Discover the key characteristics of Islamic framework economic development and how they promote ethical, inclusive, and sustainable growth in today’s global economy
Characteristics of Islamic Framework Economic Development.
In an Islamic framework economic development is a goal oriented and value realising activity involving a confident and al! pervading participation of man and directed towards the maximisation of human well being in all its aspect and building and strength of the Ummah so as to discharge in the world its role as God’s vicegerent on earth and as “the mid-most people.” Development would mean moral spiritual and material development of the individual and society leading to maximum socio-economic welfare and the ultimate good of mankind.
- Human resources development:
Human resources development should be the first objective of our developmental policy. This would include the inculcation of correct attitudes and aspirations, development of character and personality, education and training producing skills needed for different activities, promotion of knowledge and research and evolution of mechanisms for responsible and creative participation uy the common people in key developmental activities, in decisionmaking at all levels and finally in sharing the fruits of development. This would call for a high preority for the expansion and Islamisation of education and for the general moral orientation of the people and for evolving a new structure of relationship based on co- operation, co-sharing and co-participation. This would also entail a highly efficient machinery for the mobilization of human resources and the inculcation of the spirit of self-sacrifice and the individuals maximum contribution towards the achievement of social goals.
- Expansion of useful production
Continuous and sustained increase in the national produced should be an important objective of our policy. The production of all those things whose use is forbidden in Islam would not be allowed and all that is essential and useful would be given priority and encouragement. In the light of this policy the pattern of production and investment would be moulded according to the priorities of Islam and needs of the Ummah.
These three priorities are would be:
- Abundant production and supply of food and basic items of necessity at reasonably cheap price.
- Define requirement of the Muslim world.
- Well sufficiency in the production of basic capital goods.
Improvement of the Quality of Life
Efforts should be made towards improving the real level of living of all people and towards the achievement of their moral, economic and social welfare. This would call for a high priority for at least the following.
- Employment creation, with all its consequent structural, technological, investment, regional and educational adjustments.
- An effective and broad based system of social security, assuring the basic necessities of life for all those who are unable to under take gainful employment or otherwise deserve society’s help and assistance. Zakat should be the mucleus of this system.
- ‘Equitable distribution of income and wealth. An active income policy directed towards raising the income level of the lowest income groups, reducing the ratio of inequality concentration in society^ in general. Are education in the extent of income differentials would also be one of the indicators of development, that is balanced and harmonious development of different regions within a country and of the different sectors of society and the economy. Decentralization of the economy and proper development of all’parts and sectors is not only demand of justice, but is also essential for maximum progress. This is an area in which principles of regional analysis and use^of development in the fields of econometric techniques and input -output analysis can be immensely usefully.
- New technology, that is evolution of indigenous technology suited to the condition, needs and aspkation of Muslim countries. This would call for a high priority for research and a new spirit to face the challenges of our times.
- Reduction of national dependency on the outside world and greater integration within the Muslim world. The defence and independence of the Muslim world and the peace of mankind are objectives that rcig.i prominently in our development planning.