economic thought in the qur"àn and sunnah 37Economic Thought in the Qur"àn and the Sunnah
Basic PhilosophyThree main ideological concepts and three main principles, which
have been well-established in Islam, could be said to have laid down
the basic philosophy of Islamic economic thought. The three con-
cepts could be classified as the concept of unity, the concept of vice-
regency of human beings on earth, and the concept of free-will and
responsibility (see for example, Ahmad 1980, and Naqvi, 1981), while
the principles could be viewed as the principle of moderation, the
principle of economic efficiency, and the principle of social justice.
Islamic Economic Concepts
The concept of unity, tawhìd
The concept of unity emanates from Muslims’ firm belief in the one-
ness of God, “No God but One”, which, with the belief in “Prophet
Muœammad as His messenger”, constitutes the first pillar of Islam:
the two Testimonies. The concept has various implications: the unity
of the creator, God, the unity of His characteristics, >ifat, the unity
of His work and creation and, as a consequence, the unity of the
universe as fully integrated in the unity of God. Nothing in heaven
or earth could be viewed in separation of His will or work, nor
could it be taken in isolation of His existence. The whole creation
should be viewed as a “whole” and be seen as integrated in the
holiness of the oneness of God. The consequences of the whole-ness
of the universe indicates, if not commands, that any economic action
taken by an individual or a group of individuals should not be harm-
ful to the interest of others nor should it be damaging to other
sources of goodness in the universe. No misuse or abuse of economic
resources in pursuit of the “maximization” of benefits to some on
the account of sacrificing the benefits of others. A well-defined bal-
ance should always be observed by the users of economic resources
and should be constantly maintained. A deviation from this rule
ought to be rectified, if not by the individuals themselves then by
the state which has the right to step in to rectify the damage. If the
harm is intentional and persistent the wrath of God is awaiting the
wrongdoer and God’s retribution is “promised” in return. Hellfire
in the thereafter and heavenly punishment in life and hereafter is
assured to the abusers if the rectification is not exercised. But if the