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The way of defining Islamic Economics is to qualify the term

modern or conventional economics with Islam. Islam is a
religion from Allah SWT through prophet Muhammad SAW to
mankind which means the total way of Mankind͛s life, that is
what ever man does or is going to do must be abided by the
Islamic norms and values as well as laws and other rules and
regulations(shariah). And conventional economics has best
been defined by robbins as science which studies human
behaviour as a relationship between ends and scarce means
which have an alternative uses.
Based on the definitions of the two concepts above, many
scholars defined Islamic economics according to their
understanding of the concepts. The following are the various
definition of Islamic economics from different scholars:
1.cAhmad (1981) defined Islamic economics as a study of
human behaviour in their attempts to satisfy needs from
the abundant resources whose ultimate aim is to
maximise benefit of self and society both in this world
and the hereafter.
2.cAkram(1983) sees Islamic economics as aims at the
study human falah achieved by organising the resources
of earth on the basis of cooperation and participation.
3.cHasnuzzaman(1984) defined Islamic economics as the
knowledge and application of injunctions and rules of
 shariah that prevent injustice in the acquisition and
disposal of material resources in order to provide
satisfaction to human beings and enable them to
perform their obligations to Allah and the society.
4.cMannan (1986) defines as studies of a social science in
the economic problems of people to fill with the values
of Islam.
5.cS.M Ghazali Wafa et al (2002) defines as all human
activities to use the sources which follow the law to
perform their obligations to Allah.
Observing the above definitions Islamic economics is the
some part of conventional economics plus morals,
norms and values of Islam, it covers a lot of micro and
macro concepts of conventional economics like
ownerships, rights to produce or create, what to
produce, how to produce and for whom to produce,
others include equity, returns on investments,
development projects, stability in the value of money,
broad base economic well being with full employment,
optimum rate of economic growth, joint ventures, fiscal
and monetary policies, etc .
However Islamic economics ejected injustice, enforced
the prohibition of interest (riba), hoarding etc. And also
promote the determination of the level of individual
liberty, recognition the right of property, controlling the
economic inequality within the natural limits,
maintaining the equality of social life, and social
security. It however prohibits the wider circulation of
wealth, and recognizes social and individual welfare.
In conclusion, Islamic economics is designed for
economy to contribute richly on the achievement of the
major socio-economic goals of the society.

LESSON LEARNT FROM PROF. TARIQ RAMADAN.

LECTURE ͚|
|| 
 
 
TO IMPROVE ISLAMIC
ECONOMICS DEVELOPMENT.

Prof. Tariq is very talented and eloquent lecturer, in this

lecture he pinpoint the following:
1.cMuslims are of full of potentials
2.cUniversality in time and space in islam
3.cChanges and faithful
4.cThings we shouldn͛t confused:
a.cRelationship between text and context
b.cDifference between principles and models
c.cRules and ways
d.cRules and meaning.
5.cDifference between adaptation and transformation
vision beyond reality.
6.cDealing with rejection and projection
7.c Thinking of what to produce and how to produce of
halal goods to match the competition with western
products.
The above are the lessons we learnt from the lecture,
therefore those points are what I am going use and see
how Islamic economics can be developed.
Firstly, the muslims are of full potentials this so because
muslims economics thinkers and economist tried and
developed the Islamic economics concept and its now a
discipline accepted worldwide, so the other muslim
economist should start striving and explore their
potentials in developing Islamic economics worldwide.
Secondly universality in time and space in Islam, this
means mind should be active to make changes in
diversity, that is Islamic economic thinkers should have
active mind and develop as many theories and models
as they can in the time of the their life and places they
are living , their universality of islam should be use to
manage diversities, manage changeable dimensions and
new challenges with the view of developing Islamic
economics.

Thirdly those things that we shouldn͛t confused in the

improvement of Islamic economics development is text
and context should be clearly differentiated ,that is the
context in the text of quran, hadith and fiqh are vividly
understood before applying it into the economic theory
or model. The difference between principles and models
should be understood by Islamic economics ulamas,
where principles are universal in nature and models are
historical in nature we shouldn͛t confused those in
developing anything in Islamic economics. The next is
the rules and ways, in islam rules are in quran and
sunnah (shariah) then the interpretation of ulamas on
some concept and issues that are not clearly interpreted
in the quran and hadith and ways are how those rules
are being followed with a light of vision, those must be
considered and improvement in islamic economics will
be achieved. The last one is different between rules and
meanings, dealing with rules will come to a point where
rules forget the meanings so this must be taken into
consideration for improvement of Islamic economics.
Fourthly is the difference between adaptation and
transformation that is transformation is the visionary
change beyond reality in a society and adaptation is
transferring the idea of other society into the society,
Islamic economics should be a transformation of
conventional economics not adaptation.
Lastly is the thinking of what to produce and how to
produce of consumable goods(halal) to match the
competition with western products, professionals in
Islamic economics should continue with the introduction
of products which will substitute haram goods and
services that muslims are always consuming , this will
tremendously improve Islamic economics development.
REFERENCES
1.cMohd Fauwadi Mat Ali(2008):

|. http://wanbk.page.tl
2.cHasnuzzaman S.M (1984): Ñ |,
volume 1 no.2 pp49-50
3.cTariq Abdulrahman( prof): video lecture on |
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