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Islam and the path to human and economic development

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Literally, in Arabic, Al Riba means an increase or addition. In Islam it is interpreted as usury or a loan with the condition that the borrower will return to the lender more than and better than the quantity borrowed. Islam recognises man's need to acquire wealth. It therefore allows people to make money through the avenue of profit. The lender can determine before lending the money, as to what his share of the profit will be. If however the business fails, then the investor looses his investment. It follows then that Islam promotes equity based, risk-sharing and stake-taking economic system, to a debt-based system.

Source: knowislamicbanking. The Arabic word Gharar has a multiplicity of meanings - risk, uncertainty hazard and deception. Unlike riba, gharar is not specifically and extensively defined. While the prohibition of riba is absolute, some degree of gharar or uncertainty is acceptable in the Islamic framework. Only conditions of excessive gharar must be avoided. This includes Maysir or Qimar which refers to gambling or any games of chance. Zakat is one of the five key pillars of Islam. During the Islamic period, Zakat payments were collected by the State and the funds were used to alleviate all kinds of human distress including setting free the slaves by paying off their masters.

The objective is to take away a part of the wealth of the well-to-do and to distribute it among the poor and the needy. Humankind is viewed in Genesis as having a governing role. Human beings have a role of rulership, but they rule only as a re-presentation of God. Ward [] and more popularly and directly in Bible Review 8, 5 []. A principle of Islam is that everything belongs to God, and wealth is held by people in trust.

Muslims also have a responsibility to care for the less fortunate. To Muslims the Qur'an is also a way of life dealing with issues that emphasis socio-economic justice. It emphasises the concepts of trusteeship of human beings as God's vicegerent on earth, care for others, moderation in consumption, productive effort as a means of serving God, charitable assistance, maintenance of family, duty to produce more than one's needs, wealth not as a means of end and many others. Charging interest is detestable to God and man, damned by the sacred canons and contrary to Christian charity.

Charging and paying interest is also forbidden in the Qur'an in the strictest terms. This prohibition is based on arguments of social justice, equality, and property rights. Islam encourages the earning of profits but forbids the charging of interest because profits, determined after the event, symbolize successful entrepreneurship and creation of additional wealth whereas interest, determined before the event, is a cost that is accrued irrespective of the outcome of business operations and may not create wealth if there are business losses.

Social justice demands that borrowers and lenders share rewards as well as losses in an equitable fashion and that the process of wealth accumulation and distribution in the economy be fair and representative of true productivity. The essential problem with interest is that interest divorces the lender from any moral responsibility for the use of money lent. The return is guaranteed no matter what the changed circumstances of the borrower are. The possession of money does not of itself cause any increase.

It is only when the money is put to some use that it can yield a profit. By divorcing the lender from any responsibility over the use of the money what is introduced is a problem called a moral hazard. The lender does not have to care where the money is lent so long as the returns are guaranteed which may be at the expense of the borrower and without taking into account genuine reasons for default.

Often, the real profitability of the use of the borrowed money is hidden from the financial system. The general consensus among Islamic scholars is that riba covers not only usury but also the charging of "interest" as widely practiced. It is for that reason that conventional mortgages are not acceptable to many Muslims as the payment of interest conflicts with their ethical and religious principles.

Islamic Finance has therefore provided a means for many people to purchase their own home in accordance with their beliefs, which was previously not available to them. Gharar refers to a risky or hazardous sale, where details concerning the sale item are unknown or uncertain. This may be because the transaction involves pure speculation, thus is a form of gambling and the outcome and future benefit are uncertain and unknown. Gharar is forbidden by the Qur'an, which explicitly forbids trades that are considered to have excessive risk due to uncertainty.

There are strict rules in Islamic finance against transactions that are highly uncertain or may cause any injustice or deceit against any of the parties. In finance, gharar is observed within derivative transactions, such as forwards, futures and options, in short selling, and in speculation. In Islamic finance, most derivative contracts are forbidden and considered invalid because of the uncertainty involved in the future delivery of the underlying asset. Gharar is also observed in insurance. The literal meaning of Zakat is grow in goodness or 'increase', 'purifying' or 'making pure'.

The act of giving zakat means purifying one's wealth to gain God's blessing to make it grow in goodness. Human being's possessions are purified by setting aside a proportion for those in need, and, like the pruning of plants, encourages new growth. One of the most important principles of Islam is that everything on earth belong to God, and held by human beings in trust, including all possessions and wealth.

Zakat is a certain portion of one's wealth that all Muslims who are financially able must give as a welfare contribution for the poor and needy, including widows and orphans, irrespective of their colour, ethnicity or religion or other specified charitable causes in the service of God. The Qur'an equates failure to meet the needs of the poor and orphans, which Zakat represents, to denial of religion. The Qur'an classifies the due recipients of zakat under the following eight categories. Zakat's similar sounding, Arabic language analogy is the Hebrew word Tzedakah, the charitable obligation in ancient Israel through to present day Judaism.

During the Islamic period, Zakat was collected by the State who had the duty not just to collect Zakat, but to distribute it fairly as well. Compliance with Islamic principles is the basis of all contracts between parties performing some specified act in exchange for a lawful consideration, and the most important building block for an Islamic financial and economic system. Most of the financial products, services and instruments are based on such contract. Therefore a thorough understanding is required of the Shari'ah-acceptable contracts in their multifarious and varied forms that could be used to design and develop Shari'ah-based financial products and to provide Shari'ah-compliant financial solutions.

The basic premise of Islamic finance lies in the need to eliminate both interest Riba and uncertainty Gharar in all business and financial transactions. The basic reasoning is that these contracts pool resources and expertise as well as spread the inherent risk in a project among the various parties involved. The goods are delivered immediately and the price to be paid for the item includes a mutually agreed margin of profit payable to the seller.

In this contract, the Shari'ah requires a financier to first procure the goods and then sell it on to the actual buyer at a mutually agreed mark-up as the financier's profit, and in that process the financier must also disclose to the buyer the market cost price true cost of the goods procured. The amount of profit earned the mark-up on the true cost in this transaction is not a reward for the use of the financier's money as the financier cannot receive the marked-up profit if the financier fails to perform the required service, such as delivery of goods purchased with the financing..

Ijarah — a term used for a leasing contract in Islamic law where a specified asset required by a party may be purchased by a financier and then leased by the financier to the party for an agreed rental and for an agreed period. The way lease rentals are calculated and the fact that the leased asset continues to be owned by the financier throughout the lease period, the rentals is not equated with receiving interest.

However, if the party may wish to acquire the leased asset at the end of the leased period, the party would have to have a separate agreement for this purpose before entering into the ijarah contract; in terms of the Shari'ah rules, such agreement cannot be binding on the parties.

Waqf - plural: awqaf , refers to the gift of money, property or other items to charity. It is an endowment by a Muslim or assignment of revenues for religious or charitable purposes in a form of trust, meaning that the revenues may not be shifted to another purpose. A waqf in pre-commercial society would ordinarily be arable land, farms or oases. In theory the waqf is absolutely permanent, and once established, the contract cannot be altered or the property sold or alienated. The revenues from the waqf may finance mosques, religious and other institutions or charities.

Waqf continue even after the donor's death - for as long as people continue to benefit from the Waqf. The basic rules governing waqf trusts are laid down in the Shari'ah, but interpretation and implementation may vary in different Muslim societies. After the Islamic waqf law and school foundations were firmly established by the 10th century, the number of hospitals multiplied throughout Islamic lands.

In the 11th century, every Islamic city had at least several hospitals. The waqf trust institutions funded the hospitals for various expenses, including the wages of doctors, ophthalmologists, surgeons, chemists, pharmacists, domestics and all other staff, the purchase of foods and medicines; hospital equipment such as beds, mattresses, bowls and perfumes; and repairs to buildings. The waqf trusts also funded medical schools, and their revenues covered various expenses such as their maintenance and the payment of teachers and students. Another difference was the English vesting of "legal estate" over the trust property in the trustee, though the "trustee was still bound to administer that property for the benefit of the beneficiaries.

Introduction An Islamic economic model embraces science and draws on economic theory, except in areas prohibited in Islam e. It has, however, features that confer to it dimensions that do not appear in standard economic theory. It is replaced by a deterministic and ever ubiquitous presence of Allah SWT, a presence of which a Muslim is consciously and constantly aware and acts accordingly. Hamid, Iqbal, and Mirakhor, , reviewed most of conventional economic development models and demonstrated their serious shortcomings.

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The faith precepts underlying an Islamic economic model can be stated as following: 1. The goal of creation is to worship Allah alone, as clearly stated in Surat 51, verse I have created Jinns and men except that they should worship Me Alone. No sustenance do I require of them, nor do I require that they should feed Me. To fulfil this goal of worship, Allah has created resources so that man can fulfil the worship obligation, as clearly stated in many verses: 45; It is Allah who has subjected the sea to you, that ships my sail through it by His command, that you may seek of His bounty, and that you may be grateful.

And He has subjected to you, as from Him, all that is in the Heavens and on Earth: behold, in that are signs indeed for those who reflect. Call to mind the Grace of Allah unto you! Is there a Creator, other than Allah, to provide sustenance from Heaven and Earth? There is no God but He: How then are you deluded away from truth? And do you join equals with Him? He is the Lord of all the Worlds. He set on the Earth mountains standing firm, high above it, and bestowed blessings on the Earth, and measured therein its sustenance in due proportion in four days in accordance with the needs of those who seek sustenance.

Those who submit to Allah should accept Islamic legislation in its integral whole, without selecting some principles and abandoning. In 45; 17, Allah says: We have put you on a Sharia path. So follow it and follow not the desires of those do not know. Believe in what Allah has ordered is the best as clearly stated in 5; 3: This day, I have perfected your religion for you, completed my favour on you, and have chosen for you Islam as your religion; and that disobeying Allah will result in failure either in this life or in the life after, as mentioned in14; Have you not seen those who have changed the Blessings of Allah into disbelief and caused their people to dwell in the house of destruction?

Allah did not make the results of disobedience a surprise. He clearly warned Adam 20; that these results will be hunger, nakedness, thirst, and misery. Such indeed remains the plight of millions of people around the world who continue to suffer abject poverty and malnutrition. Quran and Sunnah have fully covered all aspects of economic, political Shura, i.

Allah has called on mankind to embrace all Islamic laws, and not to choose some and ignore others. Following their access to independence many Muslim countries chose a Leninist-Marxist model and lost out on decades of economic development. In spite of long periods of economic planning, many Muslim countries continue to suffer high unemployment rates exceeding 20 percent of the labour force, which creates a drag on their economic growth.

Abject poverty is spreading in many countries, particularly in African and some Asian Muslim countries.

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Only immigration to developed countries provides a relief out of unemployment and poverty. Although the Muslim world owns 80 percent of world oil reserves and 60 percent of gas reserves, very rich lands, it suffers wide disparities and economic disintegration. While many countries enjoy large external surplus, almost solely from oil and natural gas exports, other countries suffer large external deficits and unsustainable external debt. In the post war period, the technological gap between Muslim and industrial countries has grown very large.

While industrial countries made large strides in technical progress in all fields of activity, inventing new technologies, such as in the fields of computer sciences, internet, medicine, satellite telecommunications, aerospace, ships, automobiles, photocopying, medical equipments, and pharmaceuticals, no such progress was made in the Muslim World. The trade pattern that has emerged out of this deepening technological gap shows a growing trade gap and total dependence, through borrowing, on industrial countries for filling food deficits and importing industrial products.

In particular, industrial countries are self-sufficient in food products and want to import only raw materials in which they are deficient. Muslim countries are deficient in food products and want to import industrial products [Food riots have erupted in in many Muslim countries. Malnutrition and acute food deficiencies are aggravating in many Muslim countries]. Exports of raw materials do not cover fully imports of food and industrial products. The gap is filled through continuous borrowing and therefore higher external debt and dependence.

Based on tangible experience over many decades, the cost of conventional development models has been high while achievements were meagre.

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Prospects for achieving a balanced and autonomous economic growth, and overcoming unemployment and spreading poverty are not encouraging even in the so-called middle income countries. An Islamic economic model is a promising alternative and offers significantly better prospects for a sustained balanced economic growth, overcoming the unemployment problem, narrowing poverty, and reducing dependence on external financing. This paper discusses some Sharia fundamentals of an Islamic economic model [Many of the Islamic Sharia rules have been extensively discussed in Hamid, Iqbal, and Mirakhor, ].

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Section II addresses a most distinguishing aspect of an Islamic economic model, which is zakat. Contrary to all other economic system, an Islamic economic system has built in a perfect safety net against poverty and social inequities. Zakat is a prerequisite for abolishing interest. By fully establishing zakat, an Islamic economic model could easily eradicate poverty and achieve higher economic growth and employment.

Section III addresses public finance in an Islamic economic model. The main principle that has governed Islamic finance was fiscal discipline, trust, efficiency in public expenditure, and avoidance of waste. Many types of spending that do not benefit the social welfare should not be allowed. Wasteful spending on overpaying civil service or subsidies that are not targeted e.

An Islamic tax system cannot be simply a transposition of a conventional tax system. The principle of taxation should obey strict criteria of social solidarity, social welfare, and public interest. The government is entitled to royalties from mineral resources. While the state cannot establish obligations on income and wealth, beyond those stipulated by zakat, it may nonetheless resort to moderate taxation subject to the criteria of public interest, such as defines and internal security, or for the construction and maintenance of public infrastructure that is being used by all firms in conducting their economic activities.

A main principle of Islamic public finance is for the government to run a surplus on the current fiscal balance that will help finance capital expenditure [This is to alleviate the scarcity of capital and reduce its marginal efficiency to mitigate one reason for emergence of a rentier class that earns a living off loaning money to entrepreneurs to finance capital investment]. In case of deficit on the current fiscal account, the government should forcefully tailor its current spending in line with ability to raise revenues with a view to generate a current fiscal surplus.


What is Islamic economics

The financing of the fiscal deficit should obey Islamic principles. More specifically, the government should not contract interest-bearing debt. It can only contract non-interest bearing debt. Inflationary financing of the deficit is not acceptable as it distorts prices, extracts large tax on fixed income groups pensioners, wage earners , absorbs savings, destabilizes the financial system, encourages speculation, and decelerates economic growth.

Section IV discusses the nature of Islamic finance in mobilizing savings and promoting investment. An Islamic financial system avoids interest and interest-based assets [Hassan and Lewis offered a comprehensive description of Islamic modes of financing which are based on profit and loss sharing investment, types of risks in Islamic banking, and financial innovations, including access to capital markets and securitization, introduced by Islamic banks],and thus restricts speculation [Speculation may create a disconnect between the market price of an asset e.

For instance, the construction cost of a house may decrease, due to productivity gains and lower wages; however, because of speculation, its market price may increase two, three, or fourfold]. Mirakhor showed that an Islamic financial system can be modelled as non-speculative equity ownership model that is intimately linked to the real sector and where demand for new shares is determined by real savings in the economy. All causes of financial instability inherent to a conventional financial system, namely money creation out of thin air, speculation, and interest-based financial assets are absent in Islamic finance.

Banks own directly real assets and operate like an equity holding system. Savings is redeployed into productive investment with no ex-nihilo money creation. Mirakhor showed that the rate of return on equities is determined in a growth model by the marginal efficiency of capital and time preference and is significantly positive in a growing economy, implying that an Islamic banking is always profitable provided that real economic growth is positive. Mirakhor finding establishes a basic difference between Islamic banking where profitability is fully secured by real economic growth and conventional banking where profitability is not driven primarily by the real sector [Conventional banks may suffer large losses, as seen recently in many industrial countries, in spite of continuing real economic growth].

An Islamic banking system has two types of banking activity. A deposit banking for safekeeping and payment purposes. This system operates on percent reserve requirement, and fees may be collected for this type of banking services. An investment banking system which operates on risk and profit sharing basis with an overall rate of return which is positive and determined by the economy growth rate.

The paper shows that Islamic banks do not create and destroy money; consequently, the money multiplier, defined by the savings rate in the economy as suggested by Mirakhor , is much lower in an Islamic system compared to a conventional system, providing thus a basis for strong financial stability, greater price stability, and a sustained economic growth [This inherent instability of conventional banking has led famous economists Irving Fisher , Henry Simons , Maurice Allais , and many others to formulate monetary reform proposals that share basic features of Islamic banking.

These proposals are known as the Chicago Plan; they call for dissociating banking into two independent activities: i percent reserve deposit banks; and ii investment banks that redeploy savings into investment through selling securities]. Section V discusses labour markets in an Islamic economic model. A main purpose of an Islamic economic model is to eliminate distortions in labour markets with a view to maximize employment and promote exports. It aims at establishing perfect wage flexibility capable of equilibrating labour markets.

In spite of many decades of economic development, the rate of unemployment, which was very low at the natural rate prior to development planning, has reached by disturbing levels in most of Muslim countries, averaging 15 percent in middle income countries, and above 25 percent in low income countries, particularly in sub-Saharan African countries, and is expected to worsen in the period ahead.

The paper argues that applying an Islamic economic model will help establish a balanced economic growth path, increase employment, and reduce poverty. Section VI discusses private sector development and asset and product markets in an Islamic economic model. Private property and private sector initiative have been essential components of an Islamic economy. Asset and product markets have to operate freely without price fixation or impediments to entry and competition.

Exchange rates have to be market-determined. Price distortions and monopolistic or oligopolistic competition could constrain economic growth and impose a social welfare cost. Section VII addresses economic development planning and human development in an Islamic model. Long-term planning and defining national development priorities are important elements of an Islamic economic model. A Muslim economy has to have long-term plans for economic and social infrastructure, human development, and setting national priorities in terms of food security, energy balance, and high employment.

The financing of development projects should be through non interest modes. It could also be through public private partnership. Islamic jurisprudence purports to establish a safe and free of crime environment that enables economic prosperity, reinforces contracts, and forbids all form of injustice and aggression. It is incumbent on the state to apply Quran and Sunnah laws regarding insuring social safety and providing an enabling environment for enterprise, investment, and economic growth [Hamid, Iqbal, and Mirakhor showed that modelling an Islamic economy is fundamentally different from the conventional economic model.

Conventional economics has developed theories and propositions regarding the behaviour of economic agents to deduce economic laws. An Islamic model building is how to get the Muslim behaviour to converge on that ordained by the Supreme Creator. Agents to, in their view, deduce laws]. Section IX concludes that an Islamic economic model, thanks to its free-of-interest and stable financial system, balanced fiscal policy, redistributive aspects, and free competition offers a robust macroeconomic framework conducive to sustained growth and full employment.

The development cost of a conventional model has been overburdening; however, economic and social achievements were mediocre. Zakat, a mandatory redistributive element of an Islamic economic model Zakat is the most distinguishing feature of an Islamic economic model which makes it far superior to the rest of economic systems.

In Quran and Sunnah, Islamic finance has always been conceived as the finance activity of an Islamic economy where social equity is enhanced through mandatory zakat. In Quran, the verses that deal with interest riba have always been preceded or followed by verses that prescribe zakat. Hence, when social equity is secured through zakat, motives on the side of lenders to practice interest and dire needs of the poor to accept interest will disappear.

In such an economy, Islamic finance will be essentially guided toward investment and wealth creation and much less toward consumption. An Islamic economic model cannot be established without full discharge of the zakat [The topic of zakat has been extensively discussed in Hamid, Iqbal, and Mirakhor They demonstrated its role in promoting economic development and achieving social balance with no extravagance or degrading poverty.

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  • Seyed Kotb discussed thoroughly the role of zakat in achieving social justice and mitigating skewed income distribution]. Zakat is the third pillar of Islam. Those who deny it are considered non-Muslims. Allah has admonished those who deny zakat:. Those who practice not Zakat and they are disbelievers in the Hereafter. Our Prophet warned against withholding zakat. Refusal to pay zakat will cause economic losses as is explicated in many parts of Quran. Zakat is not a favour of the rich on the poor; it is a right of the poor in the wealth of the rich.

    Zakat is defined by fixed ratios to savings, gold, silver, crops [Vegetables and perishable fruits are not subject to zakat], livestock [Horses, mules, and donkeys are not subject to zakat], inventories, rent income, and real estate wealth. Zakat is essentially destined to eight categories of eligible recipients, as specified in 9; Alms are for the poor and the needy, and those employed to administer the funds, for those whose hearts have been recently reconciled to truth, for those in bondage of dent, and for the wayfarer; thus is it ordained by Allah, and Allah is full of knowledge and wisdom.

    Historical experience established that if zakat and khumus are fully paid, poverty will completely disappear in the Muslim world for essentially two reasons. First, Allah will multiply wealth when zakat is paid. Second, Zakat is fairly sufficient to satisfy the needs of the poor and the needy.

    Unfortunately, throughout Muslim world, only a small fraction of zakat is actually paid. Besides obligatory zakat, Infaq i. Infaq is purely voluntary. The Prophet PUH and His companions had set most generous example in Infaq, sparing no wealth in favour of the needy [Infaq is not charity; it is the redemption of the property rights of the poor beyond zakat in the wealth of the rich.

    The praise of Infaq is because the rich recognizes the duties Allah has imposed on them]. However, the Prophet PUH has discouraged excessive charity that may deprive the family of the donor from decent living. Public finance in an Islamic Economic Model The concept of the state and central power is fully embedded in an Islamic economic model.

    The state has the responsibility for defines, maintaining order, redistributing income in favour of the poor, establishing justice, providing public services, and investing in economic development. The concept of public finance has been a fundamental aspect of an Islamic economic model. The main principles that have governed Islamic finance were fiscal discipline, trust, and efficiency in public expenditure: as clearly stated in many verses of Quran:.

    Verily, He likes not those who waste by extravagance. Spending of public resources has to obey Islamic criteria that enhance social welfare and economic growth. Rulers and civil servants are entitled a compensation, however, in due proportion and not in excess of the government fiscal balance. Many types of spending should not be allowed, such as spending on personal security to preserve absolute power, and activities that do not benefit the social welfare.

    Later, with higher revenues, spending was extended to infrastructure, namely water, schools, and construction of cities.

    What is Islamic economics | poqitufiwo.cf

    Spending in favour of the poor and handicapped should be maintained in due proportion as a fundamental aspect of Islamic public finance. Wasteful spending on subsidies, such as fuel subsidies, should not be acceptable. In many Muslim countries, the civil service and army are paid wages beyond acceptable ratios in relation to government revenues, while high rates of unemployment are prevailing in these countries. The book is likely to be essential reading for courses on Islamic economics, which are increasingly offered at universities in North America and Europe, as well as of course in the Muslim world.

    Their work combines academic rigor, a thorough understanding of the evolution of economic and social theory and policy in the western world, together with remarkably fresh insights into the moral and spiritual universe of Islam and its significance to the outer world of material achievement. It is in the way that they have woven the spiritualized precepts of Islam into the articulation of an alternative understanding of the nature, meaning and purposes of economic development that sets this work apart.

    In the process Mirakhor and Askari have set markers for a new field of inquiry in economic development. The great achievement of Askari s and Mirakhor s work is that they have brought back the great spiritual traditions of Islam right into the heart of the debate on economic development. Mirakhor s and Askari s work is truly path-breaking and deserves to be recognized as such. This insightful book will provide a fresh perspective to economists, Islamic bankers, NGO s, Civil Servants, and individuals across the world who want to build a fairer and better world for all.

    Abbas Mirakhor and Hossein Askari are no doubt equally critical of what they see in these Islamic countries. They take full advantage of the prophet Mohamed s own words and beautifully expressed teachings to argue that the Islam of the Quran and of the Prophet provides a coherent, balanced and comprehensive framework upon which to build well-functioning societies, even today. If the institutional framework of the Quran and the Prophet is used as the foundation of such societies, not only will capital - both physical and human - and technology accumulate, so as to yield sustainable growth, but human development goals and social harmony will be achieved as well.

    This comprehensive framework would make for a low transactions cost world in which strong social norms would greatly reduce the need for bureaucracies and enforcement infrastructure and the likelihood of dictatorships. The authors provide their readers with an impressive tour through much of intellectual history, eloquently highlighting the unique contributions of the Prophet s institutional infrastructure. The present volume is the result of such a genuine analytical study, and it demonstrates the value of independent research unhampered by the reactionary currents of contemporary Islam.

    It studies the classical and modern sources of Islamic law and analyzes scholars' opinions. In fact, human capital theory has a different understanding in Islam, due to its different objectives. However, it resembles the conventional theory in the way that it urges the development of human beings in education, skills and abilities. Islamic teachings contribute a lot to foster development among the individuals in every aspect of their lives. The way Islam gives incentive to development is unique; because, with the improvement of education, good skills, work and production, physical health and perfection, it is concerned about the moral and ethical development of employees, which is no doubt having a great effect in the development of the organization.

    Moreover, Islamic society plays an important role in nurturing enthusiastic and competent individuals. It is expected that the paper would be of interest to Muslim authorities, as a means to motivate their employees, as well as to share ideas across the academic disciplines. Faruk Abdullah "The role of Islam in human capital development: a juristic analysis", Humanomics , Vol.