Spread over 57 moslem majority countries, and as significant minorities in the West, and from China to Russia, the estimated 1.2 billion moslems comprise a fifth of the world's population. The lived experiences of moslems, their socio economic conditions, political affiliations, and religious practice can not be essentialised or simplified.
Islamic economics begin with abundance of resources, and assumes the limited needs of individuals. Accordingly, the problem of scarcity in classical economics is due to unnatural assumption of unlimited needs created by artificial means such as advertising. Islam imposes legal and moral restrictions on totality of human behavior, including individuals' needs.
Unity of mankind is an essential of the fundamental Islamic concept, "the God is One", and then "mankind is also one". The distinctions created by nationality, race and color are artificial, and have no place in religion, which stands for human brotherhood. The Holy Qur'an clearly states, that people were created as one nation, but became divided because of their differences (look Qur'an, 10:19). Conflict of interest, prejudices, exploitation, and misuse of power have taken their toll in dividing mankind. However, the ultimate objective of Islam is to reunite all of them (look Qur'an, 11:119).
Individual moslem's choices are subordinate to collective interests of a larger Islamic community. Accordingly, the collectivist social and religious norms of Islam guide the economic behavior of individual moslems.
In Islam, the earth and its resources belong to God, and moslems are only obligated to protect these resources for future generations. Consequently, Islamic values will not allow one to benefit from these resources, and impose cost on others. A complete application of Islamic values will eliminate the problem of negative externalities, and provide a safeguard for environmental protection.
Islamic economics begin with abundance of resources, and assumes the limited needs of individuals. Accordingly, the problem of scarcity in classical economics is due to unnatural assumption of unlimited needs created by artificial means such as advertising. Islam imposes legal and moral restrictions on totality of human behavior, including individuals' needs.
Unity of mankind is an essential of the fundamental Islamic concept, "the God is One", and then "mankind is also one". The distinctions created by nationality, race and color are artificial, and have no place in religion, which stands for human brotherhood. The Holy Qur'an clearly states, that people were created as one nation, but became divided because of their differences (look Qur'an, 10:19). Conflict of interest, prejudices, exploitation, and misuse of power have taken their toll in dividing mankind. However, the ultimate objective of Islam is to reunite all of them (look Qur'an, 11:119).
Individual moslem's choices are subordinate to collective interests of a larger Islamic community. Accordingly, the collectivist social and religious norms of Islam guide the economic behavior of individual moslems.
In Islam, the earth and its resources belong to God, and moslems are only obligated to protect these resources for future generations. Consequently, Islamic values will not allow one to benefit from these resources, and impose cost on others. A complete application of Islamic values will eliminate the problem of negative externalities, and provide a safeguard for environmental protection.
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