Letters to the Editor

March, 2014 Letters 0 Comments

Q. I wish to know what the economic system of Islam is?

YMD

The Islamic economic system is a simple, uninvolved, and coherent one. It is simple to follow because it is natural; that is, it agrees with the innate nature of the things. Its main features are as follows:

(1)     It does not allow for interest-bearing dealings, in any form, however subtle, however little, and however hidden. Thus a major strategy for sucking the wealth from the bottom to top, is blocked at the start.

(2)     Secondly, it does not allow for capital to make capital, money to make money. Labor on part of the moneyed, must be a necessary component of any economic activity.

(3)     Thirdly, it does not allow for virtual money to make real money. Finally,

(4)     It does not allow for making speculative money; or, money out of speculations.

Its main benefits can be observed in market economies. Recently, even the while the world capitalistic economies were stumbling, the market economies of Muslim countries were doing well – in some places, actually thriving.

The present-day industrial economy, which was largely brought into being by capital provided by interest-bearing banks, has been led to the brink by the very banks that were its backbone, so that the economy is now in a vicious circle. It is hard to judge how much of it is real, and how much virtual. Therefore, it is hard to predict where it will lead to. Will it suffer a bubble-burst, and, how long will that be avoided by resorting to money-printing strategy, are open questions that no economist can answer.

On the other hand, since the industrial economy of the Muslim states (and not the market economy) blindly followed the model given by the West, they are subject to same upheavals.  Further, because they blindly followed the Western model, Muslim countries have not been able to develop an Islamic model, far from generating an Islamic economic system. The limbo lasts.

In fact, for want of ethical integrity and professional expertise, even a small-scale version of Islamic economic system could not be developed by Muslims and vociferous Islamic propagandists endlessly talking about the Islamic economic system.

So, insomuch as the non-Muslims are concerned, who are the main players in global economic activities, an Islamic economic system remains no more than some loose talk or an utopian dream of the armchair economic sophomores.

Q. Is it practical to implement Islam over masses in this era? And what is the right method to achieve an Islamic state run according to Sunnah of Prophet (saws)? Please explain.

Mohammed Khan,
On Email

YMD

No system of government can be setup and run successfully without the willing participation of the majority of its people. We are of the opinion that the Muslim masses are not ready to play any role that the establishment of a new system would demand. Their commitment to Islam is conditional: If they can, with little work, but not too much of it, get a fair share of the amenities, gadgetries, and luxuries that the rich enjoy, and in quick time, then “yes” to the Islamic system of government. But, if that cannot be delivered, on those conditions, then, they would, with no regret or apprehension, opt for another type of government, secular, democratic, military, whatever. In crude words, they want the cake, but do not want to pay for it.

Therefore, we see the establishment of an Islamic State as a distant dream; in addition to the fact, that much that those who talk of it, understand fully, what exactly a Islamic government stands for, or, what shape in reality it will take in our times. However, since the question comes up quite often, the next issue of YmD offers, Allah willing, an article under the editorial column dealing with how an Islamic state could be attempted.

© 2025 Young Muslim Digest. Iqra Welfare Trust (IWT). All rights reserved.
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