Role of Religion
In the Western economics , there isn’t a role for religion to participate in its establishment .
Since the time of the French Revolution where the breaking away of the church as a central authority in the governing state took place , secularism started to develop with religion being side – step as a personal obligation only without a definite role to play in the establishment of the state especially in economics . Even Karl Marx , the founder of socialism despised religion and said that religion is like a drug addiction where one may get hallucinated .
Thus , Western economics are mostly practiced in a secular based environment . Generally , the two types of economics that are being practiced in most part of the world are the Capitalism , founded by Adam Smith ( d. 1776 ) , the Capitalist guru , who wrote the book , ‘ The Wealth of Nations’ and Socialism , founded by Karl Marx . Most of the concepts and ideologies behind the Western economics are motivated by the ideas coming from these two economic gurus . Their efforts in establishing the economic theories are more towards material and physical gains rather than spiritual dimensions due to the absence of religion . Their methodology are more of reason and rationale thoughts without any divine guidance.
The theories they adapted are more to experiences , judgements and situational needs which always changes through time and space . For example , their concept of distributive justice is more of a positive justice where there is no specified social order of life being defined and no absolute truth . The society are left to change accordingly base on the judgement and this pragmatic approach is well accepted by the society due to its practicality . Eventhough it seems practical and pragmatic , but there will be no end to it and it acts more like a mirage where the distribution of justice keeps on changing though in a real practical sense , an absolute justice is a requirement .
In the Islamic economics , the religion Islam , plays the important role in establishing the foundations and fundamentals . No religion has associated itself with economics closely as does Islam . Separation of religion from economics is totally impossible . In establishing economics without giving Islam a consideration will nullified the main objective of economics , that is for the betterment of life in this world and the Hereafter or ‘ human falah ’ . The basic function of methodology of Islamic economics is to help Man reaching the truth . The hard core of Islamic economics consists of the postulates of the Qur’an and Sunnah . These postulates are of divine provenance .
They are the truth because of their divine origin and it has been an accepted dogmatic methodology in the establishment of Islamic economics concepts and ideologies . Islam does not recognise the awkward and pseudo demarcation between so – called ‘ secular ’ and ‘ religious ’ spheres of human activity . It considers human life as an organic whole , where all activities and spheres of human life can be transformed into an Ibadah ( deeds that gains the pleasure of Allah s.w.t. ) provided these activities are governed by the divine guidelines and commandments ( 39 : 3 - 5 ) . Most of the verses state a set of general principles and also make certain predictions which are true and Islamic economics accept them as given . Also , a dominant part of the economic reality requires the application of human reasoning and intellect but within the over – all divine framework . In this area , the general principle is that if a theory does not contradict any divine text , its soundness should be examined in the light of human reasoning ( ijtihad ) . Thus , in Islamic economics , Islamic thinker , Muhammad Iqbal proclaimed that , ‘ Economic action is the expression of Islam’s spirituality ’.
Therefore , the role of religion is the main important motivational factor which provides the different concepts and ideologies of the Western and Islamic economics . The acceptance or rejection on the role of religion forms the main basis of further discussion in the motivational differences in the development of the Western and Islamic economics .
Next on Role of Godhead in Economics
Islam And Economic Development / M.Umer Chapra / International Institute Islamic Thought / 1993 Dr Ibrahim M.Zein / Issues In The Study of The Sunnah / DISP Notes Module 2 / Pg 5 An Introduction To Islamic Economics / Muhammad Akram Khan / IIIT / Pakistan / 1994 / Pg 7[1] Ismail Raji al Faruqi / AL TAWHID : Its Implications for Thought and Life / IIIT / Herndon Virginia, USA / 1992 / Pg 157
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