Archive for the Quran and Economy Category
December 15, 2012 / Miscellaneous Articles, Quran and Economy
Arguably at the first chronological occurrence in the Quran, the word RIBA رِبًا is used in contrast with the word ZAKA زَكَاةٍ [Surah 30: Verse 39]. Interestingly, both the word RIBA and ZAKA have connotations of growth or increase. However, the term RIBA refers to the extrinsic growth in one’s money, property or assets while the term ZAKA refers to the intrinsic development of one’s self, if we keep in mind a chronologically earlier verse from Surah 92: Verse 18. Those who beli
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June 2, 2012 / Quran and Economy
An exploitative business mentality is to take the full measure and weight when one is at the receiving end, without tolerating any shortage or loss; but at the time of giving or recompensing, one tends to give less than that is due. When assessing the worth of employees, the exploitative capitalist always tries to value and weigh his employees less than they deserve. He likes to exploit the capabilities of his employees to the fullest extent, but does not want to give them full recompense. H
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May 26, 2012 / Quran and Economy, Quranic Way of Life
If you are involved in a business or trade, then always give full measure and weight to your customers. Do not fraudulently sell them things which are defective. Never diminish items from the agreed standards in terms of quality or quantity. [Al-Quran 6:152; 7:85; 11:84-85; 17:35; 26:181-183; 55:9]. Do not eat up/consume one another’s property unjustly (in any illegal way, e.g. by stealing, robbing, deceiving etc.), nor use it as bribe for the judges/rulers/authorities with intent that you ma
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May 14, 2012 / Quran and Economy, Quranic Way of Life
There may be some people around you who are needy, deprived or disadvantaged but abstain from begging or asking for anyone’s help. However, you might be able to recognize from their appearance and impressions that they need some assistance [Al-Quran 2:273]. So help them as well as those who explicitly ask for your help by begging or requesting you earnestly [2:177]. Allah has assigned a due share in your wealth unto such as might ask for your help and such as may be deprived or disadvantaged [
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May 12, 2012 / Quran and Economy, Quranic Way of Life
Treat with politeness, kindness, courtesy and generosity all the Masakeen, i.e. the disabled; those whose businesses have stalled; those who are jobless; or those whose income is not enough to make their both ends meet [2:83; 4:36]. Give them financial assistance out of your personal wealth [2:177; 2:215; 17:26; 24:22 30:38; 76:6-9; 74:44; 90:16]. They have a share out of what you spend voluntarily for the sake of Allah to obtain the recompense from the Almighty [9:60] or out of what you spe
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May 11, 2012 / Quran and Economy, Quranic Way of Life
1. Honour them and treat them with politeness, kindness, courtesy and generosity [89:16-17]
2. Do not oppress, abase, subjugate or subdue them [93:9]
3. Do not push, thrust or drive them way in a violent, harsh, rough, coarse or rude manner [107:2]. This is a contravention of Allah's Law [Ad-Deen] [107:1]
4. Supply them with the means of subsistence in their time of hunger and destitution [90:14-15]. Do it so in spite of your love for money, desiring not any recompense nor thanks from the
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May 11, 2012 / Quran and Economy, Quranic Way of Life
You should treat all the homeless, sons of the street in a kind and courteous manner [4:36]. Give them financial assistance in their hour of need [Al-Quran 2:177; 2:215]. Allah has bestowed upon them a right out of your personal wealth [17:26; 30:38]; they have a share out of what you spend voluntarily for the sake of Allah to obtain the recompense from the Almighty [9:60]. They also have share out of the spoils of a war, and out of taxes or tributes obtained by the Islamic Government [8:41; 59:
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April 12, 2012 / Quran and Economy
In Karamchand Gandhi's words, also quoted by Stephen R Covey in his book "Principle Centered Leadership", "Wealth without work is a deadly sin". According to the Holy Quran,
وَأَنْ لَيْسَ لِلإنْسَانِ إِلا مَا سَعَى
That man can have nothing but what he strives for;
Al-Qur'an, 053.039 (An-Najm [The Star])
Almaysir, الْمَيْسِرُ which is usually translated as gambling, but includes any form of 'easy money', has been forbidden in the Qu
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April 12, 2012 / Quran and Economy
إِنَّ قَارُونَ كَانَ مِنْ قَوْمِ مُوسَى فَبَغَى عَلَيْهِمْ وَآتَيْنَاهُ مِنَ الْكُنُوزِ مَا إِنَّ مَفَاتِحَهُ لَتَنُوءُ بِالْعُصْبَةِ أُولِي الْقُوَّةِ إِذْ قَالَ لَهُ قَوْمُهُ لا تَفْرَحْ إِنَّ اللَّهَ لا يُحِبُّ الْفَرِحِينَ
Surely Qaroon was of the people of Musa, but he oppressed them; and
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April 12, 2012 / Quran and Economy
One of the principles of the Quranic economy is that the wealth or benefits must not concentrate among the rich few of the society. This principle can be derived from the following verses:
وَمَا أَفَاءَ اللَّهُ عَلَى رَسُولِهِ مِنْهُمْ فَمَا أَوْجَفْتُمْ عَلَيْهِ مِنْ خَيْلٍ وَلا رِكَابٍ وَلَكِنَّ اللَّهَ يُسَلِّطُ رُسُلَهُ عَلَى مَنْ يَشَاءُ وَاللَّهُ
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April 12, 2012 / Quran and Economy
Whatever is redundant and abundant (i.e. more than one's needs) must be left open to be expended in the cause of Allah (for the welfare of humanity). Please see the following verse:
يَسْأَلُونَكَ مَاذَا يُنْفِقُونَ قُلِ الْعَفْوَ
...they ask you (o Messenger), what should they spend (in the way of Allah); Say, "(Spend) what is beyond your needs"...[2:219]
For more details about 'Infaaq', please click Here.
Allah tells the Messenger (a.s.) to take f
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April 12, 2012 / Quran and Economy
An Arabic word for hoarding money or property is BUKHL بخل which is also used in the following meanings:
-Niggardliness
-Tenaciousness
-Stinginess
-Penuriousness
-Avarice
-Withholding of acquired articles of property and not giving the needy from what one has in abundant
In the following verses of the Quran, Allah has condemned niggardliness or hoarding of the money or property:
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3/180 And let not those deem, who are niggardly in giving away that which Allah ha
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April 12, 2012 / Quran and Economy
The Arabic word "Suht" as it appears in 5:42, 5:62, 5:63, has the following meanings:
A thing that is prohibited, forbidden or unlawful
-Any money or property that is forbidden, not lawful to be gained or devoured
-Illegal possessions
-Ill-gotten property
-Thing obtained unlawfully
-Unlawful trade
-Unlawful profit
-Unlawful property
-Bribe money
"Suht" in all the above meanings is strictly forbidden by the Quran.
In 5:41-42, Allah says that for those who make money by illegal, unlaw
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April 12, 2012 / Quran and Economy
Every society has a diversity of jobs to be done. It needs sweepers as much as shopkeepers, book-keepers, as well as leaders and so on. Quran alludes to this diversity of endeavours or jobs in 92:4. But in virtually every society today, those who have amassed some wealth are always at a vantage point to be able to earn more than the deprived, either through investments or interest. Also those who are sharp-minded, shrewd or more intelligent than others are more likely to earn more than those who
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April 12, 2012 / Quran and Economy
The Arabic words Ma'eeshat and Aish share the same root. Ma'eeshat also means "economy" and "Aish" means "pleasure and happiness". There is no doubt that if the economy of a nation is good, it will have a life of pleasure and happiness. In other words, if Ma'eeshat of a country is good, the nation will have Aish. In 20:124, Allah says,
"Those who will disregard my Message [ZIKR], their economy will be in dire straits and they will be resurrected blind on the day of judgment" [20:124].
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April 12, 2012 / Quran and Economy
What is INFAAQ?
The word INFAAQ is from the root N-F-Q, which means expending (money) or dispensing (gifts) etc. The word NAFAQ, of which the plural is “ANFAAQ”, also means hole of rats or mice, particularly a hole which has two openings so that the rats or mice can enter from one opening and exit from the other. The word NAIFAQ means “a part of the trousers which is turned down at the top, and sewed and through which the waistband passes in such a way that it enters from one side
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April 12, 2012 / Quran and Economy
Sadaqa is what is given voluntarily for the sake of Allah to obtain the recompense from Allah when the person who does so aims at conformity with the truth in his deed.
SADAQA is voluntary while ZAKA is obligatory
For zaka, there are direct commands of Allah in the imperative [AATTOOZAKA] while SADAQA is not enjoined in the Quran in the imperative. Moreover, 2:280; 4:92; 5:45 also depict the voluntary aspect of the word SADAQA.
SADAQA is for the sake of Allah alone
The vers
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April 12, 2012 / Quran and Economy
The root of the word Zaka(t) is Z-K-W (za-kaf-waw), which leads to the following meanings:
-To increase
-To grow
-To thrive
-To augment
-To increase in the purity of heart; to increase in integrity
-To befit
Primarily the root denotes an increase or augmentation (particularly of a positive, favourable or auspicious thing or virtue). Some also say that it means "to purify". However, in the Quran AZKA has been used along with ATHAR in 2:232. The root , T-H-R (ta-ha-ra) from which the w
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April 10, 2012 / Quran and Economy
Economics is a branch of social science which deals mainly with the production, distribution and consumption of means of subsistence. The Arabic word for ‘means of subsistence’ is maeeshatun, which has the following meanings:
· Means of life or subsistence
· Means of obtaining that whereby one lives, i.e. occupation
· Means of supporting one’s existence, especially financially or vocationally
· Livelihood
· That whereby one lives
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