Monday, July 13, 2009

HARSH REALITY OF ISLAMIC ECONOMY



Quran and Sunnah have been removed from the real life of the people (Muslims and non-Muslims alike) for almost a century. Since then, the Muslims and non-Muslims in the entire world have been living under various secular systems, implementing capitalism in the economic life. Muslims continued to believe in Islam and practice those parts of Islam that pertain to the individual. However, for Islam to produce the results and objectives set forth in the Quran and the Sunnah, the full implementation of Islam is necessary. Without full implementation of Islam, the results could be counter productive. As a result of the absence of Islam, the Muslims resorted to national bonds, ethnic traditions and values. Quite often, the Muslims mix their national values, national aspirations, and methods with those of Islam. The truth of the matter though is that Islam was revealed as a set of laws regulations and systems to guide and manage the behaviour of the society as well as the individuals.


The history of the life of Prophet Mohammad saw shows that the objectives of Islam, the resolutions of Islam, and the values of Islam started to materialize only after the establishment of the Islamic State in Medinah, 13 years after the beginning of Islam. In fact, most of the laws, regulations, and systems were not revealed to Prophet Mohammad saw except after his migration to Medinah where the state was established. The laws of the Zakat, riba (usury), ownership, and wealth distribution were revealed after the state was created


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