Chapter

The Characteristics of Islamic Economics

yatullh Mahmd

in Islam in Transition: Muslim Perspectives

Published in print January 2006 | ISBN: 9780195174304
Published online November 2007 |
The Characteristics of Islamic Economics

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At his death he was the leader of Teheran's clergy. Long a voice for reform, yatullh Tliqn was closely allied with the more intellectual and activist elements of Iranian society throughout the 1960's and 70's.

He was a founding member in 1961 of the Freedom Movement (Nihdat-i zd) along with lay Islamic leaders such as Mehd Bzargn (a former engineering professor at Teheran University and the first Prime Minister appointed by yatullh Khumayn). Counted among the politically active clergy, he suffered repeated imprisonment. With the yatullhs Khumayn and Sharatmadr, he was among the principal religious leaders in the revolution.

In 1951, when he wrote the work from which this selection is taken, the young Sayyid Mahmud Taliqani was a supporter of the nationalist Iranian Prime Minister, Mohammad Mossaddeq. In his view, Islamic economics is sui generis. It is based neither on the unfettered freedom of the individual nor on the collective ownership of property. It is instead rooted in the human beings intrinsic freedom, a freedom that is, however, contingent upon the communitys need for equity in human relationships. The individual is entitled to own the product of his labor, but Taliqani asserts that the ruler of an Islamic government can restrict this right when it conflicts with the right of society. Islamic economics cannot follow the capitalist laws of supply and demand, because whereas in capitalism demand is based on ones ability to purchase goods, in Islamic economics it is based on ones need for the goods. Capitalism ignores need in favor of unrestricted purchase motivated by desire for a good.

Chapter.  3445 words. 

Subjects: Society and Culture ; Islam

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