Wonderful lecture.learned a lot. observing some of comments made me realize that peoples are so sensitive to Islamic talks even. They just cant accept anything which is out of Islamic boundaries. thank you so much for this profound knowledge
Amazingly explained! One argument which I want to put forward is that, Islam tells us about morals in every aspect of life thus Islam also tells us about economic morals. For example Islam Ordained about zakat, Prohibition of Interest, Prohibition of hoarding and so on, so these are morals and these morals can be alligned with any modern technological system, so Islam doesn't ordained us to duplicate any system of particular era but Ordained us to implement those principles in whatever the technology of present time. So it's more about morals , same is about political system.
Sir Please start uploading these lectures in audio as podcasts. Audio podcasts are much easier to listen to while on the go, or during a walk, etc! Or even while taking notes. It'll be a great help.
Salam sir , I'm just a student of knowledge and history, I've seen many vedios and explained things about history, but I really admire you how you explain all the economic system to us but you have to go further more aspects of Islamic history ecos, because the last part is very short , you have to explain us in detail thanks 💪🇵🇰
From your discussion, some things are lacking. I am not so knowledgeable in this field but my point of view is that as Muslims we are required to follow Islamic moral values, which means we must devise a modern economic system that must not coincide with Islamic moral values. e.g. interest rates. Need is what should be determined to apply basic Islamic values in devising a modern economic system. We can further extend and research about your discussion but should not come to conclusions with negations.
Unfortunately modern capitalism or corporatism to be more correct is outright against Islam. You can still mold communism or socialism to be inline with Islam considerably by limiting the ownership of property rather than a draconian state control (which as seen during soviet and pre-deng xiaoping era china only benefited the political elite).
Ok let’s see: Usury/interest unlawful (Quran 2:275) Fiat currency unlawful (Quran 7:85) Fixing prices unlawful (Sunan Abi Dawud 3451) Gambling/speculation ( Quran 5:90-91) Centralised Zakat welfare system (Sahih al-Bukhari 1399, 1400) Modern banking practice of using others money to earn sood unlawful (amanat me khiyanat aur sood) Selling thing you don’t posses like banks unlawful (Ahmed, 15399; al-Nasaa’i, 4613) Justice and moral dealing (message of the whole religion)!!! If this isn’t system then what is it?
A nice way to inform and explain the evolving of the historical thought and the economics thought in modern times. In your comments that IT industry made homes as work place and it is true. However can we add that the home based industry before the pre industrial revolution times already existed. The home base production were crafts processing such as tailoring clothes, shoemaking, the spindle and looms , carpentering. These, I witness in my home town when I was a boy.
the full video fails to tell what is Islamic Economic System? why don't tell what is Islamic Economic System and let the viewers decide how much it is applicable or not??
Good video, especially the introduction. Would have been much better if you could analyse the Iranian economy, as it's the only country in the modern era which is mostly Islamic, and ruled directly by the clerics.
Really interesting topic, really like to understand your comment about Cain And Abel about settlement and nomadic life where did you get that from or is it your analysis
It can be called a techno-reductionist explanation of economics. This is by the way the downside of looking at things materialistically. Besides, had islamic economic system been a 'utopia', how did it enable multiple peoples in varying locales for over a millennium. it's not a static system, rather it has adapted itself according to the changing geographies and human locales. it should base on four principles: equal access to economic opportunities; regulation of income disparities; prohibiton on amassment of wealth/gold etc; on ajnaas; and just balance between capital and labour. despite the natural disparity between the desired and actual outcomes, by and large, societies that were governed on these islamic principles have actually fared better than those governed by other systems. for example, look at the societies of south asia (and yes under the Mughals too), north-west africa, and al-andalus representing three different continents. all these societies have collectively prospered and the lay persons were more prosperous (as many have proven, irfan habib, tara Chand in case of india) than their counterparts much later during colonial period. also, because capitalism had not been invented by then and hence there were greater chances of the trickle down of resources in the wake of meagre resources that were required by the ordinary masses to sustain their lives. all these years fuqaha and rulers kept altering their decision making and adjusted according to the needs of the common populace. it's so astonishing that a person of your intellectual calibre, dear professor, thinks that 'islamic system of economics' was a closed static system which didn't have any hermeneutic principles which informed the economic decisions of successive rulers in the islamicate. and perhaps this is the biggest problem of marxism, that it alienates people from their own past for a greater degree of engagement with eurocentric conceptions. that's why walter mignolo says that capitalism and communism are two sides of western imperialism. although the list would be very long, but i'd like to share a few works that might help the honourable professor diversify his perspectives and might enable him to sometimes overcome his ideological and eurocentric biases: Restating Orientalism: A Critique of Modern Knowledge by Wael Hallaq The Darker Side of Western Modernity by Walter Mignolo Science and Civilization in Islam by Syed Hoossein Nasar Jim Alkhalili's BBC4 Documentary on Science and Islam or his book on House of Wisdom Imam Abu Yousaf's Kitab ul Khiraaj (8th Century CE) Hujjatullah il Baligha by Shah Waliullah, Mabhas e Soam on Irtifaqat (you may also access this via Marcia Hermansen's translation The Conclusive Argument from God) Maulana Hifzurehman Seharwi's Islam Ka Iqtisadi Nizam. (How doing a programme by engaging or offering a critique of this text?) You are doing a great service by offering your public pedagogy, but please try to also sometimes deal with paradigmatic and epistemological politics as well. As Mignolo says: I am "where" I think. So it's really very hard to import Marxism (in its various versions) to Pakistan without engaging with the deep pasts of our region. But thanks a lot for your valuable contributions and for the opportunity to engage on these matters.
Complete nonsense. Under the Mughal rule (considering only the period between Akbar - Aurangzeb), taxes on agricultural produce were upto 90% of the total produce, which did not go above 50% in the Hindu-Buddhist period prior to that. Besides that, - Mughal Central administration had no well-established famine/calamity relief measures, which were put in place by Hindu rulers only prior to that. Famines that were commonplace during the British rule had already started during the Mughal period. - Mughal shehzadas used surplus produce only for the sake of inter-fraternal warfare by creating alliances against each other as Mughals had no law of succession. This wasted the country's resources. - Individual rulers might have attempted upgrading irrigation, but nothing significant happened eventually - Mughals were interested only in dance and music, hunting and liquor. They did not establish a single university for any kind of intellectual development of the society. - By the time of Aurangzeb, due to his religious fanatacism, Sikhs, Rajputs and Marathas, all had started carving out their own states.
سرجی اپ سے چند سوالات ؟ ؟؟؟ (1) اگر آپ لیفٹیسٹو کو اکثریت مل جائے تو اپکا لاحہ عمل آئین کے ساتھ کیا ہوگا, اس آئین جو اسلامی تصور کیا جاتا ہے اس کے ہوتے ہوئے سوشلزم ایمپلیمنٹ ہو سکتا ہے ؟؟؟( 2)کیا سوشلزم کی ایکنامیک پالیسی کو ایمپلیمنٹ کرنے کیلئے جو سیاسی استحکام کے ضرورت ہوتی ہیں جو ون پارٹی سسٹم میں ممکن ہے ؟ پاکستان میں ہوسکتا ہے؟؟ (3) پاکستان میں اسٹیبلشمنٹ سپورٹ کے بغیر اپکی پارٹی اکثریت میں آ سکتی ہے ؟؟ اگر آ بھی جائے تو عالمی اسٹیبلشمنٹ کا ذیلی ادارہ پاکستان میں ہمیشہ ان ہی کے خدمت کرتے چلے آ رہے ہیں (یعنی ہماری فوج) کو لگام ڈال سکے گا ؟؟ (4) اگر سوشلزم ایمپلیمنٹ کرنے کیلئے سیکولرازم ملک میں لازمی (خاصکر آئین) تو اپ مزہبی لوگ کیسے مطمئین کرینگے ؟؟(5) آپ سوشلزم کا کونسا ماڈل پاکستان میں ایمپلیمنٹ کرنا کرینگے ؟؟ کیوبہ, روس, ویتنام یا چائینہ, ان ممالک کا ایکنامک پالیسی بھی ایک دوسرے سے مختلف ہے چائینہ کے بارے میں کہا جاتا ہے کہ پولیٹیکل کمیونسٹ اور ایکنامیکلی اب لیبرل ہو چکا ہے ؟؟؟(6) اگر اج آپ لوگ اکثریت میں آجائے اور سسٹم کو کیپٹلزم سے سوشلزم پہ کنورٹ کرینگے تو پاکستان مسائل کا شکار نہیں ہوگا آئی ایم ایف کے غلامی سے نجات کیسے حاصل ہوگا اتنے قرضوں کے باوجود ؟؟( سرجی اس پر ایک ویلاگ بنائیں)
Yar bahi tumaray question achay lakin ek request hai sari foj ko bura mat kaho usi foj k banday hamri hifazat k liye shamali wajitstan ,Loc per shadate de rahe hai jab k yeah log itni tunkhwa hi nahi late hun aap foji high officers ko tanqeed ka nishna banay plz puray idaray ko tunqeed ka nishana na banaye kio k pakistan ka well discipline idara hai foj hai is liye humay foj se nahi foji high officers ki soch badli hai-thank you
Dr Saab, I want to know -in what way social media which is a amalgamation of personal and impersonal communication - affects the structure of political parties?
aoa quiet an informative lecture for me . I was wondering you didnt give any example of "universal laws" you mentioned in last segment of your lecture (which might need some correction) and if I missed it please let me know
You just explained economic history in a concise manner, and its compatibility across different ages. Very less information about islamic economic system
Nice talk just want to ask regarding your talk around 32:00 : why Afghans, who had no latest technology in warfare, were able to kick out Britain, Russia and USA?
Very interesting insights in general. How technology and scientific developments influence human relations and reshaping of the society. BUT it would be interesting to have a lecture from another perspective, that is, keeping in view the fact that while initially only the need guided the technology development and that in turn relations, NOW humans have BROADER MORAL , PHILOSOPHICAL principles or framework which get insights from the religion also, AND it at least try to GUIDE some extreme aspects of scientific development like GENES MODIFICATION etc. Also now ( NOW means since the time humans have pondered and developed some moral principals be it religion, or be it philosophy like Greeks (actually religions are also philosophies and take form of religion because masses may not grasp that as philosophy)). So how that CONSCIOUS counter effort can shape a society.... Here come the discussion of how Islamic ECONOMIC PRINCIPLES if followed will shape a society or economy. May be exactly that is why its not a system but principles and IF these are followed how they will effect a system. Therefore still another lecture on how an interest free system and Zakat can be implemented and if it can exist alongside an interest based system in the world, how they deal with one another. What an economy would look like in the long term if based on interest free system. How a banking system would even look like had it ( if at all ) emerged in an islamic system? How an economy would like and what implications will be there if no interest ?? Intriguing questions come to ones mind.
Again with all due respect, as far your emphasis on technology, I have a question. Should the invention of birth control techniques render the institution of marriage and family as obsolete? Lot of confusion in your lecture. And then the same tranlates in your understanding of the Islamic Economics Project.
Hi, Its a nice and informative lecture and I agree to most of the things. One thing I would like to clarify (which is the underlying misconception for most) is that Islam gives us top level rules and principals and then its up to us to use them as per the Technological Basis, Forms of Property, Forms of Service & Surplus etc. Once those principals are followed, Islamic Economic System will prevail and beneficial to the humanity for yesterday, today & times to come. Dr. Israr RA has explained them in great details in his lecture series "Khutbaat e Khilafat". You can search them on YT. Here is the jist of it: -------------- 4 Cardinal Financial Principals of Islamic Economic System in Islam At Spiritual Level: - Negation of all human ownership (while you could be legal owner, You are trustee of it, from Allah) - امانہ - Whatever you earn, its not with your power. Its basically Allah's Grace - فضل - Your actual right on your own money is what you need out of it. Rest is for others and Allah has bestowed you with it as test - جائز حق - Whatever is more than your needs, give it away - انفاق At Legal Level: - Controlled and Internally Managed Capitalism (Best of both worlds Capitalism & Socialism) - Personal Ownership (Home, Business,etc.) at legal level is acceptable - Zakat for the wealthy - Sood (Only Money makes money) is Forbidden - حرام - Gambling is Forbidden - Selling via Inflammation of the lower emotions - سفلی جذبات بھڑکانا - Selling Drugs/Alcohol/Forbidden items is Forbidden - In case of Sleeping Partner, the loss is not to be bear by Working Partner, rather the investor In Islamic Economic System, at one side Capitalism is accepted (with some limitations) Free Economy, Market Economy, Forces of the Market, Non-Controlled rates, Incentives to grow Economy and on the other side, its evils are mitigated i.e. Interest, Fixed Profite etc. are forbidden.
JazakAllah brother Taimur should have talked about these things(Islamic Economic Principles). Once these principles are followed, we would call that system an Islamic Economic System and these are applicable regardless of technology basis,form of properties etc. Similarities of IES with Capitalism (1) Private property ( you can own houses,businesses etc) In communism everything is considered as state,public property (2) Personal Incentives ( If you work more, you can earn more, there are profits and losses). In communism it's a fixed salary no matter you work more or less because everything is state owned (3) Free Economy ( Demand and Supply Rule) No controlling (4) Hire and Fire Rule( you can fire a employee whose not working upto expectations and hire a better person) In communism people are state employees Due to these things Capitalism defeated Communism because there was competition, hence more production, better quality products,more advancement Islam has these four principles. Implemented in the time of Prophet (saw) and Khulfa e Rashideen (ra) But one big disadvantage of Capitalism is that due to these principles causing competition there will be some people who will succeed, grow and will become wealthier while some will be left behind and become poor( Because capabilities and Circumstances are not same). Have and Have Nots In communism this doesn't occur (and that's the advantage it has over Capitalism) because of fixed salaries, not much Competition To cater this Islam provides solution through Zakat System. The wealthy people give the portion of there savings( not income) and capital ( The money or property which an investor invests in a profit-seeking venture) every year to poor. Forced Circulation of Wealth bridges the Gap between Rich and Poor Completely opposite to Interest based economics which causes wealth concentration( few people get rich rest suffer poverty) Few things are Forbidden like what the brother mentioned such as Riba(interest), Gambling, Hoarding, Frauds, Cheating, business of alcohol, pork, Drugs, Adultry, obscenity etc. All of these things have bad effects on social level Things such as Income Tax, Sales Tax etc can be Implemented or not. Its upto Muslim Leadership of that time, but the decision would be based on welfare of Public and Islamic system This is Islamic Economic System. It can be Implemented even in today's Modern world. It is the best System having goods of both Capitalism and Communism
Enjoyed every single bit of this lecture. I categorize your lectures in the following manner: 1. Dr Saab's Lectures to be watched once 2. Dr Saab's Lectures to be watched twice 3. Dr Saab's Lectures to be watched thrice Looks like I'll have to watch this video two more times for such thought stimulating ideas to finally settle in my brain. Thank you for sharing such informative stuff with the world,
is it possible to have a short discussion on this with you? I would like to pilot/simulate the theory in a virtual financial environment with 50-100 families. how to approach you. Thanks! Great Lecture
Islamic system is very very capitalistic. It was one of the first proponents of strong property rights, privatized banking, loan agreements, and wills. Leaving your wealth to the state was just not acceptable. We shouldn't forget Prophet Mohammad and Khadija were merchants by trade. When asked once for price fixing, the Prophet rejected it and said “Allah/God knows best”. Much like the invisible hand concept by Adam Smith, Islam’s base was not on state’s fixing of prices.
The Zakat tax is also a flat tax of 2.5% for all citizens rich or poor and is very conservative by all estimates. It doesn’t call for the rich to pay 40%-50% in taxes. The only exception to this rule is the ban on usury (or interest money). But this was the same for Christianity until recently.
Very very capitalistic? You need further learning. Islam doesn’t allow greed and wasting of resources as it is not solely profit driven and encourages and commands to be more economical and not all about wants. Furthermore, the hadith says that the wealth should not circulate within the rich only.
Sir, you are a very enlightened and realist thinker. As we are very confused like many Muslims who don't find any answer to the lot of contradictions and incompatibility in the technological aspect of Islamic society. As science and technology advanced are we being hindered by its pursuance due to our rigid beliefs. Are we to change our priorities according to the advance scientific and analytical proponents. Can a state run by a system where riba is forbidden then how your trade and business can be done. When you open letter of credit other countries bank will not accept your lc unless a certain interest on the transaction is paid, then what is the solution. Please brief ignorant like us the way to act. God bless You.
Very informative and thought provoking. I regularly watch your videos but some Urdu words make them difficult to comprehend. Please give English or Hindi alternative if possible.Thanks a lot for promoting progressive ideas in Indian subcontinent.
@@Abdullah-uv9nk Better yet, Arabic. How can anyone really understand Allah's teaching to mankind without mastering Arabic? In India Jawaharlal Nehru had said that if he could teach Indian future generations one perfect language, it would be Arabic. But BJP did not let Nehru succeed.
@@PS-ej2xn Nehru was secretly a Muslim according to some researchers, so it is not surprising. And BJP didn't even exist during Nehru's time. Moreover, Hindus would love to learn Arabic from Pakistanis. For that, Pakistan will have to become an exemplar state by adopting Arabic in its school and university curriculum.
IJTEHAD, i think is the solution for modern problems and technological advancements. But it also needs brains who are well aware of Islamic perspective as well as modern world so they can take decisions which are beneficial in this world and here after. For instance, Cryptocurrency halal or not? I don't think that Ulemas have made any decisions yet.
This is the only way and islamic teachings encourage umma to formulate their matters according to the contemporary muslims. We should refer to the real islam not the anarchic powers in the name of islam.
Dear Taimur, have you been through " IQTESADUNA" of Baqir us Sadr from Iraq on critics of rest of economic system and also on Islamic Eco System. I need your review about that.. thanks
AoA Sir I hope you are doing well. I have a question about the concept of economy in traditional religion. I read a book of Yuval Noah Harri that is 21 lesson of 21th century. In this book, he says that the traditional religion as Christainty, Islam And Hinduism have method of economy system but they do not have up to date models of economy. So these religions have failed in this modern era. So is the up to date model of economy in Islam present or not ?
It’s a very good talk. But you didn’t elaborate the actual change that Islam brought in the then existing economic system on real ethical grounds. That was a real basis of revolution that created an acceptance of the older putrid system working on the inequality and brutality. Islam always provided a logical and acceptable form of the existing system and opened spaces of human development.
Asalam o Alaikum , Dear Taimur, by listening to your lecture and witnessing the respectful manner in which you present the loopholes of the system created by the clergy in Islam, it is evident that your knowledge serves as living proof of the harmful consequences of having clergy in Islam instead of relying solely on the Book of Allah as guidance. With that being said, I sincerely appreciate everything - your efforts and the knowledge you share. 1. To truly understand a concept within its proper context, the idea itself holds great importance. However, to genuinely grasp its essence, it becomes even more crucial to build a comprehensive approach that utilizes the content provided by the concept. 2. Policies, as well as the recipes of chemistry and mathematics, are subject to enhancement, change, or even abandonment over time and with advances in technology. However, the fundamental idea of directing ultimate benefits towards sustaining the interconnected ecosystem of all life remains essential to comprehend. Although my knowledge is limited, I am hopeful that I can gain better understanding of what I have just expressed once we have the opportunity to meet in person. If you are interested in engaging in a conversation with someone who may possess less knowledge but more experience-based wisdom and common sense, I would eagerly welcome further discussion.
@@vinamrasinghai2339 I am saying about economic system. Islamic economic system is based on trust and truthfulness and non usury contracts. Like if you made a car 🚗 in a factory then it's responsibility of that factory owner is to tell about the quality of that truthfully without any cheating.
29:00 I think ethics which you mentioned is the bases for Islamic economic system is still as much relevant as before. Like "Dr. Taimur Rahman" is struggling against "Capitalism" is truly what "ethics" are.
Excellent discussion. But we have to understand about the philosophy of islamic teachings. Acc to my understanding, we can divide the teachings/ruling of islam in two main groups. First, group consists of those teachings that are constant for 1400 years, for eg. Number of prayers, Hajj, Zakat, etc. And the second group has those teachings that are mosifiable we call it ijtihaad. For eg slavery that was prevalent in the Prophet' SAWW era is now obsolete. So, economic system of islam is kore related to the second group. In which we have certain rulings about how trade should be done, who should possess private property, what should be under state property. Etc etc.( Ofcourse I m not mujtahid, but I believe if we use these certain teachings, do intihad in current scenario, and make a economic system according to teachings of islam, it would be a mixture of both capitalism and socialism/communism.
Exactly.... Some people and teachers are confused themselves and transfer their confusion to others by using jargons and highfrequency words. Your comment is insightful🌹❤🌹
It's great to hear you Dr. Taimur...let's have a discourse someday...
AOA, Sir am student of MSc sociology from AIOU and listening your lecture just an hour before my university exam..... u are simply love 💕
Gonna fail xD
@@zunairasadiq I know what you did when you were supposed to be with daddy Marx and daddy comte and daddy Durkheim!
Amazing intellectual
Lots of love from Kashmir india
Be ti chus kasheeri pyeth. Tueh kati chiv rozan?
Indian occupied kashmir
Thank you for taking out the time to share your knowledge with us in such an easy to understand way.
Amazing Lecture Enjoy it Thanks
Great info shared by you Dr Taimur. Awesome 🤩
Very well done Professor Sb, you are great. Love the depth and simplicity of your explanations..
Such an insightful and enlightening talk. Thank you.
you are doing a phenomenal job. thank you
Mashallah, very good lecture. Thank you for this lecture.
Very well explained. You make complicated things easier to understand. Zabardast
This is so amazing.. wonderful to hear you.
Lecture and comments are both thought provoking!
Thanks Dr sahib! It looks like you're reading my mind and you make a video on the topic :-) (like this .. and previously when you spoke about Zakat
ua-cam.com/video/JFfAzaH_E6A/v-deo.html
Dr asad zaman work is quite reflective
Informative ❤.
I agree, listening to you free on social media is a treat. 😊
MashaAllah dr. Sahib Aap azim scholar hain. Allah pak Aako umri daraz sihato aafiyat ata farmaay. Asan alfaz main zabardast lecture tha.
Wonderful lecture.learned a lot. observing some of comments made me realize that peoples are so sensitive to Islamic talks even. They just cant accept anything which is out of Islamic boundaries. thank you so much for this profound knowledge
A man and his love can change the world 🌍. Thanks for your contribution
Amazingly explained! One argument which I want to put forward is that, Islam tells us about morals in every aspect of life thus Islam also tells us about economic morals. For example Islam Ordained about zakat, Prohibition of Interest, Prohibition of hoarding and so on, so these are morals and these morals can be alligned with any modern technological system, so Islam doesn't ordained us to duplicate any system of particular era but Ordained us to implement those principles in whatever the technology of present time. So it's more about morals , same is about political system.
Thank you sir! And Kindly address Islamic political system and its assimilation with today's democracy.
Sir Please start uploading these lectures in audio as podcasts. Audio podcasts are much easier to listen to while on the go, or during a walk, etc! Or even while taking notes. It'll be a great help.
Yes
it's a great lecture. thanks
It’s really informative lecture
Thank you Dr Saab
Very concise and simply explained. Good job. ❤❤❤ 💚 💚 💚
Great lecture!
Dr Taimur may you live forever. I am indeed your virtual student. Learned a lot from you.👍❤
Salam sir , I'm just a student of knowledge and history, I've seen many vedios and explained things about history, but I really admire you how you explain all the economic system to us but you have to go further more aspects of Islamic history ecos, because the last part is very short , you have to explain us in detail thanks 💪🇵🇰
very informative based on historical facts, learnt a lot
Mashallah... Very thoughtful ❤
From your discussion, some things are lacking. I am not so knowledgeable in this field but my point of view is that as Muslims we are required to follow Islamic moral values, which means we must devise a modern economic system that must not coincide with Islamic moral values. e.g. interest rates. Need is what should be determined to apply basic Islamic values in devising a modern economic system. We can further extend and research about your discussion but should not come to conclusions with negations.
Very Informative
مزہ آیا ۔ ایسا چینل اردو زبان میں فراھم کر کے آپ نے واقعی احسان کیا ہے سر ۔۔
Well explained sir.
Excellent lecture!!
love to listen you.
I always waited for it
Sir you are gem of wisdom ❤️
Islam Doesn't oppose any political Or economic system rather stands as an checker on these systems that these systems don't exploit people.
Unfortunately modern capitalism or corporatism to be more correct is outright against Islam. You can still mold communism or socialism to be inline with Islam considerably by limiting the ownership of property rather than a draconian state control (which as seen during soviet and pre-deng xiaoping era china only benefited the political elite).
Ok let’s see:
Usury/interest unlawful (Quran 2:275)
Fiat currency unlawful (Quran 7:85)
Fixing prices unlawful (Sunan Abi Dawud 3451)
Gambling/speculation ( Quran 5:90-91)
Centralised Zakat welfare system (Sahih al-Bukhari 1399, 1400)
Modern banking practice of using others money to earn sood unlawful (amanat me khiyanat aur sood)
Selling thing you don’t posses like banks unlawful (Ahmed, 15399; al-Nasaa’i, 4613)
Justice and moral dealing (message of the whole religion)!!!
If this isn’t system then what is it?
A nice way to inform and explain the evolving of the historical thought and the economics thought in modern times.
In your comments that IT industry made homes as work place and it is true. However can we add that the home based industry before the pre industrial revolution times already existed. The home base production were crafts processing such as tailoring clothes, shoemaking, the spindle and looms , carpentering. These, I witness in my home town when I was a boy.
Allama perwez saib say very clearly about Islamic economic system
Islam ki yhi sab se brri beauty ha k iska koi specific Govt & economic system nhi... Time k sath system or khud ko evolve krna chye.. Good sir..
Very beautiful effort of my dear bro
Thanks for Educating the nation free of cost ......
Economic history elaborated in smooth way....learning way
the full video fails to tell what is Islamic Economic System? why don't tell what is Islamic Economic System and let the viewers decide how much it is applicable or not??
Thanks doc ❤
Thank you very much taimur bhai for beautiful explanation of islamic economic system tufel mirani🙂
آپ کے پاس مواد نھیں تھا اس لئے پوری ویڈیو میں ادھر ادھر کی باتیں کیں۔ حضرت عمر رض کی طرح کا احتساب پاکستان میں لاگو کرو ملک خوشحال ھو جائے گا
Thanks sir
Amazing lecture sir you’re great wish to meet you someday
Good video, especially the introduction. Would have been much better if you could analyse the Iranian economy, as it's the only country in the modern era which is mostly Islamic, and ruled directly by the clerics.
Really interesting topic, really like to understand your comment about Cain And Abel about settlement and nomadic life where did you get that from or is it your analysis
Good effort...
Quite informative!
Thank you so much sir
Great video
It can be called a techno-reductionist explanation of economics. This is by the way the downside of looking at things materialistically. Besides, had islamic economic system been a 'utopia', how did it enable multiple peoples in varying locales for over a millennium. it's not a static system, rather it has adapted itself according to the changing geographies and human locales. it should base on four principles: equal access to economic opportunities; regulation of income disparities; prohibiton on amassment of wealth/gold etc; on ajnaas; and just balance between capital and labour. despite the natural disparity between the desired and actual outcomes, by and large, societies that were governed on these islamic principles have actually fared better than those governed by other systems. for example, look at the societies of south asia (and yes under the Mughals too), north-west africa, and al-andalus representing three different continents. all these societies have collectively prospered and the lay persons were more prosperous (as many have proven, irfan habib, tara Chand in case of india) than their counterparts much later during colonial period. also, because capitalism had not been invented by then and hence there were greater chances of the trickle down of resources in the wake of meagre resources that were required by the ordinary masses to sustain their lives. all these years fuqaha and rulers kept altering their decision making and adjusted according to the needs of the common populace. it's so astonishing that a person of your intellectual calibre, dear professor, thinks that 'islamic system of economics' was a closed static system which didn't have any hermeneutic principles which informed the economic decisions of successive rulers in the islamicate. and perhaps this is the biggest problem of marxism, that it alienates people from their own past for a greater degree of engagement with eurocentric conceptions. that's why walter mignolo says that capitalism and communism are two sides of western imperialism. although the list would be very long, but i'd like to share a few works that might help the honourable professor diversify his perspectives and might enable him to sometimes overcome his ideological and eurocentric biases:
Restating Orientalism: A Critique of Modern Knowledge by Wael Hallaq
The Darker Side of Western Modernity by Walter Mignolo
Science and Civilization in Islam by Syed Hoossein Nasar
Jim Alkhalili's BBC4 Documentary on Science and Islam or his book on House of Wisdom
Imam Abu Yousaf's Kitab ul Khiraaj (8th Century CE)
Hujjatullah il Baligha by Shah Waliullah, Mabhas e Soam on Irtifaqat (you may also access this via Marcia Hermansen's translation The Conclusive Argument from God)
Maulana Hifzurehman Seharwi's Islam Ka Iqtisadi Nizam. (How doing a programme by engaging or offering a critique of this text?)
You are doing a great service by offering your public pedagogy, but please try to also sometimes deal with paradigmatic and epistemological politics as well. As Mignolo says: I am "where" I think. So it's really very hard to import Marxism (in its various versions) to Pakistan without engaging with the deep pasts of our region.
But thanks a lot for your valuable contributions and for the opportunity to engage on these matters.
Excellent.
Complete nonsense.
Under the Mughal rule (considering only the period between Akbar - Aurangzeb), taxes on agricultural produce were upto 90% of the total produce, which did not go above 50% in the Hindu-Buddhist period prior to that. Besides that,
- Mughal Central administration had no well-established famine/calamity relief measures, which were put in place by Hindu rulers only prior to that.
Famines that were commonplace during the British rule had already started during the Mughal period.
- Mughal shehzadas used surplus produce only for the sake of inter-fraternal warfare by creating alliances against each other as Mughals had no law of succession. This wasted the country's resources.
- Individual rulers might have attempted upgrading irrigation, but nothing significant happened eventually
- Mughals were interested only in dance and music, hunting and liquor. They did not establish a single university for any kind of intellectual development of the society.
- By the time of Aurangzeb, due to his religious fanatacism, Sikhs, Rajputs and Marathas, all had started carving out their own states.
Sir What about Marxism/Communism ?
Isn't it connected with technology?
My Smartest Salute to you Sir!
Agreed
سرجی اپ سے چند سوالات ؟ ؟؟؟
(1) اگر آپ لیفٹیسٹو کو اکثریت مل جائے تو اپکا لاحہ عمل آئین کے ساتھ کیا ہوگا, اس آئین جو اسلامی تصور کیا جاتا ہے اس کے ہوتے ہوئے سوشلزم ایمپلیمنٹ ہو سکتا ہے ؟؟؟( 2)کیا سوشلزم کی ایکنامیک پالیسی کو ایمپلیمنٹ کرنے کیلئے جو سیاسی استحکام کے ضرورت ہوتی ہیں جو ون پارٹی سسٹم میں ممکن ہے ؟ پاکستان میں ہوسکتا ہے؟؟
(3) پاکستان میں اسٹیبلشمنٹ سپورٹ کے بغیر اپکی پارٹی اکثریت میں آ سکتی ہے ؟؟ اگر آ بھی جائے تو عالمی اسٹیبلشمنٹ کا ذیلی ادارہ پاکستان میں ہمیشہ ان ہی کے خدمت کرتے چلے آ رہے ہیں (یعنی ہماری فوج) کو لگام ڈال سکے گا ؟؟
(4) اگر سوشلزم ایمپلیمنٹ کرنے کیلئے سیکولرازم ملک میں لازمی (خاصکر آئین) تو اپ مزہبی لوگ کیسے مطمئین کرینگے ؟؟(5)
آپ سوشلزم کا کونسا ماڈل پاکستان میں ایمپلیمنٹ کرنا کرینگے ؟؟ کیوبہ, روس, ویتنام یا چائینہ, ان ممالک کا ایکنامک پالیسی بھی ایک دوسرے سے مختلف ہے چائینہ کے بارے میں کہا جاتا ہے کہ پولیٹیکل کمیونسٹ اور ایکنامیکلی اب لیبرل ہو چکا ہے ؟؟؟(6) اگر اج آپ لوگ اکثریت میں آجائے اور سسٹم کو کیپٹلزم سے سوشلزم پہ کنورٹ کرینگے تو پاکستان مسائل کا شکار نہیں ہوگا آئی ایم ایف کے غلامی سے نجات کیسے حاصل ہوگا اتنے قرضوں کے باوجود ؟؟(
سرجی اس پر ایک ویلاگ بنائیں)
Lots of good questions. I’ll answer in videos.
Thank you sir 🙏
@@zahidkalam2147 beautiful questions :)
Appreciate that!
Yar bahi tumaray question achay lakin ek request hai sari foj ko bura mat kaho usi foj k banday hamri hifazat k liye shamali wajitstan ,Loc per shadate de rahe hai jab k yeah log itni tunkhwa hi nahi late hun aap foji high officers ko tanqeed ka nishna banay plz puray idaray ko tunqeed ka nishana na banaye kio k pakistan ka well discipline idara hai foj hai is liye humay foj se nahi foji high officers ki soch badli hai-thank you
Dr Saab, I want to know -in what way social media which is a amalgamation of personal and impersonal communication - affects the structure of political parties?
aoa quiet an informative lecture for me . I was wondering you didnt give any example of "universal laws" you mentioned in last segment of your lecture (which might need some correction) and if I missed it please let me know
You just explained economic history in a concise manner, and its compatibility across different ages.
Very less information about islamic economic system
Exactly
I watch your every video..
I am doing master in political science at Bolu Abbant Izzet baysal university Turkey.
Nice talk just want to ask regarding your talk around 32:00 : why Afghans, who had no latest technology in warfare, were able to kick out Britain, Russia and USA?
Very interesting insights in general. How technology and scientific developments influence human relations and reshaping of the society. BUT it would be interesting to have a lecture from another perspective, that is, keeping in view the fact that while initially only the need guided the technology development and that in turn relations, NOW humans have BROADER MORAL , PHILOSOPHICAL principles or framework which get insights from the religion also, AND it at least try to GUIDE some extreme aspects of scientific development like GENES MODIFICATION etc.
Also now ( NOW means since the time humans have pondered and developed some moral principals be it religion, or be it philosophy like Greeks (actually religions are also philosophies and take form of religion because masses may not grasp that as philosophy)). So how that CONSCIOUS counter effort can shape a society.... Here come the discussion of how Islamic ECONOMIC PRINCIPLES if followed will shape a society or economy. May be exactly that is why its not a system but principles and IF these are followed how they will effect a system. Therefore still another lecture on how an interest free system and Zakat can be implemented and if it can exist alongside an interest based system in the world, how they deal with one another. What an economy would look like in the long term if based on interest free system. How a banking system would even look like had it ( if at all ) emerged in an islamic system? How an economy would like and what implications will be there if no interest ??
Intriguing questions come to ones mind.
Again with all due respect, as far your emphasis on technology, I have a question. Should the invention of birth control techniques render the institution of marriage and family as obsolete? Lot of confusion in your lecture. And then the same tranlates in your understanding of the Islamic Economics Project.
there will always be confusion when you try to reconcile 21st century internet economy with 7th century arabia economy.
Respected sir, kindly explain the composition of economic structure of umaid and abbasid caliphate.
Hi, Its a nice and informative lecture and I agree to most of the things. One thing I would like to clarify (which is the underlying misconception for most) is that Islam gives us top level rules and principals and then its up to us to use them as per the Technological Basis, Forms of Property, Forms of Service & Surplus etc. Once those principals are followed, Islamic Economic System will prevail and beneficial to the humanity for yesterday, today & times to come.
Dr. Israr RA has explained them in great details in his lecture series "Khutbaat e Khilafat". You can search them on YT. Here is the jist of it:
--------------
4 Cardinal Financial Principals of Islamic Economic System in Islam
At Spiritual Level:
- Negation of all human ownership (while you could be legal owner, You are trustee of it, from Allah) - امانہ
- Whatever you earn, its not with your power. Its basically Allah's Grace - فضل
- Your actual right on your own money is what you need out of it. Rest is for others and Allah has bestowed you with it as test - جائز حق
- Whatever is more than your needs, give it away - انفاق
At Legal Level:
- Controlled and Internally Managed Capitalism (Best of both worlds Capitalism & Socialism)
- Personal Ownership (Home, Business,etc.) at legal level is acceptable
- Zakat for the wealthy
- Sood (Only Money makes money) is Forbidden - حرام
- Gambling is Forbidden
- Selling via Inflammation of the lower emotions - سفلی جذبات بھڑکانا
- Selling Drugs/Alcohol/Forbidden items is Forbidden
- In case of Sleeping Partner, the loss is not to be bear by Working Partner, rather the investor
In Islamic Economic System, at one side Capitalism is accepted (with some limitations) Free Economy, Market Economy, Forces of the Market, Non-Controlled rates, Incentives to grow Economy and on the other side, its evils are mitigated i.e. Interest, Fixed Profite etc. are forbidden.
jzzakALLAH brother
Taimur is a Communist,Don't take Communists seriously!!!!! The Communists of Pakistan are filled with Qadiyanis and Murtads!!!!!
@@muhammadshehbaz1231 Taimur is a Communist,Don't take Communists seriously!!!!! The Communists of Pakistan are filled with Qadiyanis and Murtads!!!!!
JazakAllah brother
Taimur should have talked about these things(Islamic Economic Principles). Once these principles are followed, we would call that system an Islamic Economic System and these are applicable regardless of technology basis,form of properties etc.
Similarities of IES with Capitalism
(1) Private property ( you can own houses,businesses etc) In communism everything is considered as state,public property
(2) Personal Incentives ( If you work more, you can earn more, there are profits and losses). In communism it's a fixed salary no matter you work more or less because everything is state owned
(3) Free Economy ( Demand and Supply Rule) No controlling
(4) Hire and Fire Rule( you can fire a employee whose not working upto expectations and hire a better person)
In communism people are state employees
Due to these things Capitalism defeated Communism because there was competition, hence more production, better quality products,more advancement
Islam has these four principles. Implemented in the time of Prophet (saw) and Khulfa e Rashideen (ra)
But one big disadvantage of Capitalism is that due to these principles causing competition there will be some people who will succeed, grow and will become wealthier while some will be left behind and become poor( Because capabilities and Circumstances are not same). Have and Have Nots
In communism this doesn't occur (and that's the advantage it has over Capitalism) because of fixed salaries, not much Competition
To cater this Islam provides solution through Zakat System. The wealthy people give the portion of there savings( not income) and capital ( The money or property which an investor invests in a profit-seeking venture) every year to poor. Forced Circulation of Wealth bridges the Gap between Rich and Poor
Completely opposite to Interest based economics which causes wealth concentration( few people get rich rest suffer poverty)
Few things are Forbidden like what the brother mentioned such as Riba(interest), Gambling, Hoarding, Frauds, Cheating, business of alcohol, pork, Drugs, Adultry, obscenity etc.
All of these things have bad effects on social level
Things such as Income Tax, Sales Tax etc can be Implemented or not. Its upto Muslim Leadership of that time, but the decision would be based on welfare of Public and Islamic system
This is Islamic Economic System. It can be Implemented even in today's Modern world. It is the best System having goods of both Capitalism and Communism
Enjoyed every single bit of this lecture.
I categorize your lectures in the following manner:
1. Dr Saab's Lectures to be watched once
2. Dr Saab's Lectures to be watched twice
3. Dr Saab's Lectures to be watched thrice
Looks like I'll have to watch this video two more times for such thought stimulating ideas to finally settle in my brain. Thank you for sharing such informative stuff with the world,
is it possible to have a short discussion on this with you? I would like to pilot/simulate the theory in a virtual financial environment with 50-100 families. how to approach you. Thanks! Great Lecture
you should email him, he always reply to emails
sir u have great knowledge about economics hum khn se itni knowledge gain kren aap btaskt hn ?
Islamic system is very very capitalistic. It was one of the first proponents of strong property rights, privatized banking, loan agreements, and wills. Leaving your wealth to the state was just not acceptable. We shouldn't forget Prophet Mohammad and Khadija were merchants by trade. When asked once for price fixing, the Prophet rejected it and said “Allah/God knows best”. Much like the invisible hand concept by Adam Smith, Islam’s base was not on state’s fixing of prices.
The Zakat tax is also a flat tax of 2.5% for all citizens rich or poor and is very conservative by all estimates. It doesn’t call for the rich to pay 40%-50% in taxes. The only exception to this rule is the ban on usury (or interest money). But this was the same for Christianity until recently.
@@Seeker89 rich or poor? Zakat is payed on savings exceeding a threshold throughout a year. Poor don't pay zakat.
Very very capitalistic? You need further learning. Islam doesn’t allow greed and wasting of resources as it is not solely profit driven and encourages and commands to be more economical and not all about wants. Furthermore, the hadith says that the wealth should not circulate within the rich only.
Sir, you are a very enlightened and realist thinker. As we are very confused like many Muslims who don't find any answer to the lot of contradictions and incompatibility in the technological aspect of Islamic society. As science and technology advanced are we being hindered by its pursuance due to our rigid beliefs. Are we to change our priorities according to the advance scientific and analytical proponents. Can a state run by a system where riba is forbidden then how your trade and business can be done. When you open letter of credit other countries bank will not accept your lc unless a certain interest on the transaction is paid, then what is the solution. Please brief ignorant like us the way to act. God bless
You.
Such a good lecture and the way you explained this is extraordinary...
Very informative and thought provoking. I regularly watch your videos but some Urdu words make them difficult to comprehend. Please give English or Hindi alternative if possible.Thanks a lot for promoting progressive ideas in Indian subcontinent.
No, learn Urdu
@@Abdullah-uv9nk Better yet, Arabic. How can anyone really understand Allah's teaching to mankind without mastering Arabic? In India Jawaharlal Nehru had said that if he could teach Indian future generations one perfect language, it would be Arabic. But BJP did not let Nehru succeed.
@@PS-ej2xn
Nehru was secretly a Muslim according to some researchers, so it is not surprising. And BJP didn't even exist during Nehru's time.
Moreover, Hindus would love to learn Arabic from Pakistanis. For that, Pakistan will have to become an exemplar state by adopting Arabic in its school and university curriculum.
@@Abdullah-uv9nk
Urdu and Hindi are one and the same language, with two different literary styles due to historical reasons.
IJTEHAD, i think is the solution for modern problems and technological advancements. But it also needs brains who are well aware of Islamic perspective as well as modern world so they can take decisions which are beneficial in this world and here after. For instance, Cryptocurrency halal or not? I don't think that Ulemas have made any decisions yet.
This is the only way and islamic teachings encourage umma to formulate their matters according to the contemporary muslims. We should refer to the real islam not the anarchic powers in the name of islam.
Well Tried Taimur sir 👍🏼
Excellent lecture! Always a pleasure to listen to you Sir ❤
Dear Taimur, have you been through " IQTESADUNA" of Baqir us Sadr from Iraq on critics of rest of economic system and also on Islamic Eco System. I need your review about that.. thanks
طُفیلئے بنے اَیسے کہ ہم کو بُھول گیا
نظریہ ہم بھی اَور اِک حُکم ہم بھی رَکھتے ہیں
۔ کاوش عباسی
AoA Sir I hope you are doing well. I have a question about the concept of economy in traditional religion. I read a book of Yuval Noah Harri that is 21 lesson of 21th century. In this book, he says that the traditional religion as Christainty, Islam And Hinduism have method of economy system but they do not have up to date models of economy. So these religions have failed in this modern era. So is the up to date model of economy in Islam present or not ?
Love a lot sir
well said open my mind in this feild
What do you think about zakat system and current taxation system?
One thing which I really admire about your work is its well-researched outlook.
Sir, Regime change par kisi kism ki koi lab kushai ni farmaiyan gayyy?????????????
It’s a very good talk. But you didn’t elaborate the actual change that Islam brought in the then existing economic system on real ethical grounds. That was a real basis of revolution that created an acceptance of the older putrid system working on the inequality and brutality. Islam always provided a logical and acceptable form of the existing system and opened spaces of human development.
Asalam o Alaikum , Dear Taimur, by listening to your lecture and witnessing the respectful manner in which you present the loopholes of the system created by the clergy in Islam, it is evident that your knowledge serves as living proof of the harmful consequences of having clergy in Islam instead of relying solely on the Book of Allah as guidance. With that being said, I sincerely appreciate everything - your efforts and the knowledge you share.
1. To truly understand a concept within its proper context, the idea itself holds great importance. However, to genuinely grasp its essence, it becomes even more crucial to build a comprehensive approach that utilizes the content provided by the concept.
2. Policies, as well as the recipes of chemistry and mathematics, are subject to enhancement, change, or even abandonment over time and with advances in technology. However, the fundamental idea of directing ultimate benefits towards sustaining the interconnected ecosystem of all life remains essential to comprehend.
Although my knowledge is limited, I am hopeful that I can gain better understanding of what I have just expressed once we have the opportunity to meet in person. If you are interested in engaging in a conversation with someone who may possess less knowledge but more experience-based wisdom and common sense, I would eagerly welcome further discussion.
I see lslamic economic system as a mix of sociolist and Capitalistic system
Nope, there is nothing socialist about Islam. Your wife and children are not going to be everyone's wife and children.
@@vinamrasinghai2339
I am saying about economic system.
Islamic economic system is based on trust and truthfulness and non usury contracts.
Like if you made a car 🚗 in a factory then it's responsibility of that factory owner is to tell about the quality of that truthfully without any cheating.
🎉❤ Mindblowing👍🌎
29:00 I think ethics which you mentioned is the bases for Islamic economic system is still as much relevant as before. Like "Dr. Taimur Rahman" is struggling against "Capitalism" is truly what "ethics" are.
Inventions pe videos banaye ham kise markit me product la sakte hai
Respected sir, I think that selection of rashidun caliphate was some how near to democratic system. What is ur opinion?
Thank you
Excellent discussion. But we have to understand about the philosophy of islamic teachings. Acc to my understanding, we can divide the teachings/ruling of islam in two main groups. First, group consists of those teachings that are constant for 1400 years, for eg. Number of prayers, Hajj, Zakat, etc.
And the second group has those teachings that are mosifiable we call it ijtihaad. For eg slavery that was prevalent in the Prophet' SAWW era is now obsolete.
So, economic system of islam is kore related to the second group. In which we have certain rulings about how trade should be done, who should possess private property, what should be under state property. Etc etc.( Ofcourse I m not mujtahid, but I believe if we use these certain teachings, do intihad in current scenario, and make a economic system according to teachings of islam, it would be a mixture of both capitalism and socialism/communism.
Exactly....
Some people and teachers are confused themselves and transfer their confusion to others by using jargons and highfrequency words.
Your comment is insightful🌹❤🌹