Convince A Non-Muslim of Islamic Economic Principles
Convince A Non-Muslim of Islamic Economic Principles
Convince A Non-Muslim of Islamic Economic Principles
Islam is a middle path. It balances the interests of the individual and the economy, without compromising one for the other. For this reason, Islam does not separate its moral aspect from its economic one. By incorporating ethics and morality in all aspects of life, including economics, it helps one to achieve falaah in both the worlds. In this materialistic world, for a non-Muslim this could mean achieving peace and contentment that is so elusive to many. Well take a look at just one sphere-Islamic Finance, as nonMuslims have considerable interest in this field. Though Islamic Finance and Banking is relatively young, its future is bright. Not only has it shown resilience to the financial crisis, but has grown remarkably well. It has been reported to be growing annually at 19%. At least 1.3 trillion US dollars worth of assets are under Islamic investment. 1 Over 300 Islamic banks operate in more than 51 countries and a number of Shariah compliant mutual funds too. 2 With so much optimism in Islamic products in the present financially unstable world, no non-Muslim would turn a blind eye to learn some reasons behind the success of Islamic finance.
1 2
World Islamic Banking Competitiveness Report 2012 2013, p. 6 Problems and Prospects of Islamic Banking: a case Study of Takaful, p. 2
Sadaqat and there would be none (needy person) to receive them." 3 The truth in the narration had been witnessed during the late years of the four rightly guided caliphs due to their strict implementation of zakah.4 It was such a major issue to them that the first thing Abu Bakr (ra) did on assuming the caliphate was to wage war against the many tribes of Arabia who refused to pay zakah. He understood from the Quranic verses that one who didnt pay zakah was an apostate, because salah and zakah were mentioned simultaneously in most verses. 5 Another wisdom behind zakah is the discouragement of wealth from accumulating idly. The great Caliph Umar ra discouraged idle wealth as it incurs zakah without any benefit to the individual, Trade with the property of orphans and then it will not be eaten away by zakat.6 So, we see the balanced attitude of Islam-it encourages one to invest the money so it can benefit not only ourselves, but also the community.7
Mishkat "Economic System in Islam." 5 Najeebabadi 6 Malik 7 "Economic System in Islam." 8 "Economic System in Islam." 9 Sahih Bukhari, Vol. 7, Book 63, Hadith No. 259. 10 Sahih Bukhari, Vol. 6, Book 60, Hadith No. 67
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Razali Sahih Bukhari Vol 3, Book 44, Hadith No. 663 13 Sahih Muslim, Book of Gifts, Hadith No. 3960
Bibliography
Ahmad, Mohd. Izhar, Tariq Masood, and Mohd Saeed Khan. "Problems and Prospects of Islamic Banking: a case Study of Takaful." MPRA (Munich Personal RePEc Archive) (2010): 2. http://mpra.ub.uni-muenchen.de/. Web. 20 April 2010. <http://mpra.ub.uni-muenchen.de/22232/1/MPRA_paper_22232.pdf>. Bukhari. "Hadith Collection." Sahih Bukhari. N.p., n.d. Web. 29 June 2013. <http://www.hadithcollection.com/sahihbukhari/>. "Economic System in Islam." Iman Way. N.p., n.d. Web. 29 June 2013. <http://www.imanway1.com/economy.htm>. Ernst & Young, "World Islamic Banking Competitiveness Report 2012 - 2013." 12 2012: 6. Web. 23 Jun. 2013. <http://www.ey.com/Publication/vwLUAssets/The_World_Islamic_Banking_Compe titiveness_Report/$FILE/World Islamic Banking Competitiveness Report 201213.pdf>. Malik, Imam. "Chapter No: 17, Book of Zakat." Muwatta. N.p.: n.p., n.d. N. pag. Ahadith.co.uk. Web. 29 June 2013. <http://ahadith.co.uk/chapter.php?cid=50&page=2>. Najeebabadi, Akbar Shah. "3." The History of Islam. 1st Ed. ed. Vol. 1. Riyadh, Houston, New York, Dhaka: Darussalaam, 2000. 280-84. Print. Razali, Miza. "An Investigation of the Awareness Level of Takaful Products among the Micro Enterprises in Malaysia." Thesis. University of Sharjah, n.d. An Investigation of the Awareness Level of Takaful Products among the Micro Enterprises in Malaysia | Miza Razali - Academia.edu. Academia.edu. Web. 29 June 2013. <http://academia.edu/2330775/An_Investigation_of_the_Awareness_Level_of_Taka ful_Products_among_the_Micro_Enterprises_in_Malaysia>.