By Martyr Mohammad Baqir As Sadr - XKP
A brief textual content concerning the nature of the Islamic financial system, its contrast from Capitalism and Marxism, and the first stumbling blocks encountered in its software to society today.
Translated from the Arabic via: Yasin T. al-Jibouri
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Additional resources for What do You Know about Islamic Economics?
To extend the rate of interest the creditors obtain, then this type of narrative will be medical, one that offers with the technological know-how of economics. yet, rather than this, Islam has come to guage and for this reason restrict such an curiosity, regulating the connection among capital and the project’s proprietor upon the foundation of contracting rather than usury and curiosity; therefore, Islam adopts the doctrinal place, no longer the clinical one. once we in actual fact get to grasp the character of Islamic economics to be an financial doctrine, no longer a technology of economics, we will simply get rid of the most important predicament within the method of believing within the lifestyles of economics in Islam. What are the best hindrances? the best problem on which many of us depend in rejecting the idea that of the Islamic economic climate stemmed from the latter’s lack of ability to tell apart among the technology of economics and the industrial doctrine. at any time when those that haven't had the chance to tell apart among the technological know-how and the doctrine listen a person asserting that there are economics in Islam, they quickly retort: “How can there be economics in Islam after we can't locate researches via Muslim economists on par with Adam Smith, David Ricardo, and others? Islam didn't let us know whatever in regards to the legislation of crop underproduction, nor the legislation of availability and insist, nor has it introduced forth a legislations just like that of the iron legislation of wages, nor has it produced a idea in regards to the research and clinical learn of the price as used to be performed via the scientists of economics. How will we be required to think within the life of ‘Islamic economics’ after we all be aware of that the researches within the technology of economics have been born and taken as much as perfection over the past 4 centuries by the hands of the early pioneers of economics akin to Adam Smith and people investors and naturalists who preceded him? ” those that deny the life of Islamic economics say all of this, assuming that we declare that Islam conducts medical researches in economics. Having come to understand the adaptation among the technology of economics and the commercial doctrine, and that the Islamic financial system is a doctrine, no longer a technology, there is still no use for the above said denial to exist as the life of the commercial doctrine in Islam doesn't suggest that Islam discusses for individuals the legislation of availability and insist. quite, it easily implies that Islam has referred to as for a unique rules of the commercial existence, defining the bases and pillars upon which such existence has to face. the assumption within the lifestyles of Islamic economics during this gentle turns out believable instead of peculiar. we can't begin during this sequence (of “The Islamic School”) the examine of the main points of Islamic economics. after we research such info within the impending sequence, Insha-Allah, we'll offer you the concrete proofs, from the Holy Qur’an and the Sunnah, for the life of the doctrine in Islam. there isn't any facts for the life of a specific thing larger than bringing it ahead of the senses, and this we intend to do within the drawing close sequence, Insha-Allah.