Islamic Economics Different from Other Schools in Three Tenets
Economic models are different in terms of their philosophical and doctrinal principles and the Islamic economic system differs from other schools in such tenets as well as the precepts of ethics and Islamic law (Fiqh).
Speaking at the first session of a series of forums on “Economic System in View of Holy Quran” held at Iranian Quran News Agency on April 23, Hojat-ol-Islam Seyyed Hossein Mo’ezzi, academic board member of Islamic Thought and Culture Research Center, elaborated on two introductory premises concerning Islamic economics, namely the use of Quran in explicating economics as well as the definition of economic system and its functional procedures.
Referring to various methods of interpreting the Quran, he said that interpretation methodology as to Islamic economy from Quran’s point of view does not address the meaning or features of this system in the Quran adding that, “we need to review such a system based on the scientific teachings of the Holy Book concerning economy .”
“In fact, the economic system is investigated using the scientific theories of economics, not the Quranic verses, which will then be compared with general principles of the Holy Quran,” he went on to say, adding that this approach can be traced in some works by Martyr Sadr such as ‘Madrasat-ol-Quraniah’ (Quranic School) and ‘An Introduction to Quran Interpretation’.
Hojat-ol-Islam Mo’ezzi further defined the economic system as “a set of economic relations and interactions in three areas of production, distribution and consumption that are aimed at developing certain common objectives such as economic growth, justice and security.”
“Martyr Sadr was the first Muslim thinker who put forward systematized discussions on Islamic economics, believing that economic religion and economic system are two different issues; the former determining the stable economic principles in relation with justice, and the latter delimiting economic interactions based on the conditions of time and place.”
“Based on such discussions, Islamic economics can be defined as a set of optimal models in three areas of production, distribution and consumption that follow common goals via appropriate economic interactions. The models can be inferred from the Quranic verses and Hadiths using logical interpretations to prove that they can fulfill Islamic economic objectives in accordance with philosophical and doctrinal principles as well as the rules of ethics and Islamic Fiqh.”
Author of “Philosophy of Islamic Economics” further elaborated on the comparison between the Quranic view of economics and the Western perspective, adding: “The optimal models of economic interactions such as consumption, investment, savings, labor and commerce as well as those related to goods and services, markets and finance have all been delineated from the Quranic and Islamic viewpoint and will be compared with models advocated by other schools.”
Elsewhere in his remarks, Hojat-ol-Islam Mo’ezzi highlighted the monotheistic ideology in viewing the economic system which has fundamental differences with the atheistic one in terms of doctrinal rudiments, noting: “Islamic economics emphasizes the significance of fiqh and ethical principles as well as the philosophical and religious basics in economic relations and interactions.”
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Referring to various methods of interpreting the Quran, he said that interpretation methodology as to Islamic economy from Quran’s point of view does not address the meaning or features of this system in the Quran adding that, “we need to review such a system based on the scientific teachings of the Holy Book concerning economy .”
“In fact, the economic system is investigated using the scientific theories of economics, not the Quranic verses, which will then be compared with general principles of the Holy Quran,” he went on to say, adding that this approach can be traced in some works by Martyr Sadr such as ‘Madrasat-ol-Quraniah’ (Quranic School) and ‘An Introduction to Quran Interpretation’.
Hojat-ol-Islam Mo’ezzi further defined the economic system as “a set of economic relations and interactions in three areas of production, distribution and consumption that are aimed at developing certain common objectives such as economic growth, justice and security.”
“Martyr Sadr was the first Muslim thinker who put forward systematized discussions on Islamic economics, believing that economic religion and economic system are two different issues; the former determining the stable economic principles in relation with justice, and the latter delimiting economic interactions based on the conditions of time and place.”
“Based on such discussions, Islamic economics can be defined as a set of optimal models in three areas of production, distribution and consumption that follow common goals via appropriate economic interactions. The models can be inferred from the Quranic verses and Hadiths using logical interpretations to prove that they can fulfill Islamic economic objectives in accordance with philosophical and doctrinal principles as well as the rules of ethics and Islamic Fiqh.”
Author of “Philosophy of Islamic Economics” further elaborated on the comparison between the Quranic view of economics and the Western perspective, adding: “The optimal models of economic interactions such as consumption, investment, savings, labor and commerce as well as those related to goods and services, markets and finance have all been delineated from the Quranic and Islamic viewpoint and will be compared with models advocated by other schools.”
Elsewhere in his remarks, Hojat-ol-Islam Mo’ezzi highlighted the monotheistic ideology in viewing the economic system which has fundamental differences with the atheistic one in terms of doctrinal rudiments, noting: “Islamic economics emphasizes the significance of fiqh and ethical principles as well as the philosophical and religious basics in economic relations and interactions.”
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