by m. umer chapra, ph.d. adviser islamic research and … · 2012. 1. 2. · microsoft powerpoint -...
TRANSCRIPT
![Page 1: BY M. UMER CHAPRA, Ph.D. ADVISER ISLAMIC RESEARCH AND … · 2012. 1. 2. · Microsoft PowerPoint - THE EOCNOMIC SYSTEM OF ISLAM.ppt Author: user Created Date: 1/2/2012 6:19:02 PM](https://reader035.vdocument.in/reader035/viewer/2022071018/5fd1bbc14a27dd0beb33e45b/html5/thumbnails/1.jpg)
BYM. UMER CHAPRA, Ph.D.
ADVISERISLAMIC RESEARCH AND TRAINING INSTITUTE
ISLAMIC DEVELOPMENT BANKJEDDAH.
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• THE WORLD IS FULL OF SEVEN BILLION HUMAN BEINGS
• THEY ARE ALL EQUAL BY VIRTUE OF THEIR BEING KHALIFAHS OF GOD
• THEIR WELL-BEING MUST, THEREFORE, BE
ENSURED
• WHAT IS WELL-BEING?
� SATISFACTION OF BOTH THE MATERIAL AND
SPIRITUAL NEEDS
�ALL THESE NEEDS ARE INTERDEPENDENT
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• BIOLOGICAL NEEDS
• FULL-EMPLOYMENT
• EQUITABLE DISTRIBUTION OF INCOME
AND WEALTH
• ECONOMIC DEVELOPMENT
• FINANCIAL STABILITY
• ECOLOGICAL BALANCE
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•NEARNESS TO GOD
•MORAL UPLIFT
•MENTAL PEACE AND HAPPINESS
•FAMILY AND SOCIAL HARMONY
•ABSENCE OF CRIME AND ANOMIE
•INDIVIDUAL FREEDOM
•ALL THESE ARE MUTUALLY
INTERDEPENDENT AND NECESSARY FOR
HUMAN WELL-BEING
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• RESOURCES AVAILABLE AT THE DISPOSAL OF HUMAN BEINGS ARE
LIMITED
• HOW CAN YOU ENSURE THE WELL-BEING
OF ALL WITH LIMITED RESOURCES?
• YOU NEED A COMPREHENSIVE MORAL, SOCIO-ECONOMIC AND POLITICAL
SYSTEM FOR THIS PURPOSE
• JUST AN ECONOMIC SYSTEM IS NOT
SUFFICIENT
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� WHAT IS AN ECONOMIC SYSTEM:
� A SYSTEM THAT HELPS US USE EFFICIENTLY
AND EQUITABLY THE ECONOMIC
RESOURCES WE HAVE TO SATISFY THE NEEDS OF ALL
� IT HELPS CREATE AN EQUILIBRIUM BETWEEN THE SUPPLY OF RESOURCES AND
THE DEMAND FOR THEM
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• IT HELPS US ANSWER THE THREE WELL-
KNOWN QUESTIONS OF:
� WHAT TO PRODUCE
� HOW TO PRODUCE
� WHO GETS, TO WHAT EXTENT, THE GOODS
AND SERVICES THAT HAVE BEEN PRODUCED
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• IT PROVIDES A STRATEGY FOR:
� FILTERING
�MOTIVATION
� SOCIO-ECONOMIC AND POLITICAL
RESTRUCTURING
� THE WORLDVIEW OF THE SOCIETY HELPS
DETERMINE THESE TOOLS OF THE STRATEGY
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• CENTRAL PLANNING?
• PRICE MECHANISM?
• PRICE MECHANISM PLUS MORAL VALUES?
• WHO CAN GIVE VALUES?
• HOW TO ENSURE THAT VALUES GET
ENFORCED?
�MOTIVATING SYSTEM
� THE ROLE OF THE GOVERNMENT
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•FORCE?
•INCENTIVES AND DETERRENTS
� SELF-INTEREST
� SOCIAL INTEREST
�COMPETITION?
�REGULATION? COST OF ENFORCING?
� SELF-ENFORCEMENT?
�COOPERATION AND SACRIFICE?
�MOTIVATION?
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•PRIVATE PROPERTY (A TRUST), MARKET MECHANISM AND COMPETITION
•IMPROVEMENT IN THE QUALITY OF HUMAN BEINGS
•MORAL REFORM
•FAMILY AND SOCIAL SOLIDARITY
•SOCIAL SELF-HELP PROGRAMMES
� ZAKAT, SADAQAT, AWQAF AND THE INHERITANCE SYSTEM
�PERFORM OF THE FINANCIAL SYSTEM
�ROLE OF THE STATE: ISLAMIC WELFARE STATE – MEANS TEST
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THANK YOU