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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
SHA0011

iii. Responsibility (propagating in good doing and prohibiting
bad doing (Al-’Amr bi al-Ma‘rūf wa al-Nahy ‘an al-Munkar)
in the society

Fundamentals of Islamic Economic Philosophy

1. Tawḥīd: a comprehensive concept, implying complete submission of
oneself to The One and Unique being, Who is the Creator, Sustainer,
Owner of everything, All-knowing, All-wise, and the Most Powerful.

2. Risālah: an institution of Prophethood, which brings the revealed
guidance in all dimensions of human life from Allāh SWT in the form
of the Kitāb, and demonstrates its application through practice which
is recorded in the form of Sunnah.

3. Ākhirah: the hereafter for accountability, and for getting the outcome
of all deeds including economic activities, in an eternal life.

4. Economic and Non-Economic well-being for leading a good life and
discharging socio-Islamic obligations in this world and for achieving
the home of hereafter.

UNIT 2: VIEWS OF ISLĀM ON THE ECONOMIC PROBLEMS

Islām views the economic problems from the following perspectives:

1. Abundant versus Scarcity of Resources

These Qur’ānic verses stipulates that Allāh SWT has created resources
in abundant, and there are enough resources for all, implying that
there is no absolute scarcity of resources. However resources in the eyes
of man are scarce and limited because there is a lack of means to
reach them for examples, lack of knowledge, skills, etc.

Allāh SWT says:
“It is Allāh SWT Who hath created the heavens and the earth and sendeth
down rain from the skies, and with it bringeth out fruits wherewith to feed
you; it is He who hath made the ships subject to you, that they may sail
through the sea by His command; and the rivers (also) hath He made subject
to you”.
(Ibrāhim 14:32)

Allāh SWT says:
“And He give you of all that ye ask for. But if ye count the favors of Allāh SWT,
never will ye be able to count them. Verily, man is given up to injustice and
ingratitude“.
(Ibrāhim 14: 34)