Civilisational Approach to Economic Development:
An Islamic Perspective
Nik Mustapha Hj Nik Hassan
This is a revised text of a lecture by Director-General of Institute ofIslamic Understanding Malaysia (IKIM), hosted by the Institute ofOriental Philosophy in Tokyo on June 3, 2014. IKIM’s aim is toenhance the understanding of Islam among Muslims and non-Muslims.

Introduction

T

HE predicament of the present civilisation is not a surprise for man
who is critical and believes in the existence of Divine Guidance.
Indeed, the only option available to this problem is to subscribe to theDivine formulation of social order. Allah through Islam has provided
guidelines for the formulation of man’s social order. These guidelines
are never obsolete despite the change in time and space. Unfortunately,
humanity including Muslims has been led astray from the path of Islam.
The process of deIslamisation through secularisation has succeeded intaking the Muslims’ understanding away from the comprehensive anddynamic Islam. Muslims nowadays are preoccupied with simplistic
world views of Islam and fail to relate and elaborate how the Islamic
approach is comprehensive and relevant to the current world. Muslims
are preoccupied in explaining what Islam is and the practices of theearlier Muslim communities. These shortcomings basically are due tothe absence of the comprehensive understandings of the Qur’anic andHadith sciences among the Muslims’ intellectuals and scholars.
The Qur’anic and Hadith sciences permeate all aspects of knowledge.
In fact, in order to understand the Holy Qur’an and Hadith sciences, one
should be equipped with political, sociological, economic and scientificperspectives in addition to mastering the Arabic language and historicalbackground of the Qur’anic revelation. It is, thus, the task of the serious
and critical-minded Muslims to provide the views on how Islam canoffer at the theoretical level, and ultimately, in reality, the Islamic
approach to man’s social order in the current complicated world
situation.
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Islamic World View on Systematising the Economy
Islam considers the life of man as one and indivisible. It considers thelife of an individual as an inseparable portion of the life of the society
whose members require and complement each other in the Islamic
scheme of social order. Man has to be an individual and a collective
entity at the same time. The Prophet has described the duality in thefollowing manner: “The believers in their mutual love and concern arelike a body, if a part of it complains other parts call each other to cometo assistance, sharing its pains and sleeplessnesss.” (Sahih Bukhari)
The Islamic law, Shari’ah which governs the social order, is a systemof social control established for the purpose of maintaining an orderly
society among men. It indicates the right path to follow in order toarrive at the ideal life. It defines the individual and collective responsibilities in a harmonious, just and dynamic manner, based on an explicit
orientation of society toward Allah.
Islam is revealed with a particular definite purpose. In the words of
Shah Waliullah, a great Muslim scholar of the 18th century, the purposeof Islam is to purify the inner life of man and to make him realise theDivine Will by creating an orderly society wherein, man is able todevelop his potentialities to the full.1 Islam insists on the unity of
religion and state. The Islamic ideals that exist can then be carried out inpractice. To enhance the authority of Islam, the state must pursue social
justice to all, regardless of their religious beliefs. In the views of Ibn
Taymiya, social justice would bridge the gulf between the ruler and theruled (al-raiwa al-raiya) and thereby, ultimately improve social conditions.2
The Islamic values of truth, justice and brotherhood need to bereaffirmed in reorganising the present human society. The policies andstructures now to be adopted cannot be a direct-copy of those of the
traditional practices of the Islamic state. Rather, those policies andstructures need to be adjusted to present socio-economic situations
within the framework of the injunctions and spirit of Shari’ah.
The Holy Qur’an has pronounced all mankind as one and compared it
to a single organic entity in which the individual cannot do without thesociety and vice versa. Each is essential to the other. This unitary viewprovides a dynamic direction to all spheres of human activities.
Allah teaches us that man’s sociality has been embedded within his
natural disposition. The Holy Qur’an states: “O people! We created you
from a male and a female and made you into nations and tribes, so thatyou might know one another. Truly, the dearest among you to God is the80

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most pious among you.” (Qur’an, 49:13)
The verse explains that man has been created so as to emerge in theform of various national and tribal groupings basically for the sake ofidentifications. Through this assignation to nations and tribes, mutual
recognition takes place which is the inseparable condition of social life.
Allah has also created man diversities with regard to their physical,
spiritual, intellectual and emotional capacities and possibilities. Allah
has made some superior in one way and others in another, so that all
require each other by nature. This implies the basis for theinterconnectedness and interdependence of life within society.
In Tahdhib al-Akhlaq wa Ta’thir al-A’raq, Abu Ali Ahmed
Miskawayh, a Muslim philosopher and historian, expounds the theory
that man is social (madani) by nature.3 This means that he needs anorganised and just society where he can perfect his nature. He has towork and struggle for this goal. Miskawayh believes man can improvein piety only through mixing with people and sharing their sorrows andpleasures. Virtuous qualities can be developed collectively and by living
in co-operation with others.
Al-Farabi,4 another eminent scholar, believes that in order to preserve
himself and to attain his highest perfection, every human being is by hisvery nature in need of many things which he cannot wholly provide byhimself; he is indeed in need of people each of whom supplies one orother of his particular needs. In this respect, everybody finds himself inthe same relation to everybody else.
Thus, man cannot attain the perfection for the sake of which his
inborn nature has been shaped as it is unless many people come together
co-operatively to supply one another’s particular needs. As a result of
the contribution of the whole community, all the requirements arebrought together which each and all need to survive and seek perfection.
In the Qur’an, the main subject that is deliberated is man and how
man can achieve happiness, and it records the stages through which hepasses in his lifetime. Islam holds man to be innocent, created in thebest of form, higher in status than the angels, and commissioned with atask of cosmic significance, namely to carry out Allah’s Will on earth, torealise the absolute in this space and time.5
From the Islamic viewpoint all other creations are made subservient
to man. The sun, stars, moon, earth, cloud, air, plants and all theelements, are created for man for this purpose.6 Man is capable of free
action to utilise all resources that may achieve individual and collective
perfectness. Towards this end, man has to utilise them properly andeffectively to change the course of events and transform creation into thecivilisational approach to economic development81

pattern Allah has commanded and revealed. This is the divine truth(amanah) laid upon man as vicegerent of Allah (khalifah) on earth.
Man’s special position on earth corresponds to the power ofintelligence granted to him to reason and analyse. Moreover, he receives
Guidance from Allah through Prophetic missions that have shown him
the right path. Thus, man is only Allah’s vicegerent on earth in as muchas he is at the same time the slave of Allah (al-’abd). He rules over theearth not in his own right, rather as Allah’s vicegerent above all
creatures. He, therefore, bears responsibility for the created order before
the Creator and is the channel of grace for Allah’s creatures.
Islam’s unitary view of life as an interconnected and homogenous
whole clearly contradicts the secularistic view which sees life as an
intricate mechanism of distinct fragments. The Islamic world view
demands that man cultivate the moral and spiritual strength given tohim. The spiritualisation of man aims to realise a development ofcharacter that is purposive, courageous, just and benevolent. The successof such a mission will require the creation of an environment in which
Islam can be implemented in its totality.

Position of Economic Dimension
As an all-encompassing way of life, Islam provides for every aspect ofman’s existence. It seeks an order based on a network inter-relating theconcepts of God, humanity, man’s relationship to God, man’s position
and role in the universe, and his relationship to his fellow men.
The economic dimension is accorded a special position in the Islamicsocial framework. Islam believes that the stability of the whole iscontingent upon both the material and spiritual well-being of man. It
regards both aspects as integrated in a uniting form in every act andrequirement of man as opposed to material dominance in non-Islamic
system.
The Islamic concern for both aspects of human existence has
dissuaded Muslims from asceticism. Muslims are required to be active,
creative and productive in their economic pursuits. There is a positive
correlation between piety and productivity in Islam. This clearly positiveand socially-interactive view of life on earth, gives man a definite socioeconomic duty, the performance of which determines his spirituality. In
fact, Islam has shown a greater preference for infusing material pursuitswith spirituality than for subjugating man’s material needs to theprimacy of his spiritual concerns.7
It has been ceaselessly reiterated from the beginning of Islam that the

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most basic principle of the Islamic social order is the establishment ofjustice. Justice in economics implies the realisation of a number ofobjectives. Elimination of absolute poverty is a prime objective. Every
individual must participate and contribute to meeting his needs and theneeds of his dependents. It follows that economic opportunities must be
made available to every individual to participate. Where an individual isrequired to be creative and imaginative, the society collectively isrequired to be supportive.
Economic justice regards wealth of an individual as possessions
which must be put into circulation such as creating more economic
activities. Creation of economic opportunities and activities is an act ofvirtue and in line with social justice as it provides the means forindividuals to be contributive to the society. An orderly society can beachieved when the means, in this case the wealth, is being placed in theright perspective for the good of the entire society.
Economic justice also implies that economic potentials be optimised
as far as possible at any given time. Since everything is being created by
Allah in abundance for man, he is required to continually seek economic
improvement in concomitant with spiritual development. Once a
person’s economic needs are secured and improved, his personality will
inevitably lead out into creative, intellectual and moral channels,
because man is a thinking machine whose physical fuel is the material
well-being.
Economic resources available in a country should be optimallyorganised and utilised. The economy should be able to steer theavailable resources in channelling according to the priorities andeconomic realities of a particular nation and also the very urgent needsof the ummah outside the country if necessary. Wastage and improper
utilisation of available resources are acts of economic injustice (dzulm).
Similarly, economic inefficiency in identifying, co-ordinating andutilising resources can contribute to economic injustice.
Economic justice can be ensured in an environment where individual
decision is considered as having the primary initiative. Freedom todecide and participate in economic endeavours guided by religious
principles is a prerequisite for economic justice. Thus, the synthesisationof ethics and economic activities is the paramount approach of Islam togo along with individual freedom. The government (for collective
authority) provides general guidelines and restricts unhealthy practices
to allow the economy to develop freely in response to the needs of thesociety. Government participation can be expected in areas wherecomplementarity is in high demand.

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The Holy Qur’an puts a great emphasis on the economic and materialside of life. The idea of wealth is expressed in positive terms, associatedwith, for example, khayr (good), fadl Allah (bounty of God), rizq (provision of sustenance), etc. It is frequently held up for reflection as themost obvious of Allah’s blessing on man. A Muslim engaged in the
production and generation of wealth is, in fact, engaged in afundamental act of worship to Allah or ‘ibadah.
Shah Waliullah pointed out the significance of economic factors insocial and political order.8 He emphasised that economic justice wasindispensable for social and political order. It should not be interpreted
to mean that the great scholar analysed man and his experience in thisworld only with reference to his economic problems and urges; rather,he subordinated all values to the moral and spiritual needs of man, andaccorded economic factors their proper place in human affairs.
The Islamic economic system seeks to realise economic justice and tocreate an environment for economic co-operation to take place amongindividuals. By refusing to compartmentalise existence into the secularand sacred, Islam subjects all human efforts and activities to bothspiritual and rational scrutiny. The spiritualisation and moralisation ofindividual and collective economic activities will certainly promoteeconomic justice and co-operation. The end result of this approach toeconomic activity can make a permanent contribution to economic
efficiency, productivity, growth and stability.

A Theoretical Framework of an Islamic Model
A number of principles can be deduced from the Holy Qur’an andHadith with which to formulate a theoretical framework for economic
organisation. The philosophical and ethical approach to an economic
system provides a world view, guiding principles and the spirit fororganising and running the system.
Central to the Islamic world view is man’s relationship with Allah (altawhid). Man’s relationship with his fellow men and nature must be inharmony with the values set up by Allah. Tawhid binds all believers
together and makes them an integral, organic body submitted to the Willof Allah. Everything in existence, its life and death, fulfils a purpose
assigned to it by Allah. All creatures are interdependent, and the wholeof creation run because of the perfect harmony which exists between its
parts. In the Holy Qur’an, Allah says: “To everything we have given ameasure proper to it.” (Qur’an, 54:49)
Tawhid in the context of ethics refers to the integration of the spiritual

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and temporal aspects of human existence. Ethics is the core of Tawhid.
The Holy Qur’an repeatedly uses the phrase: “Those who believe (inGod) and do good work.” (Qur’an, 2:25)
Of those two attributes, the first is clearly a prerequisite for thesecond: but equally, the first would be meaningless without the second.
The Islamic approach seeks to solve the economic problems morethrough moral teachings than by legislation.
Tawhid is not merely an objective, but a guide to a dynamic process
which is of great relevance to economics. It provides the creation of ajust and equitable economic order embodying the Will of Allah as
discussed in the earlier part of this chapter. Allah has knowledge of theproper place of each thing in the hierarchy of creation and as the AllPowerful and the Creator, He puts each in its proper situation.9 Justiceentails “retribution” for some of His creatures—this is a consequence ofthe fact that man’s central position in creation allows him to upset, in acertain fashion; the equilibrium of the cosmos and the normative humanstate.10
The Holy Qur’an in numerous verses indicates that man alone has
been given free will and the power to vary the divinely establishedequilibrium between Allah and the world. From the Islamic point ofview, the main reason for the rupture of the natural and social
equilibrium that has been experienced by the modern world is the
rupture of equilibrium between man and Allah. In effect, by refusing tocarry the trust (Qur’an, 2:30) for which he was created, man has abandoned his human responsibility and sunk into animality. Peace in theworld without peace with Allah is an unfounded notion.
The application of tawhidic principles to the economic system affirms
man’s place as the central subject of economic management. Man, in theprocess of utilising nature for his own as well as the needs of society, is,from the Islamic viewpoint, seeing nature as a necessary material,
without which no ethical merit or demerit is possible.11 Islam does not
permit man to abuse nature of its purpose as modern technology has
done, not to pollute or diminish its resources. The use of nature by man
must be a responsibility. Responsibility means that no part of nature be
destroyed, degraded, or indeed even used, unless such is conducive tothe realisation of the divine purpose, man’s fulfilment of the highest
moral values.12 This also implies that one cannot lessen what should beavailable to future generations, since to do so would contradict thegeneral purpose of the whole creation.
Islam aims at building a society based on the relationship of man andGod, on morality and social justice. The principles that can be deduced

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from these divine values are comprehensive and multidimensional innature and may be applied to organise economic systems for all times
and places. The implementation of these values can secure economic
justice and will ultimately promote co-operation among economic units
in their endeavours. The phrase in the Holy Qur’an “lita’awun”—“thatyou may co-operate with one another in doing good deeds” or “alma’ruf ” can be put into practice once economic justice has beenachieved.
This Islamic approach of systematisation of economic activities
within the social order not only provides an opportunity for individualand collective economic advancement, but also sustains such
advancement without creating tragic human disintegration and disorder.
The multidimensional and timeless approach of Islam deters thepromotion of any single aspect of human ability or need at the cost of
creating a number of social problems. Islam propagates humanadvancement in its totality.

Goals
Islam is goal-oriented. The guiding principles for the organisation of
economic activities at individual and collective levels are aimed atachieving certain economic goals in the light of the overall objectives of
the Islamic social order. These goals can be categorised in general terms
as follows:(i) To provide and generate ample and equal opportunities for every
individual to participate in economic activities. Individual
participation in economic activities is a religious and social
responsibility. The individual is required to provide and support at
least his own livelihood and the needs of his dependants. The
individual must be creative and self-motivated. At the same time, aMuslim is required to discharge his responsibility in the mostexcellent way possible. To be efficient and productive are acts ofvirtue. Since all creations are for man and man alone, the ability toutilise natural resources in the light of religious responsibility isstrongly required of Muslims.
At the collective level, the system must be able to generate andprovide ample and equal opportunities for every individual toparticipate. The spirit of the participation must be harmonious andco-operative. All kinds of ill-practices have to be minimised andultimately eliminated. Islam believes economic co-operation is the

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key to success. Efficiency and economic advancement can beachieved and sustained in an environment where every individual
operates harmoniously. The system thus demands that all kinds of
economic enterprises be devised and set up to take the spirit into
account. This also applies to all mechanisms required to regulate
economic activities in the system. This approach will encourage allindividuals to take active part in economic life, and discourage themfrom opting out.
The kind of technology to be adopted must also be consistent withthis goal. Technological improvement must not be at the expense ofcreating economic opportunities. Technology is a means for
economic excellence and advancement. It must not displace andhinder human participation and creativity.
(ii) To eradicate absolute poverty and fulfil basic needs for all
individuals in the society. Poverty is not only an economic disease
but also affects individual spirituality. Islam gives priority tocombating poverty. The Islamic approach to eliminate poverty is tomotivate and help every able-bodied individual to participate
actively in economic activities. Everyone must succeed through his
own initiative. Society and public authority will come to the rescue
when all opportunities have been explored by the individuals
concerned. Islam does not encourage solving the problem throughshort-term measures like transfer of money or value in kind to thepoor. Instead, it urges the importance for individuals of becoming
self-reliant through active participation in economic opportunities.
Short-term measures are relevant for disabled individuals.
Notwithstanding, the disabled are still encouraged to work. Islam
regards work as part of ‘ibadah.
The society and the authority in the Islamic economic system havethe responsibility to guarantee that all individual basic needs are
fulfilled. Economic productivity and efficiency will not be attained
if these requirements are not met. Fulfilment of basic needs for theentire population is a prerequisite for the achievement of continuous
economic stability and growth.
(iii) To maintain economic stability and growth, and upgrade economic
well-being, Islam regards the economic position of man as notstatic. Allah has clearly guaranteed that everything is being createdin abundance for the use of man. The idea of improvement of theeconomic well-being of man is a religious proposition. Since therecivilisational approach to economic development87

is a synthesis of spiritual and material aspects in the Islamic schemeof human endeavour, the economic advancement aspired to by Islam
will also contribute towards human spiritual betterment. Economic
stability in the Islamic framework refers to the achievements of full
employment and price stability. Both of these objectives are within
the realm of economic justice. The achievements of these goals cancontribute significantly towards economic growth and ultimately
will improve economic well-being.

Nature and Structural Arrangement
Since economic justice and co-operation are the spirit of Islamic
economics, its portion of the command of tawhid, the type of structuralarrangement needed must work towards translating this spirit into reality
and, moreover, be able to meet needs anywhere and at any time.
A number of elements can contribute towards such a structuralarrangement. They are as follows:(i) Islam has from the beginning recognised the position of governmentin economic management. In every organised society, there must be
an authority to oversee, co-ordinate the economy and provide thedirection for it to move in. The government is required to undertakecertain expenditure as ordained by Shari’ah on a permanent basis.
For example, to maintain administrative machinery, law and order,
defence, dissemination of Islam, etc., requires the government togenerate its own revenue, which can, it turn, influence the economy.
On top of that, in a currently more complex economic environment,
certain public needs demand that the government participates inensuring economic activities to run smoothly. This principle can be
deduced from Shari’ah, in relation to the needs of the specific timeand place. For example, the monetary management of money supply
and allocation, participation in the production of public goods areamong the many others.
(ii) The private sector is considered as having the primary initiative inthe economic activities of the society. Individual initiative andcreativity are highly placed in the Islamic scheme of economic
organisation. Individuals are permanently recognised to own anddecide on economic activities of their choice within the Shari’ahrequirements. The Islamic approach to individual participation in

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the economy is through individual will and drive, generated within
the religious values built into the economic system. Legal measures
imposed are minimal because Islam is committed to the special rightand ability to guide human nature to chart its own course. The
government’s role vis-a-vis the private sector is only to safeguard
individual ownership and to provide overall direction andinformation for the entire economy so that it can move along tobenefit the society as a whole at that point of time. Basically,
government participation is to complement the initiative taken by
the private sector. The Islamic system allows ample scope for theindividual to manoeuvre his economic activities.
(iii) Islam recognises the significance of international trade. Any kind of
trade barriers are discouraged in principle in Islam and should
continue to be so. If there are to be trade barriers, they may be used,
as in the past, only in the form of reciprocal arrangements.
Openness in this area cannot be the option if the cost is religious
sanctity. All kinds of economic imperialism including tradepractices will have to cease. Being a universal religion for the wholeof mankind, Islam is committed to the view that the international
trade practices can lead directly to the representation of Islamic
economic practices to the rest of mankind.

Policy Formulation—The Operationalisation of the System
Economic policies adopted by the government can have an influence on
the running of the economy. The policies to be executed must take into
account the tawhidic spirit of the system. The translation of this spirit
into policies will strengthen further the creation of an environment
conducive for economic advancement. Siddiqi contributes significantly
to the study of the governments’ approach to areas needing policy
formulation. He divided the functions of an Islamic state in general into
three categories.13(i) Function assigned by Shari’ah on a permanent basis. This category
includes all functions specified in the Holy Qur’an and Hadith,directly or indirectly, and affirmed by the jurists. These functions
relate to the permanent human situation and not a changing social
condition. The obvious example is zakat (the obligatory sharing ofwealth with the poor and the community at the yearly rate of 2 ½%
of appropriated wealth above a certain minimum).14

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89(ii) Functions derived from Shari’ah on the basis of independent
reasoning (ijtihad) for the present situation. This category includes
such functions as have become necessary for the realisation of theobjectives of Shari’ah in view of the social and economic conditions
obtaining in our times. They are derived from the Holy Qur’an andHadith on the basis of analogical reasoning (qiyas) or by arguments
based on public interest (masalih). A clear example is the protectionof the environment.
(iii) Functions assigned to the state at any time and place by the people
through the process of consultation (shura). This category may
include any function which the people at any time and place wish to
assign to the public authority of the Islamic state on the criterion ofwhat best serves the public interest.
These guidelines on policy formulation will provide a clear direction
for government participation in economic matters. This approachrequires government policies to be continuously relevant and dynamic.
The first category of functions is considered the basis for every society
at all times and is essential for all kinds of societies. The second andthird categories indicate how the Islamic approach emphasises a close
relationship between the government and private sector in economic
management.
Islam believes man’s relationship with Allah (tawhid) provides thevalues and criteria for mankind on all aspects of civilisation, including
economics. Thus, the goals to be achieved, social structures andorganisations, and policies, for the introduction and implementation of
those goals must all be grounded on the philosophical and ethicalfoundation of Islam. The challenge to present-day Muslim scholars isgreat. They must not only master the sciences of the Holy Qur’an andHadith but also have a grasp of the economic issues of the day. Only inthis way can economic principles be formulated premised upon Islamicsources relevant to our actual circumstances.

Conclusion
The Islamic world view on systematising economic system was and isan approach to human civilisation as a whole. It is relevant to address
the complex economies of the present age. A theoretical framework of
an Islamic model as advocated in the above reflects the nature ofhumanity. It refuses to look at economic matters in isolation from the90civilisational approach to economic development

whole needs of man, and insists instead on putting them in a proper
perspective. Its multidimensional approach of the unity of the worldly
and the sacred, to ethics and economic activities, to individual andcollective responsibility, are both dynamic and progressive, andintensely relevant.
The tawhidic paradigm spells out the spirit that guides the system.
Economic justice and co-operation are two foundations that act as
prerequisites for the reliable, sustainable success of any humaneconomic system. Economic justice and co-operation derived from
divine command are not vague notions. They are terms palpable, lucid
and clear, and relevant for all periods and times.
Islam does not merely offer theoretical, moral guidelines according towhich the system is to be established but also an adequate methodology
for implementing those guidelines. The Prophet (Peace be upon him)
had put considerable emphasis on the moral education of human beings.
The Islamic economic system insists on the legitimacy of the means aswell as the legitimacy of the ends; its foundation on distinctive ethicalconsideration can only have meaning within the overall framework of an
Islamic social order.
Renewed interest in the Islamic paradigm provides a great
opportunity at the present time for serious and critical minds to sincerely
ponder, and ultimately change, their secular modes of thought for thegood of humanity. Man cannot survive properly without relationshipwith Allah, the Creator. A rupture in that relationship may be disastrous
for man. Past civilisations have proven, and contemporary human would
likewise testify to this truth. Thus, Islamic social order is a must for
mankind.
Notes
Khaliq Ahmad Nizami, “Shah Waliullah of Delhi: His Thought and Contribution,”
Islamic Culture, LIV, 3 (July 1980), 145.
2
Majid Kadduri, The Islamic Conception of Justice (Baltimore: The Johns Hopkins
University Press, 1984), 180.
3
Badruddin Bhat, “Miskawayh on Society and Government,” Islamic Studies, XXIV,
1(1985), 29.
4
Abu Nasir Al-Farabi, Al-Farabi on the Perfect State, Trans. by Richard Walzer(Oxford: Clarendon Press, 1985), 229.
5
Ismail R. Al-Faruqi, “The Nation State and Social Order in the Perspective ofIslam,” Trialogue of the Abrahamic Faiths, 29 (Virginia: The IIIT, 1986), 59.
6
There are many verses in the Holy Qur’an which highlight this point: 13: 2; 22: 36,
37; 22: 65; 29: 61; 31: 29; 36: 16; 38: 18; 45: 12.
7
Please refer to verses 2:198 and 62:10 of the Holy Qur’an.
8
Nizami, op. cit.
1

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9William C. Chittick, “Islam and the Loss of Equilibrium”, The Islamic Quarterly,
XXX, Number 3, (1986), 168.
10
Ibid.
11
Ismail R. al-Faruqi, “Islam and the Theory of Nature”. The Islamic Quarterly,
XXVI, 1 (1982), 25.
12
Ibid., 26.
13
M.M. Siddiqi, “Public Expenditure in an Islamic State”. Paper presented at theInternational Seminar on Islamic Economics, Kuala Lumpur (July 1987), 6–10.
14
Ismail R. al-Faruqi, Toward Islamic English (Virginia: The IIIT, 1986), 34.

Author Biography
Nik Mustapha Hj Nik Hassan currently is the Director-General at the Institute ofIslamic Understanding Malaysia. He studied Business and Economics at Ohio University, USA. Formerly the Dean of the Faculty of Postgraduate Studies at the International
Islamic University Malaysia, Nik Moustpha has written, to date, five books and edited
18. Also, more than 200 of his articles have been published. Among the titles that he has
written are, An Islamic Paradigm in Economics: Vision and Mission, Islamic Management For Excellence—Revitalising People For The Future and Value-Based Total
Performance Excellence Model.