CONTRIBUTION OF ISLAMIC THOUGHT TO MORDERN ECONOMICS

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1.   CONTRIBUTION OF ISLAMIC THOUGHT TO MORDERN ECONOMICS Sk. Zakir Hossen, Asst. Prof. (finance) Lecture in Commercial Studies Department, Bahrain Training Institute, Kingdom of Bahrain. E-mail – skzakir_123@rediffmail.com ABSTRACT: Islamic economics has been having a revival over the last few decades. However, it is still in a preliminary stage of development. In contrast with this, conventional economics has become a welldeveloped and sophisticated discipline after going through a long and rigorous process of development over more than a century. Is a new discipline in economics needed? If so, what is Islamic economics, how does it differ from conventional economics, and what contributions has it made over the centuries? This paper analyses the theoretical foundations of Islamic economic systems The research identifies that lack of an ethical base, unbridled pursuit of self interest in production as well as in consumption and interest based financial and monetary system are the major problematic issues in the current economic order. Socialism promises to create heaven on earth, but takes fundamental human rights and profit motive away and in the extreme case, it gives way for an autocratic regime. The paper provides brief outline of Islamic Economics and explains that Islamic economic system is a blend of natural features present in Capitalism i.e. right to private property, private pursuit of economic interest and use of market forces etc. Along with this, Islamic economic system uses some distinct features derived through Islamic economic teachings i.e. Interest free economy, moral check on unbridled self-pursuit and provision of socio-economic justice to achieve the goals of Socialism as far as is naturally possible without denying individual freedom and profit motive Since interest is prohibited in Islam, the government in an Islamic economy cannot issue interest based T-Bills, T-Bonds and/or obtain interest based sovereign debt. Based on the literature review, it is argued that imposition of tax beyond Zakah is not recommendable. Accordingly, this study explores the sources of revenue for a government in an Islamic economy. In discussing sources of tax revenue, it is maintained that Zakah is the only tax the government in an Islamic economy can levy. Nevertheless, the government can charge service/performance based fees, duties, charges etc in providing public goods. Key words: Shariah (Islamic law), Islamic economic system, Interest free economy, Zakah (Islamic tax). 1. INTRODUCTION: There is a misconception in some sections that establishment of Islamic economy means establishment of Arab economy as it existed 1400 years back at the time of the Prophet (S. M.) this is not correct. Islamic economy would be totally up-to-date in its method of organization and use of technology. Only the principles and framework will be derived from the Quran, the techniques of the Prophet and the practices of the early days of Islam. Similarly, it is wrong to say that Islam does not give an economic system. We recognize capitalism as an economic system, though its basic characteristics are only the recognition of the private right of ownership and freedom of economic activity for the individual, even though its only basic www.globalresearchacademy.uk  >  GRAMi  :  Volume:  01,  Number:  01,  January  2017                                                     Page  1  
2.   characteristic is the social ownership of means of production. Islam gives us a much more comprehensive guidance in economic matters such as prohibition of interest, compulsory levy of zakah, freedom of work and enterprise, concern for the poor, distinction between the Halal (permissible) and Haram (prohibited) in income, consumption and production and so on. As such Islam undoubtedly gives mankind an economic system not found in other religions. An economic system does not mean only the details of organization, which are more or less the same in all economic systems. It is also necessary to bear in mind that an Islamic solution of the same problem may be more than one. There can be alternative solutions or models for the same problem or issues. This is particularly true of new issues. The difference can be quite acute in such sectors as land reform and role of government in economy. As long as the alternative solutions proposed by Islam within the explicit framework of the Quran and the Sunnah, the alternatives would be considered islamically valid and legitimate. As a complete way of life, Islam has provided guidelines and rules for every sphere of life and society. Islam has set some standards, based on justice and practicality, for such economic systems to be established. An Islamic economic system is not necessarily concerned with the precise amount of financial income and expenditure, imports and exports, and other economic statistics. While such matters are no doubt important, Islam is more concerned with the spirit of the economic system. 2. OBJECTIVES: Ø To analyze socio-economic justice and equitable distribution of income and wealth. Ø To analyze the sources of revenues for the government in an Islamic economy. Ø To analyze the elimination of Munker (evil, wrong or injurious practices) form economic life. 3. METHODOLOGY: This article utilizes secondary materials, mostly journals, books and scholarly article accessed through the internet websites. It also utilizes articles presented at a conference jointly held by The Islamic Development Bank (IDB), Jeddah and the Islamic Economic Research Bureau (IERB), Dhaka. The accuracy of the study is limited to the accuracy of these sources. 4. LITERATURE REVIEW: In conventional economics, the government has following sources of tax revenue: General Sales Tax, Excise Tax, Custom Duty, Import Duty, Export Duty, Octri Tax, Property Tax, Wealth Tax, Development Surcharge, Personal Income Tax, Corporate Income Tax etc. In conventional economics, government can earn through non-tax sources by way of earning through the profitable operations of State Owned Enterprises (SOEs) in public sector. Fines and activity based charges and duties are also an important source of revenue for the government. In an Islamic economy, the problem comes in the issuance of debt (due to prohibition of interest) and imposition of taxes. In an Islamic economy imposition of tax beyond Zakah is not recommendable. Zakah is a combination of a net worth tax and production tax Ø Ab-ul-ala Maududi (1970) reasoned that Zakah is a religious obligation and is not a substitute of tax. Taxes other than Zakah can be imposed in an Islamic economy if these taxes are levied by the legislative council and used for public welfare. He reasoned that the taxes discouraged in Ahadith(Shariah law) are those which were imposed by autocratic kings for their own lavish consumption and this kind of usurpation of public property was discouraged. Ø Kahf (1987) tracing the history of public finance during Prophet’s and Caliphate’s times opined that neither the Prophet Muhammad (P.B.U.H) nor the pious Caliphates (rta) levied any tax other than Zakah even when they were aware of the taxes imposed by neighboring non-Muslim countries on their citizens. Saleem (1992) pointed three narrations of the Prophet explaining that the government cannot levy any tax other than Zakah. www.globalresearchacademy.uk  >  GRAMi  :  Volume:  01,  Number:  01,  January  2017                                                     Page  2  
3.   5. THE SOURCES OF ISLAMIC ECONOMICS: The fundamental sources of Islam - the Quran and the Sunnah of the Prophet provide guidelines for economic behavior and a blueprint of how the economic system of a society should be organized. Therefore, the values and objectives of all “Islamic” economic systems must necessarily conform to, and comply with, the principles derived from these fundamental sources. The Islamic economic system is defined by a network of rules called the Shariah. The rules which are contained in the Shariah are both constitutive and regulative, meaning that they either lay the rules for the creation of economic entities and systems, as well the rules which regulate existing one. As an integral part of the revelation, the Shariah is the guide for human action which encompasses every aspect of life – spiritual, individual, social, political, cultural, and economic. It provides a scale by which all actions, whether on the part of the individual agents, society, and the state, are classified in regards to their legality. Thus there are five types of actions recognized, namely: obligatory; recommended; permissible; discouraged; and forbidden. This classification is also inclusive of economic behavior. These five sources - the Quran, the Sunnah, consensus of the scholars, analogical reasoning, and textual reasoning - constitute the components of the Shariah, and these components are also used as a basis for governing economic affairs. 6. ISLAMIC ECONOMICS ALTERNATIVES TO THE CURRENT SYSTEM: Business financing in an Islamic economy would of necessity have to be equity-oriented where the financier shares the profit or loss of the business financed. Such financing would not only distribute equal returns between the financier and the entrepreneur, but will efficiently allocate risk. Equity financing in an Islamic economy may thus have to be of joint stock companies or shares in partnerships, or a definite (short, medium, or long) period as it is in the case of borrowed capital. Since borrowed capital would also be on the basis of profit and loss sharing and could not be interest-based, it would be in the nature of temporary equity financing and would mature on the expiry of the specified period. Such financing would hence not carry the same connotation as it does in the capitalist economies. It would, like equity, not enjoy any lien on the assets of the firm. The liability to secure a lien on the assets of the businesses financed, possible in the case of interestbased lending, would make the financier more careful in evaluating the prospects of the business and cautious in providing the necessary financing. Moreover, it would be difficult to find medium or longterm financing in an Islamic economy without sharing the ownership and control of the business. Expansion of the business would hence be closely related to the distribution of ownership and control. Similarly it would not be possible for anyone to earn an income on savings without being willing to share the risks of business. Thus, we would see a more efficient allocation of risk in an Islamic economy. An Islamic economy is an economy that always puts full employment as the first priority. Also, Islam is a religion which degrades and prohibits unwanted or unnecessary consumption. for both of these two reasons, one could say that consumption loans are not a big issue, but if a family or an individual found him or herself in need, there is always the Islamic tax on fixed assets (Zakah) to provide for any consumption or human need. The major objection to an interest-free economy is that, in the absence of interest, it would not be possible for the government to finance its budgetary deficits by borrowing from the private sector. Government budgetary deficit is an important means of generating growth and improving living standards. Moslem economists, feel that the government should work in a very efficient matter in terms of their spending. If there was a deficit situation, the government should resort to a contractual fiscal policy or borrow money from the central bank. Islam is a religion that always encourages Zakat and other types of spending by the private sector for poor people, institutions, and infrastructures. So that reduces the burden on government spending and hence solve for budgetary deficits. Islam seldom discusses spending as a government task, rather, Islam stresses that spending for increasing standard of living is a task that should be performed by the private sector. www.globalresearchacademy.uk  >  GRAMi  :  Volume:  01,  Number:  01,  January  2017                                                     Page  3  
4. 7 . THE FUNDAMENTAL PRINCIPLES OF THE ISLAMIC ECONOMIC SYSTEM: Islam is an entire way of life, and Allah's Guidance extends into all areas of our lives. Islam has given detailed regulations for our economic life, which is balanced and fair. Muslims are to recognize that wealth, earnings, and material goods are the property of God, and that we are merely His trustees. The principles of Islam aim at establishing a just society wherein everyone will behave responsibly and honestly. The fundamental principles of the Islamic economic system are as follows: Ø Muslims are not to deal in interest. Ø It is forbidden to gain property or wealth by fraud, deceit, theft, or other falsehoods. Ø It is particularly hateful for a guardian to take from an orphan's property. Ø Forbidden are earnings from gambling, lotteries, and the production, sale, and distribution of alcohol. Ø A Muslim should be responsible for wasteful expenditure. Ø Muslims must pay Zakah.   8. RESTRUCTURING OUR ECONOMIC SYSTEMS: The twentieth century has witnessed the rise of communism, the conflict between capitalist and communist countries and lastly the fall of communism. The capitalist Western countries are celebrating the fall of communism as if it was an empirical evidence of their own victory, not only on a political front but also on ideological plane. The fact is, however, that communism was based on an emotional reaction against some evil consequences of the capitalist economy, specially, against the element of inequitable distribution of wealth, which has been experienced in the capitalist countries throughout the centuries. The failure of communism was not due to its justified criticism of the evils of capitalism. Rather it was caused by the inherent defects of the alternative system suggested by it. The capitalist economies still suffer from inequities in the distribution of wealth. There is still a large gap between the haves and the have-nots and 'poverty in the midst of plenty' is still the major problem of their economy. These are the real problems created by capitalism and unless they are satisfactorily solved, it may give birth to another reaction that may be more aggressive than communism The world, therefore, is badly in need of a “Third Economic System”. The Muslim Ummah can work out this system based on the Islamic norms. The economic principles taught by the Quran and Sunnah of the Prophet are quite capable of solving the major economic problems faced by the world today. While they allow private ownership and market economy, they also provide a well considered system of distributive justice, which may eliminate the inequities and bring about a system in which profit motive works with the collective interest of the society. The basic fault of communism was that, frustrated with the inequity of capitalism, it assailed the very institutions of private ownership and market forces and developed a utopian idea of planned economy which was unnatural, artificial and oppressive. It was neither private ownership nor the institution of market forces that was the basic cause of injustice in the capitalist system. The basic factor for creating inequities in the capitalist countries was the absence of a criterion to differentiate between just and unjust earnings. The instruments of interest, gambling, speculative transactions and the tools of exploiting immoral desires of the consumers to secure huge profits were allowed, which tend to create monopolies and in turn paralyze the forces of demand and supply or at least obstruct their operation. It is thus ironical that the capitalist theory on the one hand asserts the principles of lassiez-faire but, on the other, by allowing the aforesaid instruments, interferes with their natural function and stops the market forces from playing their due role by creating monopolies that impose their arbitrary decisions on the bulk of the common people. The system of interest favors the rich industrialists who benefit from the wealth of the common people who deposit their savings in the bank, and after making huge profits do not allow the common people to share these profits except to the extent of a fixed rate of interest that is again taken back by them as it is charged to the cost of production. At macro level, it means that these rich people always use the money of depositors for their own benefit and in reality pay nothing to them because the interest payments are always added to the cost of production. Similarly, gambling is a major instrument for concentrating the wealth of thousands of men in a few hands and for promoting the disastrous motive www.globalresearchacademy.uk  >  GRAMi  :  Volume:  01,  Number:  01,  January  2017                                                     Page  4  
5.   of greed for the unearned income. The speculative transactions are also a major source of disturbing the natural market operations and contribute to the inequities in the distribution of wealth. Islam not only allows the market forces but also provides mechanism to keep them operative with their natural force without their being hindered by monopolies. It applies two types of controls on the economic activities first it subjects the process of earning to certain divine injunctions, which clearly define the limits of halal (lawful) and haram (unlawful). These injunctions tend to prevent monopolies and curb the unjust and immoral earnings and commercial activities detrimental to the collective interest of the society. In the context of modern economic needs where the savings of the common people are activated to boost development, the use of the Islamic instruments like musharakah (partnership) and mudarabah (trust financing), instead of interest, may make the common people directly share the fruits of development which may bring prosperity in a balanced manner reducing the gap between the rich and the poor. Second the institution of Zakah, sadaqat (voluntary social spending) and certain other financial obligations provide that even the halal income is again distributed to the persons who could not earn enough due to insufficient market opportunities. Through the twin controls, the wealth is kept under constant circulation and the chances of its concentration are almost eliminated. 9. ZAKAH AN IMPORTANT SOURCE OF PUBLIC FINANCE IN ISLAMIC ECONOMY: Zakah is a religious obligation to pay a part of wealth and income to the government. Nisaab on wealth was basically specified in silver. Zakah would be levied as per the ceiling rates defined for each category of wealth or production. The classification is as follows: a) 2½% on cash, wholesale value of held for trade inventory and capital in excess of need payable once a year at a particular set date. b) 5% on production using both labor and capital. It is charged at the completion of the production process. c) 10% on production using either labor or capital. It is charged at the completion of the production process. d) 20% on production using neither labor nor capital. This is applicable on treasure or any other natural gift obtained without using neither labor nor capital. To estimate Zakah on wealth, the following model is established: ZR = 0.025 [ZA - (MNA x PMNA] Where ZR = Potential Aggregate Zakah Revenue ZA = Potential Aggregate Zakatable Assets MNA = Minimum Nisab Amount i.e. market value of 612 grams of silver PMNA = People with Minimum Nisab Amount Zakatable assets include all assets above the value of nisab except the assets in personal use and means of production. Minimum Nisab Amount is the market value of 612 grams of silver. Population with minimum nisab amount is to be estimated looking at wealth distribution of population. As Zakatable assets increase, Zakah revenue increases. Wealth/Assets subject to Zakah include Cash in hand, Cash in Bank, gold and silver not in daily usage (for women), gold and silver owned by men, held-for trade inventory, property/plot purchased for the purpose of resale. Production is not limited to agriculture nowadays, but the major part of it is coming from industries as well as services sector. Therefore, industrial production could also be taxed just like agriculture. Services income could also be taxed on the same principle. 10. ILEGAL PROPERTY/WEALTH: Allah has categorically called upon the Muslims to do 'Maruf' (good or right) and resist 'Munker' (evil or wrong). In order to establish a just economic order, Islamic economy have to enforce 'Maruf' & prevent 'Munker'. The true implication of applying the principle of 'Maruf' in the economic field means establishment of a just economy and preventing 'Munker' will ensure the blocking of all the roads and www.globalresearchacademy.uk  >  GRAMi  :  Volume:  01,  Number:  01,  January  2017                                                     Page  5  
6. avenues of economic oppression . The parliament of an Islamic State, will decide on the basis of Islamic Shariah what sort of economic arrangements are unjust and wrong. By applying its legal and administrative power, Islamic government can stop all sorts of unlawful and unjust profiteering, hoarding, cartel, monopoly, smuggling and other illegal transactions. It is essential that the government enact necessary laws to stop such illegal economic activities. It is not the obligation of the Islamic government to protect properties that has been earned through illegal means rather Islamic government will confiscate properties earned through illegal means as all illegal means are forbidden. All illegal means are forbidden (haram) and undesirable (Munker) in Islam and elimination of haram and munker is the principal responsibility of the Islamic economy. There are many instances in the Islamic history of confiscating wealth earned through illegal means and restoring and returning them to their original owners. The Islamic freedom of employment and livelihood does not mean that anyone can engage in trade and business harmful for the society. This cannot be allowed in any circumstance for no economic activity harmful to the society is lawful in Islamic Shariah. All these fall within the category of evil and wrong (Munker) and therefore, it is the duty of the government to put an end to such economic activities altogether Prophet Muhamad (sm) said:"One who bluffs, he is not my follower" (Bukhari, Muslim)."It is essential to prohibit all kinds of business which are injurious and harmful for the common interest" (Syed Abul A'la Maududi,Islam & Modern Economic Theory, P-182).   11. BANKING AND INSURANCE IN ISLAMIC ECONOMY: It is not without interest to say a few words about banking and insurance in Islamic economy. Some people are apprehensive that banks and insurance companies would cease to function in Islamic economy. The main function of banks in the modern society can be summed up in one sentence The banks borrow to lend and perform miscellaneous services like taking charge of valuables and securities, acting as agents, trustees and bailees of their customers . The modern society that the society cannot make any progress in economic sector without banking. But unfortunately the whole system of modern banking is built upon the institution of ‘Riba’ or interest which is banned by Islam. Thus the right approach for the Muslim community is to adopt banking with its good and useful things and to benefit from it without involving interest. Therefore, Islamic banking would be based on the principle of partnership. In Islamic banking, the shareholders, the depositors and the borrowers-all would participate on profit-loss sharing basis. In the Islamic economy the banks would continue performing their functions of borrowing and lending on the basis of profit-loss sharing instead of earning and giving interest, whereas for their other services they would charge reasonable fee. It has been established by modern economists like Lord Keynes that interest hardly influences savings. Practically, rate of investment and level of income determines the rate of savings in a society. In Islamic society the rate of savings would be rather boosted because of simple and austere living of the people who avoid luxurious living and shun expenses on social evils like drinking, adultery and gambling. The savers would be forced to bring their money into investment or deposit it into banks with prospects of earning profit in participation with banks. The convertion of interest-based banking to interest-free banking in the Islamic state would do a great good to the economy. In the present system, some shrewd persons arrange huge capital by borrowing on interest from banks and thus build up big industrial empires which cause concentration of wealth in few hands. In the Islamic system which is based on profit-loss sharing instead of interest, capital would be available on equity basis and not on loan basis and, therefore, it would be impossible to establish industrial empires. This would help growth of small and medium size enterprises which, as proved by modern economic theory, go a long way to promote economic development of a nation. Islamic economic system is enforced modern commercial insurance will have no place in Islamic lands. Muslim economists and insurance experts, however, suggest that insurance needs of Islamic society will be met by organizing insurance on the principle of mutuality and co-operation. In other words, co-operative and mutual insurance in which the policy holders are themselves the insurers as www.globalresearchacademy.uk  >  GRAMi  :  Volume:  01,  Number:  01,  January  2017                                                     Page  6  
7. well as the insurees is acceptable to Islam with suitable modifications so that no tenet of Islam is violated otherwise .   12. FINDINGS: Islam recognizes all those natural principles on the economic side of life. In summary, we can say that the Islamic Economic system is based upon the notion of justice. It is through justice that the existence of the rules governing the economic behavior of the individual and economic institutions in Islam can be understood. Justice in Islam is a multifaceted concept which implies the concepts of “right”, as equivalent to fairness, “putting things in their proper place”, “equality”, “equalizing”, “balance”, “temperance” and “moderation.” In practice, justice is defined as acting in accordance with the Shariah, which, in turn, contains both substantive and procedural justice covering economic issues. Substantive justice consists of those elements of justice contained in the substance of the Shariah, while procedural justice consists of rules of procedure assuring the attainment of justice contained in the substance of the Law. The notion of economic justice and its attendant concept of distributive justice is particularly important as an identifying characteristic of the Islamic economic system. The rules governing permissible and forbidden economic behavior on the part of consumers, producers and government, as well as questions of property rights, and of the production and distribution of wealth, are all based on the Islamic view of justice. 13. SUGGESTIONS: Our main tragedy is that the principles of Islamic economy are still in theoretical form for which no living example is available. The Muslim countries have not tried to structure their economy on Islamic basis. Most of them are still following the capitalist system and that too in a half-baked manner, which has made the economic atmosphere much worse than that of the developed capitalist countries. Unfortunately, despite having the clear cut Islamic injunctions, the inequities existing in Muslim countries are far more severe than in the Western world. This tragic situation cannot last forever. If we are not prepared to mend our ways, some natural process of revolution is bound to find its way. If we want to avoid disastrous consequences of such revolution, we'll have to restructure our economic system on the basis of clear guidance provided by the Qur'an and Sunnah. Our success in setting an example for implementing the Islamic principles will be our best gift to the human fraternity at the advent of the new century. I hope that if the principles of Islamic economy are implemented sincerely, we'll find the world more receptive to them today than we experienced it in the past. 14. CONCLUSION: Islamic economics is part of the Islamic fundamentalist movement gaining ground in large parts of the Muslim world. The call is for a return to Islamic law, Shari’a, which is believed to offer solutions to economic and social problems of all times and all places. The most visible sign of Islamic economics is the establishment of Islamic banks in a number of countries all over the world. The forces which challenge informal, small-scale institutions, also threaten the viability of Islamic banking. Market penetration, for instance in the form of increased access to interest-based banking, reduces the need for informal risk-sharing arrangements, and may weaken the social and emotional ties between people. An Islamic economist draws the line from interest to moral decline in the following way: ‘Interest inculcates love for money and the desire to accumulate wealth for its own sake. It makes men selfish, miserly, and narrow minded and stone-hearted. While one need not share the view that interest as such is responsible for moral decline, it is probably true that economic development, by introducing impersonal, market-based institutions such as modern banking and insurance, reduces the need for social norms, and perhaps also makes people more selfish and narrow minded. It is, however, unlikely that the overall prohibition of interest which most Islamic economists advocate can change such attitudes and contribute to greater altruism in society. A more pragmatic and fruitful approach to Islamic banking would be to introduce such institutions in the traditional, rural sector of the economy. www.globalresearchacademy.uk  >  GRAMi  :  Volume:  01,  Number:  01,  January  2017                                                     Page  7  
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