Iqtisaduna
Encyclopedia
Iqtisaduna is a major work on Islamic economics
by prominent Shia cleric Muhammad Baqir al-Sadr
. Written between 1960 and 1961, it is al-Sadr's main work on economics, and still forms much of the basis for modern Islamic banking
.
In Iqtisaduna, al-Sadr strives to show that Islam has answers to problems of the modern world by presenting an Islamic alternative to both capitalism
and socialism
. He rejects socialism on the basis that Islam distinguishes between the individual and the ruler in an Islamic state
in a manner that requires a distinction between private and public property. However, he also rejects capitalism's notion that private property is justified in its own right, arguing instead that both private and public property originate from God, and that the rights and obligations of both private individuals and rulers are therefore dictated by Islam. He also rejects the conclusion that this makes Islamic economics a mixture between capitalism and socialism, arguing that capitalism and socialism each come about as the natural conclusion of certain ideologies, while Islamic economics comes about as the natural conclusion of Islamic ideology and therefore is justified entirely independently of other systems of economics.
Islamic economics
Islamic economics refers to the body of Islamic studies literature that "identifies and promotes an economic order that conforms to Islamic scripture and traditions," and in the economic world an interest-free Islamic banking system, grounded in Sharia's condemnation of interest...
by prominent Shia cleric Muhammad Baqir al-Sadr
Muhammad Baqir al-Sadr
Shahid-e-Khamis Grand Ayatollah Mohammad Baqir al-Sadr was an Iraqi Shi'a cleric, a philosopher, and ideological founder of Islamic Dawa Party born in al-Kazimiya, Iraq. He is the father-in-law of Muqtada al-Sadr and cousin of both Mohammad Sadeq al-Sadr and Imam Musa as-Sadr...
. Written between 1960 and 1961, it is al-Sadr's main work on economics, and still forms much of the basis for modern Islamic banking
Islamic banking
Islamic banking is banking or banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money...
.
In Iqtisaduna, al-Sadr strives to show that Islam has answers to problems of the modern world by presenting an Islamic alternative to both capitalism
Capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...
and socialism
Socialism
Socialism is an economic system characterized by social ownership of the means of production and cooperative management of the economy; or a political philosophy advocating such a system. "Social ownership" may refer to any one of, or a combination of, the following: cooperative enterprises,...
. He rejects socialism on the basis that Islam distinguishes between the individual and the ruler in an Islamic state
Islamic State
An Islamic state is a type of government, in which the primary basis for government is Islamic religious law...
in a manner that requires a distinction between private and public property. However, he also rejects capitalism's notion that private property is justified in its own right, arguing instead that both private and public property originate from God, and that the rights and obligations of both private individuals and rulers are therefore dictated by Islam. He also rejects the conclusion that this makes Islamic economics a mixture between capitalism and socialism, arguing that capitalism and socialism each come about as the natural conclusion of certain ideologies, while Islamic economics comes about as the natural conclusion of Islamic ideology and therefore is justified entirely independently of other systems of economics.