Iqtisaduna
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''Our Economy'' (, ) is a major work in
Arabic Arabic (, ' ; , ' or ) is a Semitic language spoken primarily across the Arab world.Semitic languages: an international handbook / edited by Stefan Weninger; in collaboration with Geoffrey Khan, Michael P. Streck, Janet C. E.Watson; Walter ...
on
Islamic economics Islamic economics ( ar, الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individua ...
by prominent
Shia Shīʿa Islam or Shīʿīsm is the second-largest branch of Islam. It holds that the Islamic prophet Muhammad designated ʿAlī ibn Abī Ṭālib as his successor (''khalīfa'') and the Imam (spiritual and political leader) after him, mo ...
cleric
Muhammad Baqir al-Sadr Muhammad Baqir al-Sadr ( ar, آية الله العظمى السيد محمد باقر الصدر; 1 March 1935 – 9 April 1980), also known as al-Shahīd al-Khāmis (the fifth martyr), was an Iraqi philosopher, and the ideological founde ...
. Muhammad Baqir Al-Sadr was born on Kadhimiyeh,
Baghdad Baghdad (; ar, بَغْدَاد , ) is the capital of Iraq and the second-largest city in the Arab world after Cairo. It is located on the Tigris near the ruins of the ancient city of Babylon and the Sassanid Persian capital of Ctesiphon. I ...
in 1935. The book was written between 1960 and 1961, and published in 1982. It is al-Sadr's main work on economics and one of his most significant works, and still forms much of the basis for modern Islamic banking. The first translation into English was done in 1982 by the Iranian government and after that the book was translated into German in 1984 by a young German orientalist.


Content

Our Economy must be seen as the first comprehensive analytic book on economics that is written from an Islamic viewpoint. al-Sadr used legal
Hukm ''Ahkam'' (, ar, أحكام "rulings", plural of ()) is an Islamic term with several meanings. In the Quran, the word ''hukm'' is variously used to mean arbitration, judgement, authority, or God's will. In the early Islamic period, the Khari ...
(rulings) to provide an economic philosophy. The book was translated into English by the Iranian government in 1982. Our Economy written under three headlinings: Principles and methods, Distributions and the factors of production, and Distribution and justice. The book consist of three parts: the two first parts show that Islam has answers to problems of the modern world by presenting an Islamic alternative to both
capitalism Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, priva ...
and
socialism Socialism is a left-wing Economic ideology, economic philosophy and Political movement, movement encompassing a range of economic systems characterized by the dominance of social ownership of the means of production as opposed to Private prop ...
. In third part al-sadr explains the Islamic economy conception. Al-Sadr book consist of
Islamic economics Islamic economics ( ar, الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individua ...
theory which have differences with other theories. This theory is practical economic problems in line with its concept of justice. Islamic economic is a doctrine and justice has a critical role in this doctrine. Islamic economic included 'every basic rule of economic life connected with its ideology of social justice'. This doctrine based on Islamic beliefs, laws, sentiments, concepts and definitions drives from the sources of Islam. The first parts of Iqtisaduna is dedicated to the discussion of
historical materialism Historical materialism is the term used to describe Karl Marx's theory of history. Marx locates historical change in the rise of class societies and the way humans labor together to make their livelihoods. For Marx and his lifetime collaborat ...
such as
Marxism Marxism is a left-wing to far-left method of socioeconomic analysis that uses a materialist interpretation of historical development, better known as historical materialism, to understand class relations and social conflict and a dialectical ...
,
socialism Socialism is a left-wing Economic ideology, economic philosophy and Political movement, movement encompassing a range of economic systems characterized by the dominance of social ownership of the means of production as opposed to Private prop ...
,
communism Communism (from Latin la, communis, lit=common, universal, label=none) is a far-left sociopolitical, philosophical, and economic ideology and current within the socialist movement whose goal is the establishment of a communist society, a ...
, and
capitalism Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, priva ...
, with historical materialism. Al-Sadr rejects socialism on the basis that Islam distinguishes between the individual and the ruler in an
Islamic state An Islamic state is a state that has a form of government based on Islamic law (sharia). As a term, it has been used to describe various historical polities and theories of governance in the Islamic world. As a translation of the Arabic term ...
in a manner that requires a distinction between private and public property. However, he also rejects capitalism's notion that private property is justified in its own right, arguing instead that both private and public property originate from God, and that the rights and obligations of both private individuals and rulers are therefore dictated by Islam. He also rejects the conclusion that this makes Islamic economics a mixture between capitalism and socialism, arguing that capitalism and socialism each come about as the natural conclusion of certain ideologies, while Islamic economics comes about as the natural conclusion of Islamic ideology and therefore is justified entirely independently of other systems of economics.


Reception

Lawyer
Chibli Mallat Chibli Mallat (May 10, 1960) is an international lawyer, a law professor, and a former candidate for presidency in Lebanon. Career Lawyer and law professor In his law practice, he is best known for bringing the case of Victims of Sabra and Shat ...
wrote his comment about Iqtisaduna book, on FiveBooks as one of the top five on his subject. He said: "...Al-Sadr reshaped the whole field of Islamic law away from the monstrous idea of it, held by Eastern and Western ignoramuses alike. Iqtisaduna is the greatest illustration of Sadr's aggiornamento – bringing up to date – of classical Islamic law..." Ermin Sinanović, the Director of Research and Academic Programs at the International Institute of Islamic Thought (IIIT), said: It is interesting to note that in Al-Sadr's Iqtisaduna was more dominant in the Arab academic and policy making circles at the time.


Further reading

Full text of the book: Book 1 Part

Book 1 Part

Book 2 Part

Book 2 Part

Alternative Link
Volume 1, Part 1Volume 1, Part 2Volume 2, Part 1Volume 2, Part 2


See also

*
Muhammad Baqir al-Sadr Muhammad Baqir al-Sadr ( ar, آية الله العظمى السيد محمد باقر الصدر; 1 March 1935 – 9 April 1980), also known as al-Shahīd al-Khāmis (the fifth martyr), was an Iraqi philosopher, and the ideological founde ...
*
Islamic banking and finance Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economi ...

Article on Islamic Economy
*
Islamic economics Islamic economics ( ar, الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individua ...
*
History of Islamic economics :''This is a sub-article of Islamic economics and Muslim world.'' Between the 9th and 14th centuries, the Muslim world developed many advanced economic concepts, techniques and usages. These ranged from areas of production, investment, finance, e ...


References

{{Authority control Economics books 1961 non-fiction books Islamic economic jurisprudence 1982 non-fiction books Islamic economics Economic ideologies Economic law Eponymous economic ideologies Schools of economic thought 20th-century Arabic books 1960s in Islam