Financial Crisis!!!

Economic Well-Being & the Moral Norms of Islam

[Eat and drink of that which God has provided and act not corruptly, making mischief in the world] (Al-Baqarah 2:60).

O you who believe! Forbid not the good things which God has made lawful for you and exceed not the limits. Surely, God loves not those who exceed the limits. And eat of the lawful and good that God has given you, and keep your duty to God in whom you believe] (Al-Ma'idah 5:87-88).




These verses of the Quran, and there are many others like these, strike the keynote of the Quranic message in the economic field. Islam urges Muslims to enjoy the bounties provided by God and sets no quantitative limits to the extent of material growth of Muslim society.




It even equates the struggle for material well-being with an act of virtue.

[When the prayer is ended, then disperse in the land and seek of Gods bounty] (Al-Jumu`ah 62:10).

Islam goes even further than this. It urges Muslims to gain mastery over nature because, according to the Quran, all resources in the heavens and the earth have been created for the service of mankind. (Luqman 31:20)




From this, one cannot but infer that the goal of attaining a suitably high rate of economic growth should be among the economic goals of a Muslim society.

Sharia prohibits the payment of fees for the renting of money (Riba, usury) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam, forbidden). While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.

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