Ислам дінінде экономика және шариғат ережелері

Handling of economics based on Islamic jurisprudence

Islamic economics (الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individual and social economic behavior. Therefore, it has its own economic system, which is based on its philosophical views and is compatible with the Islamic organization of other aspects of human behavior: social and political systems. Islamic economics is a broad field, related to the more specific subset of Islamic commercial jurisprudence (فقه المعاملات, fiqh al mu'āmalāt). It is also an ideology of economics similar to the labour theory of value, which is "labour based exchange and exchange based labour". While there are differences between the two, Islamic economics still tends to be closer to labor theory, than subjective theory. Islamic commercial jurisprudence entails the rules of transacting finance or other economic activity in a Shari'a compliant manner, i. e., a manner conforming to Islamic scripture (Quran and sunnah). Islamic jurisprudence (fiqh) has traditionally dealt with determining what is required, prohibited, encouraged, discouraged, or just permissible, on the other hand, works to describe, analyse and understand production, distribution, and consumption of goods and services, and studied how to best achieve policy goals, such as full employment, price stability, economic equity and productivity growth. Early forms of capitalism are thought to have been developed in the Islamic Golden Age from the 9th century and later became dominant in European Muslim territories like Al Andalus and the Emirate of Sicily. The Islamic economic concepts taken and applied by the gunpowder empires and various Islamic kingdoms and sultanates led to systemic changes in their economy. Particularly in the Mughal India, its wealthiest region of Bengal, a major trading nation of the medieval world, signaled the period of proto industrialization, making direct contribution to the world's first Industrial Revolution after the British conquests. In the mid twentieth century, campaigns began promoting the idea of specifically Islamic patterns of economic thought and behavior. By the 1970s, "Islamic economics" was introduced as an academic discipline in a number of institutions of higher learning throughout the Muslim world and in the West. Advocates of Islamic economics generally describe it as neither socialist nor capitalist, but as a "third way", an ideal mean with none of the drawbacks of the other two systems. Among the assertions made for an Islamic economic system by Islamic activists and revivalists are that the gap between the rich and the poor will be reduced and prosperity enhanced by such means as the discouraging of the hoarding of wealth,
taxing wealth (through zakat) but not trade, exposing lenders to risk through profit sharing and venture capital,
discouraging of hoarding of food for speculation,
and other activities that Islam regards as sinful such as unlawful confiscation of land. Complementing Islamic economics, Islamic entrepreneurship has gained traction, focusing on Muslim entrepreneurs, ventures, and contextual factors at the intersection of Islamic faith and entrepreneurship.

According to Hasan Raza, after more than six decades of its formal/ informal existence, a consensus on the definition of Islamic economics has not yet emerged. Some definitions that have been offered include:

"that branch of knowledge which helps to realize human well being through an allocation and distribution of scarce resources that is in conformity with Islamic teachings without unduly curbing individual freedom or creating continued macroeconomic and ecological imbalances." (Umar Chapra) (similarly, the "study of human behavior with regard to acquiring and using resources for the satisfaction of necessities, needs, and other desires," but "based on the assumptions" of the Islamic "outlook on life and humanity". (Monzer Kahf))
"the study of an economy which abides by the rules of the Shariah", i. e. an Islamic economy. (A definition used by some, according to M. Anas Zarqa)
a discipline that goes beyond the practice of Western economics—which seeks to make "positive analysis" and give an objective description of what is—to provide normative policy prescriptions of what ought to be and can be. And which seeks to achieve a "transformation of human beings from followers of base desires to people concerned with achieving higher goals". M. U. Chapra, and M. N. Khan & M. I. Bhatti.) "a discipline that is guided by the Shariah and studies all human societies" (A definition used by others, according to M. Anas Zarqa)
an "ideological construct" developed by 20th century Islamists (by Abul A'la Maududi, Ayatollah Muhammad Baqir al Sadr, Abolhassan Banisadr, etc.) taking basic prescriptions from sharia (Islamic law), and systematizing and conceptualizing them "to construct a coherent and functional ensemble offering a middle ground between the two systems of the twentieth century, Marxism and capitalism." (Social scientist Olivier Roy) argues that confusion regarding appropriate definition of Islamic economics has arisen because of attempts to mix Western economics concepts with Islamic ideals, when the two are diametrically opposed to each other in many dimensions. He proposes a definition based on purely Islamic sources: "Islamic Economics is the EFFORT/STRUGGLE to implement the orders of Allah pertaining to economic affairs in our individual lives (Micro), in our communities (Meso), and at the level of Ummah (Macro)."

Classical scholars in the Muslim world did however, make valuable contributions to Islamic thought on issues involving production, consumption, income, wealth, property, taxation, land ownership, etc. are Abu Yusuf (d. 798), Muhammad bin al Hasan (d. 805), Al Mawardi (d. 1058), Ibn Hazm (d. 1064), Sarakhsi (d. 1090), Tusi (d. 1093), Ghazali (d. 1111), Al Dimashqi (d. after 1175), Ibn Rushd (d. 1187), Ibn Taymiyyah (d.1328), Ibn al Ukhuwwah (d. 1329), Ibn al Qayyim (d. 1350), Sayyid Ali Hamadani (d. 1384), Al Shatibi (d. 1388), Ibn Khaldun (d. 1406), Al Maqrizi (d. 1442), Dawwani (d. 1501), Muhammad Aurangzeb Alamgir (d. 1707). Abu Yusuf (d. 798) was author of the book al Kharaj—literally "the return or revenue" but was used by the author to mean "public revenues and taxation"—which was a policy guide to Harun al Rashid, the fifth Abbasid Caliph. Muhammad bin al Hasan (d.805) wrote al Iktisab fi al Rizq al Mustatab [Earned Desired income], intended as advice to businessmen "in their endeavors to create income opportunities". Abu 'Ubaid al Qasim bin Sallam (d.839) was the author of al Amwal (plural of "wealth"). Perhaps the most well known Islamic scholar who wrote about economical issues was Ibn Khaldun, who has been called "the father of modern economics" by I. M. Oweiss. Ibn Khaldun wrote on what is now called economic and political theory in the introduction, or Muqaddimah (Prolegomena), of his History of the World (Kitab al Ibar). He discussed what he called asabiyya (social cohesion), which he cited as the cause of the advancement of some civilizations. Ibn Khaldun felt that many social forces are cyclic, although there could be sudden sharp turns that break the pattern. His ideas about the benefits of the division of labor also relate to asabiyya, the greater the social cohesion, the more complex the successful division may be, the greater the economic growth. He noted that growth and development positively stimulates both supply and demand, and that the forces of supply and demand are what determines the prices of goods. He also noted macroeconomic forces of population growth, human capital development, and technological developments effects on development. In fact, Ibn Khaldun thought that population growth was directly a function of wealth. Medieval Islamic economics appears to have somewhat resembled a form of capitalism, some arguing that it laid the foundations for the development of modern capitalism.

In an interview with Professor Hossein Askari, a professor at George Washington University, the German newspaper "Suddeutsche" prepared a report on the ranking of countries that "respect Islamic values". Ireland, Luxembourg and Denmark are at the top of the said ranking table in relation to "Islamic economy in non Islamic countries". No Muslim majority country is among the top 25 countries in this ranking. Israel is in 27th place and thus much higher than Saudi Arabia which is in 91st place. Germany is in 26th place in this table. In the research conducted by Shahrzad Rahman and Hossein Askari, two professors of George Washington University, an estimate of the extent of Islamic economy of 208 countries around the world was made, the results of which are very interesting and according to that, many countries that, although are not Islamic (such as Ireland, Denmark, Luxembourg and Sweden); But their economy has similarities with the economic model of Islam or the Islamic economy.

Along with these achievements, some Islamic economists have complained of problems in the academic discipline: a shift in interest away from Islamic Economics to Islamic Finance since the 1980s, a shortage of university courses, reading materials that are "either scant or of poor quality", lack of intellectual freedom, "narrow focus" on interest free banking and zakat without data based research to substantiate claim made for them—that interest causes economic problems or that zakat solves them. A number of economists have lamented that while Islamic Finance was originally a "subset" of Islamic Economics, economics and research in pure Islamic economics has been "shifted to the back burner". Funding for research has gone to Islamic Finance despite the lack of "scientific knowledge to back" the claims made for Islamic Finance. Enrollment has subsided in classes and second and third generation Islamic economists are scarce, some institutions have "lost their real direction and some have even been closed". and interest of economists in the field's "grand idea" of providing an alternative to capitalism and socialism has "yielded" to the "needs" of the "industry" of Islamic Finance. Despite its start in 1976, as of 2009, 2013 Islamic economics was called still in its infancy, its "curricula frames, course structures, reading materials, and research", "mostly" anchored in the "mainstream tradition", "lacking sufficiency, depth, coordination and direction," with teaching faculties in many cases found short of the needed knowledge, scholarship, and commitment." "Distinct textbooks and teaching materials" required have been found to "neither exist" nor be "easy to create." Despite shortcomings in academic writing—most of the books are "not cohesive" and are "at best no more than extended papers on specific topics"—constructive evaluations are not common and response to what there is even less common. The lack of an Islamic economics textbook "looms large" for Muslim economists and scholars. Despite the holding of a workshop in November 2010 to arrange the writing of such a textbook, the participation of "a number of eminent Muslim economists", (at the International Institute of Islamic Thought in London) and the appointment of "a noted Muslim economist" to coordinate the production of the textbook, as of 2015 "no standard textbook of Islamic economics was available." Islamic economic institutes are not known for their intellectual freedom, and according to Muhammad Akram Khan are unlikely to allow criticism of the ideas or policies of their founding leaders or governments. The Centre for Research in Islamic Economics, an organ of the Jeddah University in Saudi Arabia, for example, "cannot allow publication of any work that goes against the orthodox thinking of the influential" Saudi religious leadership. Despite "tall talk about ijtehad", Islamic economists "are shy" about "suggesting innovative ideas" for fear of antagonizing religious clerics. Use of Islamic terminology not only for distinctive Islamic concepts such as riba, zakat, mudaraba but also for concepts that do not have specific Islamic connotation—adl for justice, hukuma for government—locking out non Muslim and even not Arabic speaking readers from the content of Islamic economics and even "giving legitimacy" to "pendantry" in the field.

According to M. A. Khan, "Islam introduced the distinction between private property and public property and made the rulers accountable to the people". Scholars F. Nomani and A. Rahnema state that public property in Islam refers to natural resources (forests, pastures, uncultivated land, water, mines, oceanic resources etc.) to which all humans have equal right. Such resources are considered the common property of the community. Such property is placed under the guardianship and control of the Islamic state, and can be used by any citizen, as long as that use does not undermine the rights of other citizens, according to Nomani and Rahnema.

State property includes certain natural resources, as well as other property that cannot immediately be privatized. Islamic state property can be movable, or immovable, and can be acquired through conquest or peaceful means. Unclaimed, unoccupied and heir less properties, including uncultivated land (mawat), can be considered state property. Islamic economists classify the acquisition of private property into involuntary, contractual and non contractual categories. Involuntary means are inheritances, bequests, and gifts. Non contractual acquisition involves the collection and exploitation of natural resources that have not previously been claimed as private property. Contractual acquisition includes activities such as trading, buying, renting, hiring labor etc. Hassan b. Thabit was afforded the garden of Bayruha and Zubayr received oasis land at Khaybar and Banu Nadir. During the reign of Caliph Umar, a vast expanse of Persian royal family terrain had been acquired, this lead his successor Caliph Uthman to accelerate the allotment of land to individuals in return for a portion of the crop yield.

The most noticeable and/or important objective of Islamic Banking has been a ban on the charging of interest on loans. The Quran (3: 130) condemns riba (which is usually translated as "interest"): "O, you who believe! Devour not riba, doubled and redoubled, and be careful of Allah; but fear Allah that you may be successful."

The only financial institution under Islamic Governance (Prophethood and Caliph Period) was Baitulmaal (public treasury) wherein the wealths were distributed instantly on the basis of need. During Prophethood the last receipt was tribute from Bahrain amounting eight hundred thousands dirham which was distributed in just one sitting. Though the first Caliph earmarked a house for Baitulmaal where all money was kept on receipt. As all money was distributed immediately the treasury generally remained locked up. At the time of his death there was only one dirham in the Baitulmaal. The second caliph besides developing the Central Baitulmaal also opened Baitulmaal at state and headquarters levels. He also carried census during his caliphate; and provisioned salaries to Government employees, stipend to poor and needy people along with social security to unemployed and retirement pensions. The concept of a public financial institution played a historic role in the Islamic economy. The idea of state collected wealth being made available to the needy general public was relatively new. The resources in the Bayt al Mal were considered God's resources and a trust, money paid into the shared bank was common property of all the Muslims and the ruler was just the trustee. The shared bank was treated as a financial institution and therefore subjected to the same prohibitions regarding interest. Caliph Umar spoke on the shared bank saying: "I did not find the betterment of this wealth except in three ways: (i) it is received by right, (ii) it is given by right, and (iii) it is stopped from wrong. As regards my own position vis a vis this wealth of yours; it is like that of a guardian of an orphan. If I am well off, I shall leave it, but if I am hard pressed I shall take from it as is genuinely permissible."

An alternative Islamic savings investment model can be built around venture capital; investment banks; restructured corporations; and restructured stock market. This model looks at removing the interest based banking and in replacing market inefficiencies such as subsidization of loans over profit sharing investments due to double taxation and restrictions on investment in private equity.

Islamic banks have grown recently in the Muslim world, but are a very small share of the global economy compared to the Western debt banking paradigm. Hybrid approaches, which applies classical Islamic values but uses conventional lending practices, are much lauded by some proponents of modern human development theory.