Postulates and Principles of Islamic Moral Economic System

In this paper we will take a short review of main principles and postulates, its subsequent objectives of the Islamic moral economic system. 

Tawhid or the Unity of God is the fundamental principle of IME. It refers to the human beings being equal before the Creator and having equivalent opportunities for His abundances. Thus, it calls to ‘social accountability’ in the sense of embracing the other element of the purpose of utility- the akhirah or the Hereafter. Accordingly, the Islamic economic system is grounded on the above mentioned two aspects of utility- this world and the Hereafter. 

Adalah and Ihsan or justice and beneficence is the next postulate of IME. This axiom outlines the equality among persons within the context of tawhid. Consequently, it is anticipated that the individuals who have a better economic status will be benevolent towards those in less prospered financial position seeking the falah or salvation in the Hereafter. According to Naqvi, this vital maxim delineates to ‘social equilibrium’. Thus, it suggests providing every person with their due in every aspect of the social life.

Tazkiyah or purification is the following principle of IME. Having into consideration the two previously mentioned axioms, the postulate of purification is grasped as its consequence. This is to say, IME approves the multidimensional development of the individual and his life within the concept of tazkiyah. Moreover, this axiom’s role is to solve the socio-economic and environmental clashes on individual and social level. 

Rububiyyah or the divine supremacy is the subsequent norm of IME, which denotes to the divine plan for sustenance and prosperity within the framework of perfection, as elucidated by Ahmad. The vehicle for the complete implementation of rububiyyah in all aspects, as underlined by Asutay is the principle of tazkiyah, which leads to overcoming conflicts and balance in social affairs.

Fard or mandatory activities is an axiom that underlines the significance of such actions in social aspect. This norm indicates that achieving the aims of IME through the above stated principles in the light of mankind’s three faceted responsibility- towards the Creator, society and themselves is from crucial importance in attaining socio-economic balance and stability.

Ikhtiyar or free choice and will is the principle that IME comprehends as a divine gift to humankind, which is from open nature, though led by comprehensive guiding principles to be compatible with all social and time settings. In other words, there are rules that regulates one’s socio-economic conduct in an Islamic economic system.

Khilafah or mankind’s vicegerency on earth is the axiom that emphasises the responsibilities of human beings in socio-economic and financing aspect, which are completed through an ethical filter in order to accomplish God’s will on Earth or endorsing what is virtuous and prohibiting what is evil and which will lead to a better life for the individual and the community as a whole, as elaborated by Ahmed.

Amanah or being a trustee for others and ukhuwwah or solidarity and unity, are postulates derived from the principle of khilafah, which further accentuates on the social welfare in an Islamic economic system.

Therefore, it can be stated that the core aim of the implication of these axioms in the framework of the objectives of the shariah or the Islamic law, is human development and wellbeing in all aspects of life. Hence, IME can be characterised as a human centred, which makes it unique and more reliable from any other economic system, as it combines the moral and material in order to achieve happiness in both-this world and Hereafter.