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ISLAMIC ECONOMICS
This book is a comprehensive study, which provides informed knowledge within the field
of Islamic economics. The authors lay down the principal philosophical foundation of a
unique and universal theory of Islamic economics by contrasting it with the perspectives of
mainstream economics. The methodological part of the theory of Islamic economics arises
from the ethical foundations of the Qur’an and the Sunnah (tradition of the Prophet) along
with learned exegeses in an epistemological derivation of the postulates and formalism of
Islamic economics. This foundational methodology will be contrasted with the contem-
porary approaches of the random use of mainstream economic theory in Islamic economics.
The book establishes the methodological foundation as the primal and most fundamental
premise of the study leading to scientific formalism and the prospect of its application. By
way of its Islamic epistemological explanation (philosophical premise) in the form of logical
formalism and the use of simple real-world examples, the authors show the reader that the
scientific nature of economics in general and Islamic economics in particular rests on the
conception of the scientific worldview.
With its uniquely comparative approach to mainstream economics, this book facilitates
a greater understanding of Islamic economic concepts. Senior undergraduate and graduate
students will gain exposure to Islamic perspectives of micro-and macroeconomics, money,
public finance, and development economics. Additionally, this book will be useful to
practitioners seeking a greater comprehension of the nature of Islamic economics. It will
also enable policymakers to better understand the mechanism of converting institutions, such
as public and social policy perspectives.
Index 323
FIGURES
Islamic economics as a distinct discipline has emerged since 1983 (AD), and the
subject is now offered in many universities as part of the Economics curriculum
at undergraduate and post-g raduate level. Thousands of students have pursued a
PhD in the area of Islamic economics and finance at different universities around
the world, including the USA and Europe. Although a few introductions to Islamic
economics and finance are available in the market, this book, Islamic Economics:
Theory and Practice, is the first of its kind. It has been written as a serious and rigorous
book in Islamic economics as a discipline and its methodology, its formalism, and
its applications. The approach is comparative in nature with modern mainstream
economic theory. The centrepiece of the book is Islamic methodology as the uni-
versal and unique foundation of the Islamic socio-scientific project, contrasted
with all those incomplete systems based on perceptions rather than reality that are
immersed in the project of both capitalistic and socialistic materialism.1 The unique
and contrasting basis of Islamic economics, as opposed to those based on capitalistic
and socialistic materialism, is its foundation in the concept of Tawhid. Tawhid liter-
ally means the “oneness of God” (Allah). It is also understood as the concept of the
unity of knowledge of the divine law. This book also refers to the curriculum on
epistemology covered in the International Baccalaureate program, but from a firmly
Islamic perspective and methodological worldview.
Islam is one of the monotheistic religions, along with Judaism and Christianity,
which encompasses a worldview that centres the study and organization of the
details of the world-system within the episteme of divine law. Academic explor-
ation of the Islamic worldview offers complex learning and conceptualization,
which offers bright new potential in an academic world that is constantly seeking
new socio-scientific epistemologies. Heterodoxy in the disciplines is in the air.
This book has been written under the text book project of the “Deanship
of Scientific Research of the King Fahd University of Petroleum and Minerals,
xii Preface
1. The central episteme is that of unity of knowledge as the core concept, leading
to concepts, formalism and applications regarding economic relations as a
system and a cybernetic approach into the study of organic interconnected
reality. This arises from the primal ontology of Tawhid as the law of the Qur’an.
This is also the domain of the divine law of God (Allah) whose signs are of
unity of being and becoming proof of God’s greatness. (These essential onto-
logical facts are further explicated by the teachings of the Prophet Muhammad,
called the Sunnah.)
2. Further to the first characteristic there is the important essence of continuous
participation (complementarity) as discourse (shura) carried out between self,
other and society, mind and matter at large concerning the implications and
choices emanating from the fundamental episteme of unity of knowledge based
on Tawhid and the generality and specifics of the particulars under inquiry
(tasbih). The Qur’an refers to these phenomena as shura with tasbih.
3. The ethics of exchange and transactions in its widest conception and applications
are embedded in the conscious interrelations between the variables in the area
of Islamic economics. Such relations may be tested on the basis of inter-system
and inter-variable organic interrelations.
Preface xiii
Throughout this book the logical development of ideas in reference to the exegesis
of the Qur’an establish the fact that, indeed, in the description of all of creation
between the heavens and the earth, from these worldly transactions to those of the
Hereafter, the organic relations explained to exist between these are of the nature of
perpetual exchange. Such exchange can be financial, in terms of goods and services,
and in terms of morality and ethicality. This universal meaning of transaction exists
for both the good choices and otherwise. Hence the idea of exchange and equiva-
lent transactions premised in the concept of total valuation is of a continuous and
extensive system encompassing the endless domain of knowledge, space, and time,
prevailing from the beginning to the end, and between the heavens and the earth
in the form of seven heavens of dimensions.2
Basic explanations
There are some basic definitions that need to be understood in the study of this
book from the outset. First, the definition of ethics means the organic unification
between the good things of life according to the Qur’an and Sunnah, as contained in
the purpose and objective of the Shari’ah referred to as maqasid al-shari’ah, to avoid
the catchword and deceptive terminology of ‘Shari’ah compliance’.The invoking of
xiv Preface
the unity of knowledge and its induced systems of relations arises from the nature
of the law of Tawhid in the Qur’an and the Sunnah.
From the Qur’anic explanation of the organic unity of relational unity arise the
many attributes of the good things of life regarding which the Qur’an (Chapter 55:
Ar-Rahman) declares, “There is no end to these.” Hence this book addresses the
derivation and formalism of the general theory of truth versus falsehood. From the
general theory, particular issues and problems are addressed relevant to Islamic eco-
nomics. The Qur’an (31:28) declares regarding this endless generality of goodness
within which all good and truth are endowed:
And if all the trees on earth were pens and the ocean (were ink), with seven
oceans behind it to add to its (supply), yet would not the words of God be
exhausted (in the writing): for God is Exalted in Power, full of Wisdom.
This book thus makes the argument that there is no need to pick out especial
attributes, such as justice, fairness, charity, etc. to explain Qur’anic total evaluation.
These are simply incomplete examples and not the worldview. For instance, above
justice, prayer, zakah (mandatory spending for alleviation of hardship), riba (finan-
cial interest) and the like is the general Qur’anic worldview of submission to God as
the pinnacle of the divine truth and purpose against falsehood and evil. Within the
general theory, the issues of justice as balance (mizan), fairness as distributive justice
(iqhlas), prayer as divine communication etc. are especial cases of surrendering to
the Tawhid-based law. Thus the episteme of unity of knowledge in Tawhid is primal
while all specifics are particulars. Everything ensues from Tawhid. Nothing ensues
from these others to Tawhid if Tawhid was not invoked as the quiddity in the first
instance.The Qur’an (13:39) declares in this regard: “God effaces and confirms what
He wishes. With/By Him is the mother of the book.”
It is because of this type of reference to particulars as selected attributes, rather than
starting from the generality of the Islamic worldview and then addressing particulars,
that Islamic thought contains gaps in otherwise profound erudition. Among these
kinds of intellectual gaps is the quest for the theory of justice according to the
Qur’an.There has not been any profound work in Islamic thought that has addressed
the principle of justice from the basis of a “general theory of justice” according to the
Islamic worldview.There have only been, admittedly laudable, treatment of attributes
that are partly explained as arising from the principle of justice (Kamali 1991).
This book has shown that as a result of this type of intellectual gap there have
remained limitations in the understanding of the wider, generalized meaning of
maqasid as-shari’ah.The Qur’anic cosmic understanding of balance (mizan) could not
be interconnected with the well-being of the physical combined with the social
world-systems to convey the comprehensive meaning of the principle and choices
according to the maqasid as-shari’ah (Choudhury 2015).
The wide understanding of the particular in unity of relationship with the total
reality, the general, has been succinctly explained by Whitehead (1979).With respect
to the learning and unifying nature of the universe, he says:
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§ 584. Quant la bataille des mareschaus de France
[45] fu outrée et desconfite, et toutes les trois grosses
batailles des Englès remises ensamble, li Espagnol ne
peurent ce fais souffrir ne porter; mès se commencièrent
à ouvrir, à fuir et yaus desconfire, et retraire
5 moult effraeement et sans arroi devers la cité de
Nazres et le grosse rivière qui là couroit; ne, pour
cose que li rois Henris desist ne criast à yaus, il ne
veurent retourner. Quant li dis rois Henris vei le pestilense
et le desconfiture sus ses gens, et que point
10 de recouvrier n’i avoit, si demanda sen cheval, et
monta apertement et se bouta entre les fuians, et ne
prist mies le chemin de le rivière ne de le cité de
Nazres, car pas ne s’i voloit enclore, mès une aultre
voie, en eslongant tous perilz: de tant fu il bien
15 avisés, car assés sentoit et cognissoit que, se il estoit
pris, il seroit mors sans merci.
Adonc montèrent Englès et Gascon as chevaus, et
commencièrent à cachier et à encauchier Espagnolz
et Cateloins, qui s’en fuioient tout desconfi jusques à
20 la grosse rivière et à l’entrée dou pont de la cité de
Nazres. Là eut grant hisdeur et grant effusion de sanc
et moult de gens occis et noiiés; car li plus saloient
en l’aigue, qui estoit rade, noire et hideuse, et s’avoient
plus chier li aucun à noiier que ce qu’il fuissent
25 occis d’espée. En celle fuite et cace, avoit entre les
aultres deux vaillans hommes d’Espagne, chevalier
d’armes et portant abit religieus, dont li uns s’appelloit
li grans prieus de Saint Jame, et li aultres, li
grans mestres de Caltrave.
30 Cil et une partie de leurs gens se traisent, pour
estre à sauveté, devers le cité de Nazres, et furent
de si priès poursivi, que Englès et Gascon à leur
[46] dos conquisent le dit pont. Et là eut grant occision,
et entrèrent en la cité avoecques les dessus dis,
qui estoient bouté en une forte maison ouvrée et
machonnée de pierre, mais tantos fu conquise, et li
5 dessus dit chevaliers pris, et moult de leurs gens
mors, et toute la ditte cité courute, où pillart fisent
grandement leur pourfit. Et ossi fisent il ou logeis le
dit roy Henri et des Espagnolz. Et moult y trouvèrent
cil qui premierement se traisent celle part, moult de
10 vaisselle d’argent et de bons jeuiaus; car li dis rois
Henris et ses gens y estoient venu très efforceement et
en très grant arroi. Et quant ce vint à le desconfiture,
il n’eurent mies loisir de retourner celle part
et de mettre à sauveté ce que au matin laissiet y
15 avoient.
Si fu ceste desconfiture moult grande et moult horrible,
et par especial saciés que, sus le rivage, il y eut
moult de gens mors. Et disent adonc li aucun, si com
je l’oy depuis recorder chiaus qui y furent, que on
20 vei l’aigue au quai desous Nazres, rouge dou sanch
des hommes et des chevaus, qui là furent mors et
occis. Ceste bataille fu entre Nazres et Navaret, en
Espagne, en l’an de l’incarnation Nostre Signeur
mil trois cens soissante et six, le tierch jour dou mois
25 d’avril, et ce jour fu samedis.