Economic System Of Islam
Most people think that Islam provides us with a complete economic system and the only thing needed is its implementation in favorable circumstances. This notion is not correct . It needs to be appreciated that man has been blessed with the faculty of intellect and reason and has also been blessed with innate guidance regarding good and evil. In the affairs of life, his intellect and innate guidance are generally enough to guide him and show him the way. It is only at certain crossroads that he needs divine guidance to choose the right way. Consequently, in all such affairs a detailed system of directives has not been divinely revealed to guide mankind: only a broad outline has been given in the form of a set of rules and regulations which must be adhered to. Bearing this in mind, intellect and reason must evolve a system suited to the requirements and needs of a society. Since these requirements vary with time and place, the resulting systems will also vary accordingly. However, these systems shall be based on the same set of rules and regulations. In other words, the shariah, which is a set of rules and regulations is divine and, therefore, eternal, but the system evolved upon this shariah is a human inference and, therefore, flexible. This flexibility, obviously, has been left to accommodate changing circumstances and evolutionary developments of human societies. Therefore, instead of extracting an economic system from the Quran and Sunnah which, of course, does not exist, all out efforts should be made by Muslim scholars to derive the economic shariah of Islam . The task of formulating a system on its basis should be left to the economists and to those who understand the intricacies of this field. ___ For Summarized comments of Ghamidi Sahab , please refer to the video below from 1:50 to 14:59 and from 44:31 to 46:37 https://youtu.be/8V8BTNcZ9UU?t=110