Foundation of Islamic Economics
- 1. AIN ATIYA AZMI BINTI NAZMI 1710222 ECON 1710 SECTION 2 Task 1 (a) Sovereignty is the ascendancy of self-rule expedited by enlightenment to respond unerringly and timely to external circumstances. Task 3 (a), (b) (a) Yes, I believe everything he said is true. (b) Shaikh Hamza Yusuf began by bringing forward the idea that earth cultivation, worship and caliphate are the purpose of human existence. His methodology is derived from the Quranic framework in which he laid down verses narrating the claims. As Muslims, the Quran is the Holy Scripture which is infallible and becomes our primary source of belief. However, he did not merely try to indoctrinate the audience by blindly forcing the divine revelation on them. Instead, he asked them to use their five primary senses to ponder, reflect and even challenge those claims. In addition, he also compiled scientific discoveries from authentic and credible sources and opened their eyes on the observable evidences happening around the world. He used the Quranic verses to explain natural phenomena and instances where the Quran has legitimized and forecasted certain practical consequences. In the end, he had succeeded to combine innate cognition with the role of experience in order to come up with a justified true belief. An example of a true point is when he claimed that humans are the culprits for all the worldly illnesses. A verse from ar-Rum commended that the corruption (fasad) occurring throughout the land and the sea are due to the hands of men. Biosphere destruction such as the global warming and depletion of sea creatures are felt and seen by all. These tumults are all proofs that humans have abandoned their role as vicegerent towards nature and have been led astray by greed. The second point is when he called attention that diseases in the humans themselves are also a result of their own wrongdoings. Allah has mentioned in al-A’raf that humans should eat and drink but they must not be excessive as He loathes those who commit excess. However, statistics of obesity cases is on the rise with Muslim countries dominating the top ladders. Autism has also become a social norm due to excessive use of technology that impairs social abilities. These are all pragmatic evidences that humans have surpassed their boundaries and as a result of failing to govern themselves, they also fail to govern the rest of the world. Therefore, Islamic economics comes as a saviour for the sake of mankind’s future. By positioning economic actions within the Quranic framework, we are able to effectively curb erosion of moralities that are caused by the liberals’ ideology of exploitation. Nature is God-given and we are entrusted to cultivate it wisely. It is not merely an object to be exhausted for human consumption. To protect against corruption, sovereignty should first be established in the centre of individuals before extending it to external causes. Only then can we accomplish the role of khilafah and redistribute our resources sensibly to achieve falah.