The New Nation - Internet Edition

Tamizul Haque

Barrister-at-Law

(From previous issue)

Ayat 29 of Sura 4 (Nisa) of Holy Quran is the authority for the proposition where believers of the faith have been warned not to eat-up the property of anyone wrongfully, as all of our property must be held in trust whether it is in our own name or belongs to the community, or to the people on whom we have control. Freedom of enterprise, in contrast with socialism, offers such as possibility and it had been recognized by Islam along with its constituent elements the institution of private property. The market mechanism may also be considered to be an integral part of the Islamic economic system, because on the one hand the institution of private property is not workable without it; and, on the other, it offers the consumers a chance to express their desires for the production of goods of their choice and by their willingness to pay the price, and also gives resource-owners an opportunity to sell their resources according to their free will.

Profit motive which is essential for the successful operation of any system incorporating freedom of enterprise, has also been recognized by Islam. This is because profit provides the necessary incentive for efficiency in the use of resources, which Allah Subhanahu Tahla has given to mankind. However Islam places certain moral restraints on this motive so that it fosters individual self-interest within a social context, which does not violate the Islamic goals of social economic justice and equitable distribution of income and wealth.

In the Islamic system, even though property is allowed to be privately owned it is to be considered as a trust from Allah Subhanahu Tahla, because everything in the heavens and earth really belongs to Allah and, man being the Vicegerent of Allah, enjoys the right of ownership only as a trustee (Sura Bakra-II 284).

Firstly, in Islam, the allocation of resources is optimum if it is in conformity with the norms of Islam and then in accordance with consumers' preferences. In a truly Islamic society there is no likelihood of any divergence between the two. But, if there is any divergence, then the state cannot be a passive observer. It must educate public opinion in accordance with the teachings of Islam and guide and regulate the machinery of production and distribution so as to bring about an allocation of resources which is

Secondly, the market system assumes that the wants of different individuals can be compared with respect to their urgency by the use of prices because each unit of currency represents a ballot. Therefore, an equitable distribution of income, which is one of the goals of the Islamic system is a prerequisite to the attainment of a desirable allocation of resources through the functioning of the price system.

Thirdly, there may be imperfections in the efficient operation of the market forces introduced by monopolies or monopsonies, or conditions in which prices may not reflect real costs or benefits.

Fourthly, in the capitalist market system, since the individual is the primary owner of his own goods, he may do what he pleases with them. Hence there is no moral sanction against destruction of output by, say burning or dumping into the ocean, in order to raise prices or to maintain them at a higher level. But in the Islamic system, since all wealth is a trust from Allah, it would be a grave moral crime to do so.

Fifthly, by itself the market system, even under conditions of healthy competition which is a prerequisite for its efficient operation, has manifested no inherent tendency to solve the economic problems of unemployment, economic fluctuations and stagnation, or to bring about an equitable distribution of the social product. There has, therefore, to be some direction and regulation by a goal-oriented government.

Sixthly, therefore, unless there are moral checks on individuals accompanied by effective regulations by a morally oriented government, competition may not necessarily eliminate the inefficient, reward socially useful behaviour, enforce social and economic justice and foster an equitable distribution of income.

Hence the sharp distinction between Islam and capitalism which, in spite of its present recognition of the role of the government in the economy, is nevertheless essentially secular and lacks a morally based philosophy for social and economic justice and public welfare.

Conclusion: It has been declared by Allah Subhanahu Tahla in the Holy Quran perfecting our religion for all the believers of the faith. In part of Ayat 4 of Sura 5 (Al-Maida) Allah has clearly declared thus :-

This day have those who

Reject Faith given up

All hope of your religion:

Yet fear them not

But fear Me,

This day have I

Perfected your religion

For you, completed

My favour upon you,

And have chosen for you

Islam as your religion.

Notes : So long as Islam was not organized, with its own community and its own

laws, the Unbelievers had hoped to wean the Believers from the new Teaching.

Now that hope was gone, with the complete organization of Islam.

The last verse revealed chronologically; making the approaching end of Mustafa's ministry in his earthly life.

This verse clearly speaks of the fact that the favours of Allah Subhanahu Tahla in the form of Din (code of life) have been perfected in Al-Islam. To a non-Muslim who is natured on a traditional concept of religion, it is only a private relationship between man and his Creator. But for a Muslim religion comprehends the whole of his life - it patterns of thought and behaviour. Therefore in Islam one cannot find a no-man's land to which religion does not lay a claim That is the reason why Allah Subhandhu Tahla exhorts people to accept Islam in its entirety.

Ayat 208 of Sura Baqara-II gives clear direction to the believers of the faith to enter into Islam "Whole heartedly" and follow not the foot-steps of the Saitan for he is to you and avowed enemy.

Islam is the only religion of the world which knows no distinction between the religious and secular, but views in one sweep the entire life of man.

Ayat 162 of Sura VI - A-an'am is the authority for the proposition that a Muslim life and death are all for Allah. The said Ayat runs thus :-

Say: "Truly, my prayer

And my service of sacrifice,

My life and my death,

Are (all) for Allah,

The Cherisher of the Worlds:

No partner hath He:

This am I commanded,

And I am the first

Of those who bow

To His Will

It means that the whole life of a Muslim in all its spheres should be an expression of complete submission to Allah Subhanahu Tahla, the Creator of this Universe and the Rightful Master.