The Economic System In Islam

In his Friday Sermon of 24 December 2021~19 Jamadi’ul Awwal 1443 AH, Imam- Jamaat Ul Sahih Al Islam Hazrat Khalifatullah Munir A. Azim (aba) of Mauritius explains the outlines of Islamic economic values. Islam fosters fair trade, and contractual arrangements based on free consent within a non-exploitative business environment. The prohibition of usurious interest, rejection of monopolistic ownership and control over natural resources, and other unfair trade practices, etc. are emblematic of the Islamic economic system. Likewise, to ensure the fair spreading of economic assets across the social classes and for the welfare of the masses, Islam created a range of institutionalized public-giving and other charitable practices, such as Zakat, Sadaqah, Wasiyyah, Waqf, etc. In this discourse, Hazrat Khalifatullah (aba) underscores the need for the believers of be aware of, and to be conscious of these religious, institutional arrangements for the creation of a healthy economic order and a just society, especially in the context of the foundational obligations of Faith.

Read the Friday Sermon Below:

Surah Quraysh: A Commentary

1. In the Name of Allah, the Most Gracious, the Most Merciful,

2. For the covenants (of security and safeguard enjoyed) by the Quraysh,

3. Their covenants (covering) journeys by winter and summer,-

4. Let them worship the Lord of this House,

5. Who provides them with food against hunger, and with security against fear (of danger)!

The Quraysh loved their city, Mecca and they were proud of this place. First of all, Mecca is positioned in such a way that the Quraysh and the other inhabitants of Mecca felt safe and moreover this place was the ideal place for trade and through this they earned a lot of profits. With all the facilities that Allah has given them, they should have been the first to accept that the message that Allah had revealed through His beloved Prophet (pbuh) is a message of truth. But unfortunately they turned their backs except a small part of them who had accepted the Message of Islam.

Who had given the Quraysh their talents for commerce/ trade, manual works and how to straighten out a difficult situation? It is Allah of course! He also gave them intuitions to move at the right time to trade and make Mecca a place where no enemy could enter. Despite all this, they rejected the message of Allah. Instead of showing gratitude to Allah, they denigrated His signs and His prophet.

This Surah shows us that all our successes and the powers we possess on this earth come from Allah. Without Him, we are helpless and powerless. So, for all the blessings that He gives us we must be grateful to Him for this and we must worship Him alone as He deserves and we must see that all our actions are in accord with His will and glory.

Islamic Ethics on Business Transactions

One of the fundamental problems facing the world today is the lack of ethics and fair-dealing. In politics, administration, business, media, academia and public life- virtually everywhere- the tentacles of corruption manifest itself in different ways and forms. So much so that most countries in the world are neck deep in irregularities and corrupt practices. Sadly, Muslims or their countries cannot absolve themselves from blame and shame in this connection. Yet, the teachings of Islam and the noble example of the Holy Prophet of Islam (sa) points to the value of integrity and ethics and fair dealing in all that we do and Islam prescribes a normative code of conduct for economic activities. In his Friday Sermon of April 12, 2013 the Khalifatullah Hadhrat Munir Ahmad Azim Sahib (atba) profoundly expounded on these ethical principles in the backdrop of the high profile-corruption and fraud cases in Mauritius and elsewhere.  

Read the Extracts from the Friday Sermon:

In the Holy Quran Allah says:

“Do not usurp one another by unjust means, nor bribe with it the judges to wrongfully deprive others of their part.”  (Al-Baqara 2: 189)

“… give full measure and weight in justice and do not deprive the people of their due and do not commit abuse on the earth, spreading corruption.” (Hud 11: 86)

“Give full measure, when you measure, and weigh with even scales. That is fair and better in the end.” (Ar-Rahman 55:  10)