Saturday, 17 October 2009 00:56

Will Buyout, Bailout Or Stimulus Plans Ease The Burden?

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moneyEconomy, wealth and poverty cannot be separated. They are linked to each other. A good and balanced economy will bring prosperity and wealth to mankind. Unequal economic distribution and unpurified wealth creates disparities and poverty. In Islam, wealth belongs to Allah, and Allah created man to be his trustee with responsibilities to manage wealth according to principles set by Him. On the Day of Judgment, both rich and poor will be questioned on the methods and practices they used to generate and spend their wealth or sustain their economy. Thus, it is a must for mankind to ensure their financial and economic activities conform to the fundamental sources of Syariah Law. When one is faced with financial or economic crisis, one should first refer to the Qur’an for the solution. If no ruling is found in the Qur’an, one should then search the Sunnah. If no ruling is found in the Qur’an or the Sunnah, then one refers to the secondary sources of the Ijma’ of the imam mujtahids. If there is none, then one who performs ijtihad (independent reasoning) must come up with a ruling based on qiyas (inferential reasoning). Other methods include istihsan, marsalah mursalah, istishab and ‘urf. The same principles may be applied in finding solutions for the current economic crisis.... Download the full article in pdf attachment (below)