Economy in Islam?

[Ligeia]

I just wonder.....
How does Islam view economy,what kind of economy would a Islamic economy be?
Anybody knows?

[BobKKKindle$]

One of the five pillars of Islam (obligations that every Muslim has to fulfill) is zakaat, which means that all Muslims who are not living in poverty have to give some of their money away each year to improve the conditions of the poor and reduce the level of social inequality. In many Muslim countries zakaat is supported by the state through redistributive taxation but many Muslims also choose to make additional donations during Ramadan to attain additional divine reward. An additional aspect of Islam which pertains to economics is the condemnation of usury (charging interest on bank loans) as a form of financial exploitation which targets the poor.

[Post-Something]

There is also "bayt al maal". This is like some sort of community based helping service. Out of all the taxes that are collected, some are put into this bayt al maal, which is basically a collected mass of wealth, which people can apply for different sums based on why they need it. The community decides who gets what.

[Revy]

From an Islamic website (talking about the Mahdi - the prophesied redeemer of Islam, who is believed to appear alongside Jesus)

A great man will appear who will uproot all corruption and mischief. This is a religiously inspired theory and it is in this context that Islam gives the glad tidings of Mahdi's revolution. Its salient features will be:

Final victory of righteousness, virtue, peace, justice, freedom and truth over the forces of egoism, subjugation, tyranny, deceit and fraud.
Establishment of a world government (one government in the whole world).
Reclamation and rehabilitation of the whole earth so that no area remains waste.
Attainment of full sagacity by mankind, adherence to ideology and emancipation from animal impulses and undue social restrictions.
Maximum utilization of the gifts of the earth.
Equal distribution of wealth and property among all human beings.
Complete eradication of all vices like adultery, fornication, usury, use of intoxicants, treachery, theft and homicide and total disappearance of abnormal complexes, malice and ill-will.
Eradication of war and restoration of peace, friendship, co operation and benevolence.
Complete coherence between man and nature.

Some of this is heavily puritanical...like talking about ending "fornication" and the "use of intoxicants" but the rest seems pretty socialistic.

[Junius]

Islam does not control an economy. An economy controls Islam.

[Devrim]

I see Islam as the religion of business par excellence. It came historically from the merchant classes and is still tied up with them today. If you look at its political base in the Iranian revolution for example, you will find it in the bazaar. Today in our country, Turkey, the Islamic party finds its base amongst small business men.

The ban on usury has long been circumvented. Today you can go to an Islamic bank and get exactly the same 'interest rates' as in any other bank.

I think that Islam's status as a religion of the mercantile classes is well exemplified by the fact that the biggest mosque in our city, Ankara, which is also one of the biggest in the world, is built on top of a supermarket.

Devrim

[Die Neue Zeit]

^^^ LOL! :laugh:

The circumvention reminds me of Marx's remarks regarding The Jewish Question (I'm NOT making racist remarks here :thumbdown: ):


Here, too, man’s supreme relation is the legal one, his relation to laws that are valid for him not because they are laws of his own will and nature, but because they are the dominant laws and because departure from them is avenged.

Jewish Jesuitism, the same practical Jesuitism which Bauer discovers in the Talmud, is the relation of the world of self-interest to the laws governing that world, the chief art of which consists in the cunning circumvention of these laws.

Indeed, the movement of this world within its framework of laws is bound to be a continual suspension of law.

Judaism could not develop further as a religion, could not develop further theoretically, because the world outlook of practical need is essentially limited and is completed in a few strokes.

By its very nature, the religion of practical need could find its consummation not in theory, but only in practice, precisely because its truth is practice.

[Ligeia]

So...what would you conclude,after all?
Is there a difference between "philosophy" and practice?
Or is today's practice maybe not as it should be or is it inherent to the islamic religion?
:confused:

[Jazzratt]

The bollocks about equal wealth distribution and so on is as stupid a saying selling all of ones possesions in order to be closer to heaven is part of catholiscism. Most economies, even those nominally islamic ones, run on the same basic model of capitalism.

That said apparently there is a British sharia-based car insurance company. It sounds like a good deal, better than most other car insurance companies at any rate.

[fabiansocialist]

The bollocks about equal wealth distribution and so on is as stupid a saying selling all of ones possesions in order to be closer to heaven is part of catholiscism. Most economies, even those nominally islamic ones, run on the same basic model of capitalism.

Islam is the religion of primitive capital accumulation - suited for primitive trading economies. Just as arguably protestantism is convenient for industrial capitalism(?)

In an "Islamic economy," you'd have a few rich and many indigent, and no social mechanisms -- except the farce called "zakat" -- to mitigate the circumstances of the have-nots. If you look at most muslim societies, you will see Islam being used as wallpaper to cover glaring economic chasms -- thus a billionaire and a construction worker are somehow both "brothers in Islam." What a load of hogwash. It's used as an opiate for the masses.

[Devrim]

In an "Islamic economy," you'd have a few rich and many indigent, and no social mechanisms -- except the farce called "zakat" -- to mitigate the circumstances of the have-nots. If you look at most muslim societies, you will see Islam being used as wallpaper to cover glaring economic chasms -- thus a billionaire and a construction worker are somehow both "brothers in Islam." What a load of hogwash. It's used as an opiate for the masses.

Yes, it is actually quite amazing that there are people on here who will defend the 'progressive' economic ideas of Islam, which are basically anti-communist to the core, and consist of the rich throwing a few crumbs to the poor.

Devrim

[Post-Something]

Actually, most muslims who advocate an Islamic economic model would say that it has never existed apart from at the begining of the days of the Ottoman empire. It definitely doesn't exist anywhere today. Basically it would look like capitalism with a hell of a lot of welfare. Back in the day Islam was a pretty progressive movement.

[fabiansocialist]

Actually, most muslims who advocate an Islamic economic model would say that it has never existed apart from at the begining of the days of the Ottoman empire. It definitely doesn't exist anywhere today. Basically it would look like capitalism with a hell of a lot of welfare. Back in the day Islam was a pretty progressive movement.

Do you mean the Omayyads? I never heard of the Ottomans having any kind of "Islamic economic model" (indeed, being an empire, they would have had different strategic imperatives altogether). I've heard so many muslims trot out this pathetic excuse: "We've never had true Islam (whatever that is); one fine day (when pigs will be seen flying) we will have the glorious reign of true Islam on earth." What hogwash. Islam began its days as a model of capital accumulation, and militaristic and imperialistic from day one. Mohammed was a trader, a general, a politician -- what do you expect from his "religion?" All religions end up being reactionary -- but Islam has the dubious distinction of being so right from the outset.

[Devrim]

All religions end up being reactionary -- but Islam has the dubious distinction of being so right from the outset.

All religion today is reactionary. That doesn't mean that there wasn't a 'progressive' side to Islam at the time of its emergence. It's progressive attitude towards women would be an obvious example.

Devrim

[Post-Something]

Do you mean the Omayyads? I never heard of the Ottomans having any kind of "Islamic economic model" (indeed, being an empire, they would have had different strategic imperatives altogether). I've heard so many muslims trot out this pathetic excuse: "We've never had true Islam (whatever that is); one fine day (when pigs will be seen flying) we will have the glorious reign of true Islam on earth." What hogwash. Islam began its days as a model of capital accumulation, and militaristic and imperial from day one. Mohammed was a trader, a general, a politician -- what do you expect from his "religion?" All religions end up being reactionary -- but Islam has the dubious distinction of being so right from the outset.

http://en.wikipedia.org/wiki/Rashidun_Empire#Welfare_works (http://en.wikipedia.org/wiki/Rashidun_Empire#Welfare_works)

This is the time period most people point to as the best.

To be honest it sounds really hypocritical to make fun of them for saying "we've never had true Islam", considering you're on a communist/anarchist dominated site.

[Devrim]

http://en.wikipedia.org/wiki/Rashidun_Empire#Welfare_works (http://en.wikipedia.org/wiki/Rashidun_Empire#Welfare_works)

This is the time period most people point to as the best.

It is not Ottoman. The Ottoman period is much latter.



(http://en.wikipedia.org/wiki/Rashidun_Empire#Welfare_works)To be honest it sounds really hypocritical to make fun of them for saying "we've never had true Islam", considering you're on a communist/anarchist dominated site.

But they do see the period that you refer to as a model.

Devrim

[Post-Something]

It is not Ottoman. The Ottoman period is much latter.

Yeah, sorry, I realize the mistake.