Islamic Political Economy and Sustainable Social Development Policies: An Analytical Study

Auwal Sa’ad, Sayed Alhabshi, Salina Kassim

2019

Abstract

In the contemporary economic societies, the world is witnessing a vibrant transformation from vague economy to an economic reality; the emergence of the Islamic economic system has been in trial for almost five decades. The current achievements of Islamic banking and finance industry were believed to have realized through the accelerated efforts of governments across the globe and their enthusiasm and compassion towards the development of Islamic Financial industry. It was argued that the Islamic economic system has all the potentials to becoming the world prevailing system due its reliance on justice, fairness, socio-economic reality and sustainable development. This might be achieved through the realization of the Islamic social policies and its possible implementations across the globe. The Islamic political economy has all in need to sharpen the socio-economic development of the contemporary societies towards a sustainable economic development around the world and has the strong mechanisms for social support and achievements. However, this prediction has to do with the return of the Islamic political economy that had tremendous impacts in the development of Islamic empires and its renowned social impact projects, innovations and proper reactions to economic problems and social welfare. This paper aimed at analyzing the economic ideas and policies introduced by Islamic leaders to solving economic problems, and analyses the social policies that made the Islamic societies a unique society with proper economic policies for sustainable social developments. For instance, the Prophet peace be upon him prioritizes borrowing than taxation in his policies, he borrowed armored dresses from Safwan bin umayyah, for the battle of Hunain, this exercise shows that a nation can borrow from the wealthy individuals within the society for the bailout in a critical need, despite that the number of the Muslim army was around twelve thousand troops participated in the battle of Hunain, some scholars argued that taxation could be imposed on this large number of troops to solve the problem. However, the prophetic exercise showcases the idea of sustainability by addressing the economic issue with the least possible option and prioritizes public relieve in the event of critical situation. Likewise, the prophetic policy in dealing with the situation in khaibar where the prophet divides the land into two and asked the people of khaibar to work on one part indicates the idea of sustainable agricultural produce in the nation, where Muslims learned the agricultural skills from their counterpart in khaibar, this is to make sure that the agricultural sustainability is achieved. The paper also addresses some key policies introduced by Umar bin Khattab and other significant policies introduced by Muslims leaders for a sustainable social-economic development.

Paper Citation

in Harvard Style

Sa’ad A., Alhabshi S. and Kassim S. (2019). Islamic Political Economy and Sustainable Social Development Policies: An Analytical Study. In Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF, ISBN 978-989-758-473-2, pages 109-114. DOI: 10.5220/0010115600002898

in Bibtex Style

@conference{7th aicif19,
author={Auwal Sa’ad and Sayed Alhabshi and Salina Kassim},
title={Islamic Political Economy and Sustainable Social Development Policies: An Analytical Study},
booktitle={Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF,},
year={2019},
pages={109-114},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0010115600002898},
isbn={978-989-758-473-2},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF,
TI - Islamic Political Economy and Sustainable Social Development Policies: An Analytical Study
SN - 978-989-758-473-2
AU - Sa’ad A.
AU - Alhabshi S.
AU - Kassim S.
PY - 2019
SP - 109
EP - 114
DO - 10.5220/0010115600002898