Islamic economics for better humanity in 21st century

By Maryam Iman

GOMBAK, 27 October 2019 – The common problem in our economic system arises because there is no proper framework to help in dealing with the conventional economic challenges, a forum on “Islamic Economics in 21st Century” was told on Friday (25 October).

Hence, this forum was held with the objective to examine yesterday’s Islamic economics system and problems in order to understand today’s Islamic economics framework to set the directions in facing modern challenges ahead.

Organised by the Bachelor of Economics Council (BECS Council) in collaboration with IIUM Centre of Islamic Economics (CIE), Shariah Economics Society Club (SES-C) from Institut Pertanian Bogor, and Muslim World Research Paper (MWRC), the forum was held at Ibnu Taywiyah Conference Room in conjunction with the second sub-event of International Islamic Economic Conference (IIEC 2019).

“The main objective of holding this forum is to understand yesterday’s Islamic economics system and its problems in order to understand today’s Islamic economics framework to step up the game in facing the modern challenges ahead,” said Arif Bin Faizul, the IIEC’s programme manager.

One of the panelists, Ali Salman, the CEO of Islam and Liberty Network stated, “Since in Islam we have the experience in developing a good civilisation for the past few decades, everything comes from the west will be viewed with suspicious as Islam is a religion which obliges us to come up with Islamic physics.”

Therefore, he said, “We do not need the western school of thoughts, we can do it ourselves.”

Ali Salman further mentioned about property rights in modern finance industry where riba is completely prohibited and should not be taken lightly.

“Private property should be taken back if it does not contribute anything to the society,” he said by referring to the verse from Al-Quran 14:52. In other words, Ali Salman emphasised, all natural sources are indeed owned by the community.

Meanwhile, Dr. Isyaraf Hossain, the Principal Research Fellow MWRC, together with the Director of Distribution and Utilisation BAZNAZ,
Dr. Irfan Syauqi, emphasised the power of increasing the literacy of the people towards Islamic economics in strengthening the existing Islamic institutions.

They also highlighted the issue of the importance of education to build the intellectual base of Islamic economics.

In order to achieve the ideal Islamic economics system, they said, more institutions should take part in instilling the teachings of Islamic worldview to the modern future-to-be-scholars which include university students.

“Rejecting and criticising the whole idea of conventional economics system cannot be accepted, especially when we fail to understand the claims of the idea. Instead, we need to engage with it, to take what is good and remove what is bad, and put it in action,” Assoc. Prof. Dr. Nizam Barom, the conference moderator, commented.

All the panelists agreed on the need to develop their intellectual base and design the capacity to engage with the modern contemporary knowledge in economics and develop and strengthen Islamic institutions to make changes in the society.

Participants were also advised to make use of zakat and wakaf wisely to curb the tsunami of poverty in the country.***

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