Synopsis
This is the second book of the series Notes on Islamic Economics. Its subject is the charitable sector. The third sector has a special important role in the Islamic economic system because of the fundamental concern Islam gives to justice and how it is applied in a free-will private-ownership based economy. The pursuit of personal economic welfare and maximization of profit associated with exchange-based market relationships are always based on self-interest which classical Islamic Scholars expressed as “exchange contracts are founded on greed The Islamic approach to reconcile economic freedom, greed in exchange and private ownership on one hand with economic equitable distribution, respect and honor of human beings and social coherence on the other hand is two folds, personal moral and societal law-regulated. The moral emphasis on the inner screen in the Islamic economic system is significant. We’ve seen in book one of this series that the Islamic moral ethical system gives a special weight to the inner screen through channeling selfishness into a canal of altruism so that to maximize one’s own outcome of economic decisions one has to include the quantity of Hasanat one accumulates. Caring about others and gracing them with one’s own wealth becomes a selfish way to gain more rewards expressed as Hasanat. Some vague and non-articulated version of this concept exists in other monotheistic religions. The second tool incorporated by the Islamic economic system for reconciling selfishness with giving others is the legal and social pressure. Through its legal and social system Islam is the only religion which literally assigns part of the wealth of the rich to the poor and backs that by creating a social and community pressure to establish endowments for the purpose of economic equity.The obligation of Zakah and the encouragement, expansion, protection and regulation of Awqaf are unique to the Islamic economic system. This is why this book is important and this is why the third charitable sector has special significance in the Islamic economic system. This book discusses the three pillars of charity in Islam: the obligatory Zakah, the voluntary but substantial Awqaf and the voluntary Infaq or general charity. The first six chapters discuss the different aspects of Zakah. Four chapters, seven to ten, are assigned to discussing the different aspect of Awqaf beginning with its historical and Shari’ah aspects, important role in Welfare, the different facets of reforms which are necessary to allow the Awqaf institution to assume its role in the economies of Muslim countries, etc.The last chapter tries to show the place general charity or ‘Infaq fi Sabili Allah’ assumes in the Islamic economic system.In this book as in other books of this series I do not intend to repeat other writings. This series is an attempt to present Islamic economics in a non-traditional way with emphasis on the institutional aspects and structure. I will deal with the fundamental issues of Islamic economics and finance in a realistic yet innovative manner while observing fundamental relations, ties and inspiration from the basic sources of the Islamic religion and its Shari’ah rulings; the Qur’an and the Sunnah.
About the Author
Monzer Kahf Website: www.kahf.net Present position: Professor of Islamic Finance and Economic, Faculty of Islamic Studies, HBK University, Doha, Qatar. Monzer Kahf has a strong training and knowledge of Islamic Jurisprudence (Fiqh) and Islamic Studies. He got his Ph.D. in Economics (Monetary theory and development) from the University of Utah, Salt Lake City, USA 1975. He served as research economist, head of research division and senior research economist at Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IDB), Jeddah (Saudi Arabia) from 1985 to 1999. He was a professor of Islamic Economics and Banking in the graduate program of Islamic economics and banking, School of Shari’ah, Yarmouk University, Jordan for the year 2004/5. He wrote 35 books and booklets in English and Arabic, on Islamic banking and finance, Islamic economics, Zakah, Awqaf, including some which have become the standard reference manuals in the field. Some of Dr. Kahf's books are translated to Indonesian, Turkish, Russian and Korean languages. He also wrote more than 100 articles, in English and Arabic, on Islamic finance and economics, Islamic public and private finance, Islamic banking, Zakah, Awqaf, including entries for the Oxford Encyclopedia of the Modern Islamic World and other international emcyclopedias. Recently he completed three landmarks of his works; 1) four books under the title of Notes on Islamic Economics: Theories and Institutions, the Third Charitable Sector, Islamic Finance and Banking and Public Finance, Economic Policy and Development, 2) an academic book on Islamic Finance Contracts (English), and 3) an Arabic book on Fundamentals of Islamic Finance. Monzer is active in associations, he is a founding member of the International Association of Islamic Economics, founding member of Association of Muslim Social Scientists of the United States of Canada, and he was part of the American Economic Association. He also advises Islamic and conventional banks, courts and other public institutions on Islamic finance, banking and Islamic endowment (awqaf). He won the President of Syria Award for best University Graduating Student in 1962 and the IDB Prize for Islamic Economics in 2001.
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