul-maal
The Madhalim Court: Court of unjust actss, takes up complaints against the ruler if the citizen's rights are violated in anyway Monitoring