Articles on Islamic Economics

Islamic Economic Framework and Systematic Life

Nida Shoaib

The religion of Islam and the individual’s way of life should not be considered as two separate things. Islam is a way of life than just being a set of commandments and it allows the individuals of the society to live their lives according to certain principles and practices which benefit them eternally as well as in this worldly life too.

Islam is a comprehensive doctrine and unlike modern specialized bodies of knowledge, its scope is not confined to particular aspects of humans, worldly systems or certain segments of society. Islamic worldview explains the purpose of human existence and guides towards how individuals and societies can fulfill their purpose of existence while also achieving blessings of Allah in worldly affairs.

Nowadays, if we observe around us, we see that the economic, social, legal, and political aspects are considered to be on one side and religion is taken to be on the other side.

If we start following the Islamic economic principles and practices, many of the problems faced by humans can be eradicated from the roots. Through this, all the issues arising in the economy can be dealt with and it can be ensured that people do not remain deprived from the basic necessities of life.

Abstaining from excessiveness in consumption, usury, speculation, gambling and fraud in trade and by engaging in charitable giving and living one’s life with the realization to be always helpful to the other members of society creates a sea of change if one starts believing in it and practice it.

Islam is a way of life and this phrase includes the entire way of living for the individual. Through Islamic economic system, the individuals automatically reflect the ‘sharing’ and ‘helping’ principles in their lives through the Zakat system. By giving Zakat, we tend to share our money with those who need it and help them in living a better life too.

Therefore, all of us should broaden our knowledge horizon and deeply work towards implementing principles of Islamic economics in ourselves and in our society to get rid of the root cause of all problems. The first place to start is to stop segregating religion and life as separate entities and by personally endeavoring to change ourselves.

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