ISLAMIC ECONOMICS

Historic Perspective of the Subject Matter

By JAMIL ANWAR

Historic Perspective of the Subject Matter

History of Human Evolution First man on earth and his economic concerns Development of civilizations and human needs Interdependence of groups, communities, societies etc Need for exchange medium of exchange Development of Machinery and Instruments Mass production International Trade Characteristics of Composition of Society Unequal Human Abilities and competencies Unequal Inheritance Unequal Dependence Different Roles in life

Historic Perspective of the Subject Matter

Economic Focus overtime Production Consumption Distribution Factors of Production Results Luxuries and Individualism Saving and Investment
In financial instruments In other economic activities

Competition
Individuals, groups, countries, MNCs

Historic Perspective of the Subject Matter

Real Issues of Human Being Excessive reliance on Specialist s views Economic is part of whole NOT WHOLE Man is not Economic man only a full human being Man has been treated as social animal Purpose of man on earth is not to earn money only Position of man on earth

Solution
A system Approach is required

Historic Perspective of the Subject Matter

In today s business world, financial profitability and operational risks plays a central role in strategic organizational decision-making. With increasing emphasis towards Return on Capital (ROC), social justice, public trust and civic responsibilities are frequently put a side (Abrar Ansari, 2008)

Productive work is not enough to solve the social problem of the industrial worker. Free society will endure only if the free government in the political sphere and free rule in socially constituted sphere balance and check each other (Peter Drucker, 1943) Profit is a regulator in the life of a business, but it is not the only one; other human and moral factors must also be considered which in the long term, are at least equally important for the life of a business (Peter Drucker, 1943)

Historic Perspective of the Subject Matter

Human life in Islamic Perspective

Economy

politics

Touheed Risalah Akhirah

Society

Morality