As a system
of life Islam has not left any area of human life without guidance. Whether it is spiritual, individual, social, economical or political Islam gives clear cut guidelines. By considering the economic guidelines of Islamic sources, Islamic economists have developed plethora of definitions. Derivation of each definition of Islamic economics is based on guidance given in the basic sources of Islamic shariah which are Quran and hadith.
According to Yusuf Ibrahim, professor of Islamic economics, Qatar University “Islamic economics is a science studying the guidance of the human behavior towards the use of resources to satisfy the needs”. This definition is based upon the following facts.
- The resources are enough for satisfying the needs.
- But the resources should be protected from the waste, and improper use.
- The human behavior towards the resources should be controlled by divine injunctions.
- Only legal needs, needs that build life on the earth, should be satisfied.
- Illegal needs (desires), which destroy life on earth, should not be satisfied; they are never ending and never satisfied.
Islamic economic system, a normative economic system, has been built upon certain fundamental Islamic philosophies. According to Quranic teachings real and absolute ownership of the wealth belongs to the creator of the same, Almighty God. Quran says “To Allah belongs to everything in the sky and on the earth” (2:284).
Role of the man is considered as trustee who is to manage the trust, i.e. wealth according to the directives of the real owner; God. Quran clearly states “And spend of that where of hath made you trustees” (57:7). So man has been granted conditioned and limited ownership.
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