Wednesday, May 12, 2010

Philosophy of Islamic Economics - 12 May 2010

"Lord of the East and the West; there is no God save Him; so choose Him alone for thy defender" [Surah al-Muzzammil: 9]

Tonight's lesson was on Islam and Globalisation, whose definition of 'Globalisation' is separate from the Western Worldview. Subhan Allah, Islam is truly a universal religion that transcends all borders. I agree with Sheikh when he said that the common denominator for our Ummah is Islam and to be part of this privileged 'membership' is a great ni'mah (gift). Indeed, when the Ummah come together from a variety of nationality, race and culture to ta'kruf and learn from each, therein lies Allah's wisdom:

"It is not righteousness that ye turn your faces to the East and the West; but righteous is he who believeth in Allah and the Last Day and the angels and the Scripture and the prophets; and giveth wealth, for love of Him, to kinsfolk and to orphans and the needy and the wayfarer and to those who ask, and to set slaves free; and observeth proper worship and payeth the poor-due. And those who keep their treaty when they make one, and the patient in tribulation and adversity and time of stress. Such are they who are sincere. Such are the God-fearing." [Surah al-Baqarah: 177]

Truly, Islam is for all mankind - inclusivism (a religion for all) and exclusivism (the final revelation). Then, Islamic Economics is a regulated system about just distribution of resources benefitting all i.e. not to be at the mercy of any corporations. In essence, Islam advocates fair trade. I'll end this post by sharing an article on fairtrade here.

Afternote: This quote sticks in my head - "A decent provision for the poor is the true test of civilisation", subhan Allah.

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