A RESPONSE TO PROF. ASAD ZAMAN ON ISLAMIC ECONOMICS: PROBLEMS AND PROSPECTS: A NOTE

I welcome the initiative taken by Professor Asad Zaman in writing this paper. I confine myself to two main aspects of Dr. Zaman’s wide-ranging paper. First, I give my assessment of the causes of what he has characterized as failure of Islamic economics, explaining why and how we arrived where we find ourselves today. Second, I present some suggestions for rectification, for correcting the course and redressing the wrong done. I shall not try to find faults with Prof. Zaman’s list of failures and deficiencies in the current concepts and practices of Islamic economists. The reason is, I broadly agree with him though I would not put it the way he has done. There is a disease, but there are causes older and deeper than those he has mentioned, and it is certainly not going to be cured merely by his prescriptions. Much more is needed

Violence and Muslims

Under what circumstances does Islam tolerate violence or armed struggle?What are the Islamic ethics of war? When Does Islam allow what the westernmedia calls “terrorism,” especially when Muslims are the target of violenceand terrorism? Can Muslims use violence to counter violence?Given existing realities, we need to answer such questions. American andBritish aggression in various countries, the Hindutva aggression in India,and the general global anti-Muslim environment have disturbed Muslimseverywhere. What steps should be taken to counter such negative trends?Ethics and ViolenceIn essence, violence is an unethical act. In a civilized world that values ethicalprinciples, violence is used only to deter and punish criminals and todefend oneself. One may use dialogue, persuasion, communication, andinformation to achieve an objective, but not violence. Violence cannot beused to achieve religious objectives, because it is an instrument of coercion.Islam, which is based on compassion, love, tolerance, gentleness, and forgiveness,prohibits coercion (2:256). Violence, destruction, and cruelty violateIslam’s very nature (7:199).Prophet Muhammad, peace be upon him, commanded gentleness andforbade harshness and violence. Sahih Muslim records that Ayesha narratedthat the Prophet, peace be upon him, said: “God is kind, and likes kindness.For kindness, God rewards what He never gives due to violence or throughany other means” and that he said to Ayesha: “Be kind and avoid violenceand indecency. Kindness makes a situation best and unkindness makes itworst. This is why the Qur’an prohibits offensive violence and discouragesviolence even as a defensive means” (41:34-35) ...</jats:p

Islamization of Knowledge

The assumptions on which the Islamization of knowledge project was linked to the movement for restoration of Islam to a position of leadership and dominance in contemporary society may not have all been correct. Knowledge creation and beneficial use of new knowledge are two distinct though complementary processes. Each has its own requirement. Morality rooted in spirituality is decisive in ensuring that new knowledge is used beneficially. But creation of new knowledge requires freedoms of thought and discussion, encouragement of creativity and innovation, and toleration of dissent and diversity. It requires a mindset that can entertain ambiguity, one that does not hasten to discard potential spoilers of legacies long established as sacred ‒ requirements which the sponsors of the Islamization of knowledge project might have failed to give due weight. The project can be revived only by recognizing the primacy of expanding knowledge over the necessity of ensuring proper use of knowledge. It is in the nature of the first, expansion of knowledge (by creating new knowledge) that is universal. Differences of faith or moral vision, so important in the context of the second stage (putting knowledge to good use) need not stand in the way of cooperation and collaboration in the first stage. Have the sponsors of the Islamization project neglected this truth? What could be worse: have they abdicated the first step in their eagerness to do justice to the second? This paper concludes by inviting Islamization enthusiasts to join the rest of humanity in expanding knowledge, while simultaneously working for creating universal awareness of what makes use of knowledge beneficial and prevents the fatal error of allowing laissez-faire in the use of knowledge. I also argue that conceiving of knowledge as a tool for power and hegemony can be frustrating if not outright destructive. Last but not the least, we cannot know all that needs be known and, no less important, not everything is known with the same degree of certainty. Humility requires we recognize our limits. Ambiguity and a degree of uncertainty is built into the human situation. It cannot be wished away. Having adopted a humble stance, the way forward is to share the quest of knowledge and its proper use with all and everyone.</jats:p

Islamization of Knowledge

The assumptions on which the Islamization of knowledge project was linked to the movement for restoration of Islam to a position of leadership and dominance in contemporary society may not have all been correct. Knowledge creation and beneficial use of new knowledge are two distinct though complementary processes. Each has its own requirement. Morality rooted in spirituality is decisive in ensuring that new knowledge is used beneficially. But creation of new knowledge requires freedoms of thought and discussion, encouragement of creativity and innovation, and toleration of dissent and diversity. It requires a mindset that can entertain ambiguity, one that does not hasten to discard potential spoilers of legacies long established as sacred ‒ requirements which the sponsors of the Islamization of knowledge project might have failed to give due weight. The project can be revived only by recognizing the primacy of expanding knowledge over the necessity of ensuring proper use of knowledge. It is in the nature of the first, expansion of knowledge (by creating new knowledge) that is universal. Differences of faith or moral vision, so important in the context of the second stage (putting knowledge to good use) need not stand in the way of cooperation and collaboration in the first stage. Have the sponsors of the Islamization project neglected this truth? What could be worse: have they abdicated the first step in their eagerness to do justice to the second? This paper concludes by inviting Islamization enthusiasts to join the rest of humanity in expanding knowledge, while simultaneously working for creating universal awareness of what makes use of knowledge beneficial and prevents the fatal error of allowing laissez-faire in the use of knowledge. I also argue that conceiving of knowledge as a tool for power and hegemony can be frustrating if not outright destructive. Last but not the least, we cannot know all that needs be known and, no less important, not everything is known with the same degree of certainty. Humility requires we recognize our limits. Ambiguity and a degree of uncertainty is built into the human situation. It cannot be wished away. Having adopted a humble stance, the way forward is to share the quest of knowledge and its proper use with all and everyone.</jats:p

Islamic economics: a survey of the literature

A central thesis of this paper is that social science is the study of human experience, and hence is strongly conditioned by history. Modern Western political, economic and social structures have emerged as a consequence of the repudiation of religion associated with the Enlightenment and are based on secular principles. Many of these are inimical to Islamic principles, and cannot be adapted to an Islamic society. Muslim societies achieved freedom from colonial rule in the first half of the twentieth century and have sought to construct institutions in conformity with Islam. The development of Islamic economics is part of this process of transition away from Western colonial institutions. This paper is a survey of the literature on Islamic economics, which focuses on the contrasts between Western economic theories and Islamic approaches to the organization of economic affairs