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A‘lahazrat as an Economist
Economics
is the science of wealth, as says Adam Smith, who is called
the Father of Economics. Adam Smith wrote a book entitled
"Wealth of Nations" which was published in 1776.
For centuries, this subject was taken as dry and no interest
was shown in it. It was only around 1940 when this subject
gained popularity. International depression was the main
cause behind it. During the time of A‘lahazrat (1856-1921)
Economics was a subject, which was not given much
importance. Nevertheless, A‘lahazrat through his book
published in 1912, presented four peerless points for the
economic development of Muslim brethren. These are:
1. Barring the affairs wherein Government is involved, the Muslims should decide all their disputes mutually
so that millions of rupees, which are being spent over litigations, may be saved.
2. The affluent Muslims of Bombay, Calcutta, Rangoon, Madras and Hyderabad should open banks for other
poor Muslims.
3.
Muslims should not purchase anything from anybody except
Muslims.
4. The sciences of Islam should be propagated and publicized.
At the
instance Prof. Rafiullah Siddiqui Chairman Board of
Intermediate and Secondary Education Hyderabad (Sindh), has
written an article "Fazil-i-Bareillvi Kay Char
Ma‘ashi Nikaŕt", published from Maktaba-i-Chashm-i-Rahmat,
Balrampur (UP), India. Prof. Siddiqui has beautifully
explained all the four points at length; I have had all the
appreciation for Prof. Siddiqui and his article.
Through
his first point, A‘lahazrat has propounded the theory of
savings. He has realized the significance of savings and has
made people to realize it. In most of the under-developed
countries, the rate of saving varies from 5 to 8%. Now the
economic experts have declared that for economic development
of the country, saving to the tune of 15% of the national
income is a must. The importance of savings over-shadowed
the world in 1936 when Lord J.M. Keynes of England presented
his "Theory of Savings & Investment", which
proved successful in overcoming the international
depression. In short, according to Keynes, saving is all. It
is equal to investment according to his Equation. Thus, more
saving, more investment; more investment, more development.
For this theory of Saving & Investment, Prof. J. M.
Keynes was honored by England and the most prestigious title
of "Lord" was conferred on him. Prof. Rafiullah
Siddiqui has so nicely and so rightly quipped that Prof. J.
M. Keynes was honored in 1936 for what was already pointed
out by A‘lahazrat in 1912. Who deserved and who bagged the
honor, is thus to be seen. Yet, it may be taken for granted
that A‘lahazrat would not accept such an honor from
British even if he were presented one.
Secondly,
A‘lahazrat presented the theory of opening banks. Needless
to mention that banks in the eyes of A‘lahazrat were meant
to be interest-free banks. History of banking is known to
all of us. A‘lahazrat suggested and talked of opening
banks at a time when banks played no significant role in the
country. In 1912, there were only a few banks in India, in
big cities, and nobody could foresee then that after a lapse
of three or four decades, the importance of banks would
assume so much proportion. No doubt, it was A‘lahazrat who
was able to peep into future and suggest boosting up the
banking industry before hand.
A bank
is an institution through which the savings of the masses
are deployed over productive investment. It is bank that
collects pennies but provides pounds. Banks help the people
create tendency of saving. Being a great economist.
A‘lahazrat well realized the hazards of hoarding and
advocated for the development of the banking industry.
The
third point of A‘lahazrat is that Muslims should purchase
each and every thing from Muslims only. Apparently, this
point appears to be based on somewhat narrow-mindedness. But
it is not so, if we go deep. What A‘lahazrat says is that
Muslims should purchase from Muslims only. It is not
restricted to a particular place, locality or province. It
means that Muslims countries should purchase from Muslim
countries only. It means that A‘lahazrat has opposed the
free-trade theory as espoused by Adam Smith and suggested
Trade Protection so as to withstand the competition in the
international market. Fredrick List, a noted German
economist has emphatically supported the Trade Protection
Policy. Prof. Rafiullah Siddiqui has very much appreciated
this point of A‘lahazrat. According to him, A‘lahazrat
wanted to provide economic protection to Muslims but the
Muslims neglected the economic acumen highlighted by their
own savant, A‘lahazrat.
To the
misfortune of Muslims, what was pinpointed by A‘lahazrat
for the benefit of Muslims, was utilized by non-Muslims.
Second World War had badly ruined Germany, France, Italy
etc. The economy of these European countries was crippled.
European Common Market (E.C.M) consisting of six European
countries came into existence. It achieved marvelous success
and the entire World witnessed that it changed the entire
story. The staggering economy of these countries mustered a
sudden boom and the German mark became the powerful currency
of the world. After all, what was this E.C,M.? It was a
practical shape of the guidelines given by A‘lahazrat just
on the lines that Muslims should make purchases from Muslims
only. Even today, if the Muslim countries unite and follow
such a policy, luck will smile upon them.
Now come
to the fourth point. It is regarding the publicity of
Islamic sciences. When theories of economics are going on,
how far it is desirable to talk of Islamic sciences or
religion. A Mawlawi always remains a Mawlawi-some people may
think. Prof. Siddiqui has duly appreciated the importance of
knowledge of Islamic sciences but meanwhile he has gone to
say that this fourth point is not in regard to economics.
With due respect to Prof. Siddiqui, I would like to say that
he has hastened to observe like so, perhaps because of its
appearance. Prof. Siddiqui has succeeded in realizing the
importance of this point but has failed to link it with
economic theories.
To my
mind, this point is all the more important. Everybody knows
that there is lot of difference between theory and practice.
Implementation is an upheaval task. The first three points
of A‘lahazrat provide a theoretical approach. The fourth
one provides a pragmatic approach. It must be borne in mind
that A‘lahazrat has introduced what we may call Muslim
Economics. He has talked of benefit and betterment of only
Muslims. From this angle, all the four points are
inter-connected. The first point of A‘lahazrat is
regarding mutual settlement of their disputes. The idea is
so nice but its implementation is fairly difficult. As says
Adam Smith, "man is the born servant of self
interest". Everybody wants to gain. Nobody wants to
lose. In quest of gain, man runs after the courts headlong.
He runs and runs towards the courts till he gets a gain what
he calls justice. Such a race towards the gain makes the
litigation time-consuming as well as money-consuming. Now
A‘lahazrat speaks of preaching and teaching Islamic
sciences to the people. He means to say that spirit of Islam
must prevail upon the Muslims. A‘lahazrat goes to say that
such an abrupt race of litigation can be controlled only
with the spirit of Islam. Under true spirit of Islam,
Muslims shall prefer to get their disputes decided only by
their Muftis whom they would consider as heirs of
Holy Prophet and regarding Holy Prophet (Allah’s Grace and
Peace be upon him), the Holy Qur’an declares as under:-
"By
Allah, they shall not be Muslims unless they make you Hŕkim
in matter of their disputes and unless they accept your
decision by heart and feel no hindrance whatsoever there
from in their hearts."
Thus, a
true Muslim shall be duly satisfied with the decision of a Mufti
regardless of the fact whether he remains a gainer or loser.
He would accept the decision by heart. Nor would he take it
as point of prestige, as a true Muslim wants nothing but
what Allah and His Holy Prophet (Allah’s Grace and Peace
be upon him) want for him. He would not knock at the doors
of the court at all. A short meeting with a Mufti can
solve a long dispute. Thus, it would be seen that the fourth
point advanced by A‘lahazrat is very much linked with the
theory of mutual settlements Muslims by avoiding litigation
with a view to ensuring large savings.
The
second point is of opening Muslim banks. Muslims would like
to help Muslims only when they are taught to help them in
terms of Islamic sciences, that is, in light of Holy
Qur’an and Hadith. Interest is a prize of
exploitation. Muslims would refrain from accepting interest
if they are told that usury is haram (strictly
forbidden) according to Holy Qur’an and whosoever accepts
interest, should be ready to fight with Allah on the Day of
Judgment. Only through the injunction of Islamic spirit,
which flows from the knowledge of Islamic sciences attained
through the study of Islamic books or through the company of
Islamic savants, Muslims can agree to opening of
interest-free banks and usury can be put an end to. If the
rich people open banks out of their riches, the poor people
will get rid of their poverty to a great extent. First, the
poor will be able to get employment in various projects
financed by banks. Secondly, the poor section will be able
to secure interest-free loans from the banks, which they
would get otherwise at a heavy rate of interest. Thus, the
second and fourth points of A‘lahazrat are well linked
together.
Muslims
should make purchases from Muslims only — is the third
point. It does not purport to say that Muslims should sell
to Muslims only. A‘lahazrat is restricting outgoings only
of Muslims. Unless the Muslims are taught of their religion,
nothing can be achieved in this field. A person, who has no
knowledge of Islamic studies, is western-minded, would
hardly purchase anything from Muslims. He would be addicted
to using foreign goods and would not hesitate to purchase
them from any corner. Nowadays, it is seen that those who
have craze for using foreign goods, may it be, cigarette,
wine or anything like that, help the foreign companies earn
a lot of foreign exchange. A Muslim would make purchases
from Muslims only when it is impressed upon him that Holy
Qur’an declares:
(Space
for Arabic script) "Innam al-Mo’minoona Ikhwatun"
That is,
"Muslim and a Muslim are brethren." Unless he
treats the other Muslim as his brother, he would not extend
him a brotherly-treatment. Moreover the teachings of Islam
shall bear wide repercussions on the standard of trade. No
trader would like to give short weight as it is forbidden in
Islam. No trader would make any adulteration of any kind, as
it is forbidden in Islam. No trader would try to conceal
defect, if any, in his commodity as it is forbidden in
Islam. No trader would resort to unnecessary hoarding of
stock as it is forbidden in Islam. No trader would allow
unnecessary bargaining in price as it is forbidden in Islam.
In this manner, under the yoke of Islam, trade will wear a
bloomy look. If Muslims undertake to make purchases from
Muslims only and if Islamic spirit prevails, then a Muslim
will not be able to get wine, because no Muslim would like
to sell it as it is forbidden in Islam. In this way, not
only the trade will flourish but it will also bring about a
flawless society.
So, it
is evident that all the four points of A‘lahazrat are
coherent and co-related insofar as Muslim Economics is
concerned. As I have been associated with Economics for the
last twenty years, I had a right to study A‘lahazrat in
this field and so I did. I have no hesitation to say that
before the insight of A‘lahazrat in the field of
Economics, I find myself no better than a big zero.