📌Seven (7) reasons Why Learning Islamic Economics is important to us?
When we talk about Islamic Economics, many of us think it is
related to banking or investment; a common man has nothing to do with it. But
in reality, all of us are required to learn about economic principles in our
life. Here we are mentioning seven reasons to learn about it as follows:
1. 📍 Day of
Judgement questions: Out of five questions been asked
by Allah on day of Judgement, two are related to Economics. “Source of Income” and
“Where and how we
spent” it. As reported in Hadith:
عنْ ابْنِ مَسْعُودٍ عَنْ النَّبِيِّ صَلَّى اللَّهُ عَلَيْهِ وَسَلَّمَ
قَالَ لاَ تَزُولُ قَدَمَا ابْنِ آدَمَ يَوْمَ الْقِيَامَةِ مِنْ عِنْدِ
رَبِّهِ حَتَّى يُسْأَلَ عَنْ خَمْسٍ عَنْ عُمْرِهِ فِيمَا أَفْنَاهُ وَعَنْ
شَبَابِهِ فِيمَا أَبْلاَهُ وَمَالِهِ مِنْ أَيْنَ اكْتَسَبَهُ وَفِيمَ أَنْفَقَهُ
وَمَاذَا عَمِلَ فِيمَا عَلِمَ سنن الترمذي
Ibn Mas’ud reported: The Prophet, peace and blessings be upon him, said,
“The son of Adam will not be dismissed from his
Lord on the Day of Resurrection until he is questioned about five matters:
- his life
and how he lived it,
- his youth
and how he expended it,
- his wealth and how he earned it and
- how he spent it (wealth), and
- how he acted upon
his knowledge.” Sunan al-Tirmidhī
Imagine our situation on that day if we caught unguarded even though we have tonnes of prayers behind us.
2. 📍 Unanswered Supplications:
In worldly life our prayers will not get answered if our sources of income are unlawful
as narrated in Hadith:
ثُمَّ ذَكَرَ الرَّجُلَ يُطِيلُ السَّفَرَ أَشْعَثَ أَغْبَرَ يَمُدُّ يَدَيْهِ
إِلَى السَّمَاءِ: يَا رَبِّ يَا رَبِّ وَمَطْعَمُهُ حَرَامٌ وَمَشْرَبُهُ حَرَامٌ
وَمَلْبَسُهُ حَرَامٌ وَغُذِّيَ بِالْحَرَامِ فَأَنَّى يُسْتَجَابُ لِذَلِكَ؟
". رَوَاهُ مُسْلِمٌ
Prophetﷺ made a mention of the person who
travels for a long period of time, his hair are disheveled and covered with
dust. He lifts his hand towards the sky and thus makes the supplication: 'My
Rubb! My Rubb!' But his food is unlawful, his drink is unlawful, his clothes
are unlawful, and his nourishment is unlawful, how can, then his supplication
be accepted? “ (Muslim)
Whenever we felt that our Supplications are not getting answered then we must revisit our sources of income. If it has a mix of unlawful source, then it needs to be corrected. In order not to let our Supplication wasted we need to study the sources of income.
3. 📍 High rewards for righteous
Businessman: Islam emphasize that we source our sustenance ourselves.
Islam recommends that Muslims do business which not only help the
person but the whole society because of opportunities and benefits it creates
for others. Moreover, if he do business practices in ethical way then he is
been granted a very high position along with the elite class of People of
Jannah.
عَنِ النَّبِيِّ صلى الله عليه وسلم قَالَ " التَّاجِرُ
الصَّدُوقُ الأَمِينُ مَعَ النَّبِيِّينَ وَالصِّدِّيقِينَ وَالشُّهَدَاءِ
Abu Sa'eed narrated that the
Prophet (ﷺ) said: "The
truthful, trustworthy merchant is with the Prophets, the truthful, and the
martyrs." (Tirmidhi)
If we aspire ourselves to be among the elite class of paradise then we need to be doing exemplary business in most efficient and truthful way.
4. 📍 Knowledge certifications for
Traders: Muslim Businessman need to have basic knowledge of principles of
Islamic Economics. In our golden period it was a must trait as commanded by
Hazarat Omar RA
قالَ عمرُ رضيَ اللَّهُ عنهُ : لا يبيعُ في
سوقِنا هذا إلَّا مَن تفقَّهَ في الدِّينِ - مسند الفاروق
Omar, RA, said: No one sells in
this market of ours except those who understand religion.
Even lately during the 18th Century it was noted that Audit Managers (Muhtesib) used to check the adequacy of knowledge of businessmen in the market by putting up various questions related to trade and Interest and those who fail to answer properly were removed from the market. As narrated by Mohammed bin Ahmed Rahooni in Morocco in 1230 H.
5. 📍 Inequal wealth Circulation:
Present world is suffering from big disparity of wealth among rich and poor.
Though there was always a gap between them but due to Interest based economy,
the current situation is reaching alarming levels where top 8% population earns
almost 85% of the wealth. Whereas the bottom 70% earn less than 3% of total
wealth. With each passing days accumulation of wealth towards richer ones at
the expense of poorer is happening rapidly fast.
For those who are concerned about this disparity, Islam appears as
a hope which insist the circulation of wealth among masses and take various
measures for its distribution thru obligatory rulings like Zakath, Kaffarath,
wills & Legacies etc; and recommend voluntary tendencies thru Sadaqat,
charities, Waqf, etc. Quran mentions:
كَيْ لَا يَكُونَ دُولَةً بَيْنَ الْأَغْنِيَاءِ مِنكُمْ
Wealth may not merely circulate
between the rich among you (59:7)
6. 📍 Objectives of Shariah:
Main objective of Shariah are to Promote Maslahah (wellbeing)
and Prevent Mafsada (Mischiefs) in the society and country.
Islamic Shariah insists on
safeguarding the five basic requirements of Mankind as mentioned by great
Islamic Scholar Imam Shaybani (RA) which are:
🔹 Religion دین
🔹 Life نفس
🔹 Intellect عقل
🔹 Progeny نسل
🔹 Wealth مال
To achieve the objectives of Shariah,
Basic studies of Islamic Economics is mandatory.
7. 📍 Halal market requirements:
As the awareness about halal consumption is increasing among learned masses, many
people especially Muslims are looking for Halal products in various fields
like:
🔹Finance,
🔹Banking,
🔹Cosmetics,
🔹Tourism,
🔹Food,
🔹Pharmaceutical,
🔹Textiles and
🔹other medical usages.
The Present Halal market is deemed to be around 7 trillion and expected to grow to 10 trillion within 5 years. Due to surge in demand many professionals are required to cater various needs of this industry which is presently new but evolving.
For more details about basics of
Islamic Economics please refer the presentation @ https://islamicconcepts.in/management
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