A brief statement on the goals of an Islamic economy is called for before we proceed to economic analysis. In very simple terms we can characterize this goal as economic well-being. Introducing very briefly the basic Islamic concept of Tawheed and making reference to the relevant texts from the Quran and the Sunnah, the desirability of economic well-being can be established. Economic well-being is not, however, a value realized in isolation from or independent of the higher moral and spiritual values. Men and women should produce, distribute and consume wealth in such a manner that they are able to live a well-provisioned life, free in submission to Allah, as equal members of human family being fair to one another and cooperating among themselves. This can be spelled out in a number of specific goals. The following stand out prominently in our context:
i) Fulfillment of the basic needs for food, clothing, shelter, medical care and education for all humans.
ii) Ensuring equality of opportunity to all.
iii) Preventing concentration of wealth and reducing inequality in the distribution of income and wealth so as, among other things, wealth does not become a means of domination of man by man.
iv) Ensuring to all the freedom to pursue moral excellence.
v) Ensuring stability and economic growth to an extent necessary for realization of the above-mentioned goals.
islamiccenter.kaau.edu.sa/english/Publications/Siddiqi/
KINGDOM OF SAUDI ARABIA
Ministry of Higher Education
KING ABDULAZIZ UNIVERSITY
Islamic Economics Research Centre
Teaching Islamic
Economics
Dr. Muhammad Nejatullah Siddiqi
1426/2005
Scientific Publishing Centre
King Abdulaziz University
Jeddah, Saudi Arabia
http://islamiccenter.kaau.edu.sa
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