The Quran Insight of the Sustainable Development and Its Inclusion in the Contemporary Islamic Finance Studies
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 5
Abstract
The Quran is the complete book of guidance (Huda li al-Naas) and it instantly guides upon the straight and righteous path (al-Sirat al-Mustaqim) that being the ultimate objective of the human activities. The ultimate focus of the Quranic revelation is the achievement of falah (success) and to lift the human beings towards an eternal development be it physical or spiritual. The notion of sustainable development is deeply rooted in the Quranic themes and it governs the structure of the socio-economic activities in Islam. Broadly speaking, the concept of development in Islam has three dimensions: individual self development called alRushd, the physical development of the resources called al-Maa‘din, and the development of the human collectivity Falah al-Jami‘ah, which includes appropriate allocation of the natural wealth for sustainable development of the human beings. The first specifies a dynamic process in the growth of the individual toward perfection. The second specifies the utilization of natural resources to develop the earth to provide for the material needs of the individual and all of humanity. The third concept refers to the progress of the human collectivity toward full integration and unity. Fundamental to all three is the belief that the Creator has provided the ways and means to facilitate the achievement of all three dimensions of development. All the three components, as such, govern the spirit of economic and financial studies in Islam. The insights of the sustainable development and its promulgation can be estimated from the Prophet’s inclusion of the public treasury (Bayt al-Maal) at Madinah. This efficient system was not only for collecting prescribed dues, which the Quran had ordained, but also for rents and dues on public lands used by private producers, Muslim and nonMuslim. Besides the attainment of the Tazkiyah (Purification), the system established a solid means of defense against external threats, an education system, as well as the procedures required for the collective welfare and the sustainable development.
Authors and Affiliations
Dr. Showkat Hussain
Keywords
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- EP ID EP411217
- DOI 10.9790/487X-2005057178.
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