Limited desires, unlimited resources

By Hussain Mohi ud Din Qadri

International trade rules and regulations and different business models are under the
process of evolution. Societies with different cultural and civilisational backgrounds
are out in the run for earning maximum profits by designing new business rules every
now and then. This explains the permeation of materialistic forces in societies. Islam
is the only religion whose trade laws, which were formulated some l400 years ago,
cannot be altered. These principles would continue to guide man till the Day of
Judgement. Any state and society could reach the apex of growth and prosperity by
following these principles. Before we dilate on the Islamic business system, it is in
fitness of things to look at the prevailing conditions for an objective assessment.

Today western businessman, western corporate world, organisations and policies

happen to be our role model. The western world put forward a new system after it
managed to achieve unbelievable successes in the economic domain with the result
that the rest of the world was left with no option but to follow the Western model as a
means for sustainable growth. Even Islamic countries, which are supposed to
implement Islamic system, are tied to the apron-strings of western economic model.
There is a dominant feeling within the Muslim elites that either Islam is unable to
respond to complex contemporary challenges in the fields of economics and trade or
its economic concepts are outdated. Both of these perceptions are incorrect. The fact
is that the spirit of the Islamic economic model has not been understood. To cap it all,
the Islamic economic system has not been codified in the modern jargon and there is
acute dearth of presentable research work on it.

History bears witness to the fact that about 800 years ago when the western world did
not know how to live a decent life, the Muslim in Spain prided itself on vast material
progress in multiple fields. Their success emanated from practical implementation of
economic and business model designed by the Holy Prophet (PBUH). China is
moving ahead with this cost efficient model but it has become more of a copy cat
thing, which has never been able to become superpower.

Undoubtedly, there is a need of mentioning other models besides the Islamic one,
which receded into background with the passage of time. One such model was
Relativism. This model did not urge people to follow pre-determined principles.
Rather they were required to do whatever they thought was correct. Thus no system
could be put in place with the result that society rejected it. Utilitarianism replaced
Relativism.

Utilitarianism weighed human actions on the touchstone of pain and pleasure.

Whatever constituted pleasure was good and hence acceptable even though it may be
morally wrong. Universalism was the third model, which preferred good intentions
rather than factoring process and final outcome into account. Islam recommends the
totality of intention, action and result or outcome and then passes judgement about its
being fair or foul. Thus this model of Universalism does not resemble the Islamic
business doctrine.
The fourth model hinges on the idea of Distributive Justice, which is closer to the
Islamic system of trade and is in operation in a number of countries including
Pakistan. But it has not been implemented with its spirit since it hinders the
maximisation of profits. This system talks of the rights of employer and employee
both. Capitalist system and socialist economy are both alien to the Islamic trade
system. While the former protects the rights of the employer or those having means of
production, the latter fully recommends and guards dictatorship of the proletariat.
Both systems are poised on extremes.

Moderation is an important plank of the Islamic system. Distributive Justice ensures

apportioning of rewards to both employer and employee without causing loss to one
at the cost of the other. Islam protects rights of the individual if these rights do not
encroach on the rights of society.

Islam does not favour the quantitative democracy. Rather, it puts emphasis on
qualitative democracy.

It is necessary for the promotion of Islamic business ethics at corporate level that a
position of moral advocate is created tasked with the responsibility of promoting and
projecting excellence of trade morality and good attitude in the entire organisation.
The company owner could also be a moral advocate. Difference could only be made
and felt if the employer or CEO practised these golden principles of honesty and
propriety. The right of the customer is the duty of the employer in the Islamic system
of trade. The customer right includes product quality and cost efficiency. Islam talks
of cost and time efficiency not for company but for customer. West reached this
conclusion after years of experiments but Islam designed these rules 1400 years ago.
The Western Business Model is based on limited resources and unlimited desires,
whereas the beauty of the Islamic Business Model is that it is based on limited desires
and unlimited resources. Who can defeat such a society, which endeavours for
acquisition of unlimited resources but makes sure to limit its desire?

If this Islamic model is implemented, the country and industry would grow and the
poor would have share in the economic benefits leading them to make their mark in
life and live honourably in society. The Islamic economic model discourages
concentration of wealth in a few hands. It is in favour of establishing welfare state
where economic rights of all and sundry are protected. If the Muslim business class
adopts honesty the concept of limited desires and unlimited resources as a driving
force behind their business pursuits, there is no reason why the Muslim community
cannot reach the top.

The writer is a PhD scholar in Economics at the Australian University