CAUSES OF DESTRUCTION OF ISLAMIC ECONOMY AND ITS SOLOUTIONS IN LIGHT OF QURAN: A DESCRIPTIVE STUDY

Abstract

Islam has never developed a separate theory of political or moral economy in the way that economic science and analysis have evolved in the western tradition. There are few thinkers in Islam who have ever discussed economic matters as a separate discipline. The western tradition of writing economics, from Adam Smith to Malthus, Ricardo, Mill and into modern times, simply has no equivalent in the realm of Islam. Islamic economics are embedded in the broader framework of the jurisprudence of transactions and in the scholasticism of the moral philosophers and theologians of Islam. None of the key concepts of economic thought — markets, the nature of value, productivity, utility, efficiency, growth, to name just a few—exists with the same definition, or even broad meaning. The Sharia did not leave much room for economics. Wherever the issues of prosperity of the community or welfare of the common person were discussed, this was part of the same tradition of exhortatory writings to the ruler about the value of a sound currency, about fairness in dealings and about the risks of punitive taxation.