2. There are two philosophies about life; hence there are two economic systems since the emergence of civilization:

a) Divine Economy: For those who have faith with conviction in the continuity of life: Resurrection and Accountability: Upshot Hell-Prison or Paradise;

b) Capitalist Economy: Devised by those whose Philosophy and belief about life is: We live only once—no resurrection. Upshot: Hell-Prison

 

Philosophy/ideology precedes the structuring of a system. A system is devised for achieving the content of the philosophy/ideology. Therefore, firstly we need to know the philosophy and ideology behind the existing system that will expose its true substance, real nature and intent. We will restrict to the information in Grand Qur'aan about the philosophy of existence of matter and life since it also discusses the conflicting viewpoints.

Grand Qur'aan concatenates (to connect separate units or items into a linked system) real-world facts in chronological order as is evident from its initial word, a prepositional phrase: "Beginning is with name; name is the recourse-resort to activation". This phrase is the First scientific fact of the physical world. The creation and for created ones the initiation of the learning process is but the "code/name". The human and that of computer's memory can save nothing without knowing or assigning a code/name to a thing, object, phenomenon, concept or system.

Grand Qur'aan is the simplest discourse for comprehension and translation because of its various facilitative features. The key given in it for comprehending various concepts is: تَدَبُّرٌ: Critical thinking: Follow an enquiry based process: use prior and background information; bottom-up approach.  A concept is introduced by a word of distinct semantic field and is then expanded by its hyponyms. Further, various concepts associated, positively or negatively, with a semantic field are successively linked disclosing their interrelationships. It thus helps us studying and understanding it as a coherent unity.

Philosophy of existence of physical world, matter and life is succinctly explained in the first direct address to humanity:

This first direct address to humanity, comprising of just thirty eight words, perhaps encompasses entire philosophical pursuit undertaken prior to its revelation till date; and answers simplistically. Philosophy deals among other things with these questions [Knowledge and Religious Experience-Dr. Allama Muhammad Iqbal]:

A man on attaining reflection capability confronts physical and social world and wants to enquire about it. These two unitary verbal passages address and answer above questions. The test of  Book considered Guide in time and space coupled with lofty declaration as void of conjectural substance is that a reader like me of ordinary prudence be not confused or perplexed in perceiving what is stated; otherwise he might loose interest in the Book. Moreover, if the Book makes a demand upon reader, it must give him a plausible reason to admit and obey that.

Character and general structure of the universe in which we live is depicted as is visible to naked eye. The Earth, the Sky, and Water which is also the source of botanical produce that serves as sustenance is what the universe is all about outwardly. The character and structure of universe is finite as captured by mere observation. This yields a logical understanding of a coherent universe. Everything is interrelated, they are just one unit. Earth and sky are interrelated, sky and water are interrelated; and water and the produce of earth have inter relationship, produce-fruit and humans life are interrelated since it is their sustenance.

The permanent element in the constitution of outwardly universe is vividly evident by our own observation since people before us lived in the same universe. "He the Exalted has created you people, and those who existed before you". Men disappeared, universe is still there.

We are not related to finite Universe enclave in a sky and earth. We are not for the universe. Universe is meant for us. It owes its existence because of us. It is visible to naked eye and to logical understanding of "the wise men" that the Universe is coherently structured to relate and serve us. This reflects what place we occupy in it. We are of course not infinite but are not that sort of finite as the universe is.

The kind of conduct that befits the place we occupy in the Universe is mentioned first in the address to humanity. No philosophical puzzles. Just one verbal sentence: "You people demonstrate servitude and allegiance as subjects of your Sustainer Lord." : It is an Imperative Verb; Second Person; Plural, originating from Root: "ع ب د" which denotes a relational signification that can be translated as "slavery-servitude-subject" in reference to his Master: Sustainer Lord.. This noun also is a relational word. Both signify nature and responsibilities of relational units. However, this relationship is unique since it is not merely Master/Lord - Slave/Subject equation but a relationship of the Creator and the Created.

The characteristic feature and responsibility of Sustainer Lord is to meet the physical and honour needs of subject. He the Exalted has done it by fashioning the universe we are in to serve our physical and honour needs. Now it is our turn to willfully and affectionately demonstrate as allegiants of the Sustainer Lord. Depending upon sincerity of thought its effect is: , adopting a rational conduct avoiding unrestrained moves, in reverence and fear of  Creator and Sustainer Lord. This is the sublime manifestation and effect of: exercise of one's will and freedom of self governance aligned maximum to the desire and will of the Sustainer Lord. This will enable us perceive our invisible "Self" and align it with outer world. This alignment will eventually qualify us for ascension beyond the horizons of finite universe.

This willful surrender and obedience to the Sustainer Lord will not compromise our honour and self respect. Where we can compromise our dignity and place we occupy in the Universe, we are cautioned "you should not ascribe equals for Allah the Exalted while you people have logical understanding". It is observed reality that Man and multiple unities of universe are a singular coherent unit.

This paragraph comprising of just 38 words is verbatim transcription; in writing of the speech of the Sustainer Lord of the created realm, by the guide lord of Humanity, the elevated Messenger. For paragraph unity, it must have a single generalization that is a topic sentence which serves as the focus of attention. The topic is:   "You people demonstrate servitude and allegiance as subjects of your Sustainer Lord." The other element of paragraph unity is that every other sentence should contain more specific information than the topic sentence which maintains the same focus of attention as the topic sentence. The next sentence gives more specific information about the phrase:  "The Sustainer Lord of you people". That your Sustainer Lord is the Being who created you people.

 

A grown up man must have the sense that he is a created being. His presence is in fact the manifestation of the presence of his Creator. How can he fail to acknowledge the presence of his Creator while knowing that before becoming into existence as a living entity he was but matter of no worth-recognition?

The man is an intelligent being. He can be asked questions to answer or reflect. The first question posed to human beings in Grand Qur'aan is for judging the minimum level of prudence a man is expected to demonstrate:

 

Eschatology, literally “discourse about the last things”

that the Man has not one economy but two economies; the economy of the worldly life and the economy of the life of Hereafter. Thereby, there are only two theories or systems of economics which man follows.

who do not believe that they will ever face a reckoning for their actions remain in the vicious circle of fantasy. It is their weakness/disease of the heart that they believe it gives them the power, they can tame and enslave people and become the in charge of existence. They wish to acquire the real wealth of the people and give them false and worthless paper/card money and put them in a perpetual indebted state.

 

Human beings are unique that they have a perception and understanding of remaining alive for a certain span of time and ultimate death. However, people are divided into two groups about revival of life after death: resurrection—emerging alive after death.

A grown up man must have the sense that he is a created being. His presence is in fact the manifestation of the presence of his Creator. How can he fail to acknowledge the presence of his Creator while knowing that before becoming into existence as a living entity he was but matter of no worth-recognition?

 

The more recent literature on Islamic economics is largely about Islamic financial instruments and institutions. It might give an impression as if the main difference between conventional and Islamic economics is in the instruments, rather than foundational aspect. Islamic economics is not about the prohibition of certain goods and services. It is a vastly different economic system whose answers to the core economic questions vary significantly. It is important to start from the foundation Islamic economics by redefining assumptions, developing new theories of microeconomics and macroeconomics, and offering testable models from the Islamic paradigm. This paper is an attempt to redefine Islamic economics as a new economic paradigm based on the distinctive axiomatic feature of Islamic worldview. In order to do that, the paper first presents evidences of the crises of capitalism and search for alternative paradigm. Second, it outlines the origin of capitalism within the Western secular worldview. Third, it presents the Islamic worldview from anthropological, epistemological, and teleological perspectives. Fourth, it redefines Islamic economics as alternative economic paradigm to capitalism

Commentaries are tidy and consistent, great books are not. This is why great books are worth reading.

Economics is a social science which deals with human wants and their satisfaction. It is mainly concerned with the ways in which a society chooses to employ its scarce resources which have alternative uses, for the production of goods for and future consumption.

Political economy is another name for economics. "Polis" in Greek means a State. The early writers used the term "Political Economy" for the management of the State. A person who runs a family is expected to make the best use of the income of the household. Similarly, the State is expected to get the maximum benefit for the society. Hence the term "Political Economy".

The existence of human wants is the starting point of all economic activity in the world. Unless we make efforts, we cannot satisfy wants. Hence, wants, efforts and satisfaction form the circle of economics. We may say economics is the science of wants. But in the real world, the means which satisfy our wants are limited, that is, there is scarcity of the means which satisfy our wants. Time and money are limited. And land, labour and capital which are used in production are limited.

We study economics because there is scarcity of many goods we want. This problem is common to the individual as well as the State. This is why we say Economics is the science of scarcity. And scarcity is the basic fact of life.

While Adam Smith establishes his theory of supply and demand on self-interested human nature, Bentham shapes his utility theory on pleasure seeking and pain avoiding human nature: "Nature has placed mankind under the governance of two sovereign masters, pain and pleasure. It is for them alone to point out what we ought to do, as well as to determine what we shall do....They govern us in all we do, in all we say, in all we think: every effort we can make to throw off our subjection, will serve but to demonstrate and confirm it. In words a man may pretend to abjure their empire: but in reality he will remain subject to it all the while" (Smith 1976, p.14)

Aristotle argues that those who pursue bodily pleasures will be occupied with wealth accumulation and could have no time to seek virtue: "those who fix their aim on the good life [and] seek the good life as measured by bodily enjoyments, so that inasmuch as this also seems to be found in the possession of property, all their energies are occupied in the business of getting wealth. (Aristotle. 1944,pp.1257b- 1257a)

Emotions and vested interests; that are the appetite, desire and lusts of the Chest, are the focal subject and alluring fascinations of Shai'taan (Satan) [2:268].

Grand Qur'aan is the Guide for humanity; the source which must be frequented by those who wish to conduct and orient their lives aright. It is a Guide-Manual for those who endeavor to remain cautious and avoid conduct inspired and governed by emotions and vested interests in reverence and fear of Allah the Exalted.