Address on Monetary & Fiscal Economics of Islam

Mr. President, Your Excellencies, Distinguished Scholars, Brothers and Sisters,

Assalam -o-Alaikum wa-rahmatullah wa-barakathu,

It is indeed an honour for me to address such a select gathering of scholars and economists.

As you know, this is a follow-up Seminar to deal with the issues raised during the first Seminar on Monetary and Fiscal Economics of Islam, which was held in Makkah al-Mukarramah in October, 1978, under the auspices of the International Centre for Research in Islamic Economics of King Abdul Aziz University, Jeddah.

The Centre was established in 1977, on the recommendations of the first International Conference on Islamic Economics held in the Holy City of Makkah in 1976. One of the main objectives of this Centre is to conduct studies to find solutions to the economic problems confronting the Muslim communities today. These solutions must be inspired by and based on the teachings of Holy Quran and Sunnah.

Since its establishment the Centre has initiated a number of activities in line with its objectives. Due to the devoted efforts by the members of the Centre, it has been possible for the Centre to gain recognition at the national and international levels.

The Centre has since successfully organising the first international Seminar on Monetary and Fiscal Economics of Islam, held in Holy City of Makkah in October, 1978, commissioned over 40 research papers (of which a list is available) and monograph in various areas of Islamic economics throughout the Muslim World in 1979-80. Some research works have already been received and some are in the pipeline.

The future activities of the Centre will include: (a) the production, translation and distribution of teaching materials in the economics of Ummah Islamiah; (b) the publication of professional journals; (c) the exchange of scholars; and (d) awarding fellowship for doctoral and. post-doctoral studies for the young Muslim economists and so on.

Dear brothers and sisters, the need for the study of economics of Ummah Islamiah as a distinct discipline of knowledge is felt more acutely today than ever before.

The task before us is not merely to analyse the distinctiveness of Islamic economics, but to find viable solutions to the present problems of economics, banking and finance in the light of the teachings of the Holy Quran and the Sunnah. Seen in this light, the importance of this Seminar can hardly be over-emphasised.

Following the teachings of Quran, the revival of Islamic civilisation is of paramount importance to the Ummah Islamiah. This will make the Ummah a potent force in world affairs.

Our Ummah is endowed with riches of all sorts — Islamic ideology, natural resources and monpower. Despite this, Muslim individuals and communities still suffer from poverty, low standard of living and illiteracy. They are dependent upon non-Muslim communities for their vital needs for their survival.

Our task today is to find satisfactory answers and solutions to this unacceptable situation.

I express my deep personal thanks to the Government of Pakistan for its efforts to organise and host this Seminar as well as for the cordial reception and excellent hospitality extended to all the participants of this seminar.

May Allah fulfil our mission, Ameen

Source: Fiscal Policy and Resource Allocation in Islam, Ziauddin Ahmed, Munawar Iqbal and M. Fahim Khan. Republished with permission.