societies must develop effective strategies that are constructed in a conscious
or unconscious way that is derived from its own worldview. However, if the
worldview which these strategies are constructed from do not account for an
actualized well-being of all within the society, then it may be flawed to the
point of hindrance and not help the society but cause harm. In today’s
society’s there are two broad theoretical constructs surrounding worldviews.
The first is a worldview that constructs around the ideas that are more secular
and materialist such as capitalism. The second worldview constructs around
ideas that are more spiritual and humanitarian such as Islamic economics.
Islamic Economics therefore is a
society’s strategy which is consciously derived from a spiritual worldview that
is rooted deeply in the religious beliefs of Islam. It you were to research the
definition of Islamic economics you would come across a variety of perspectives
that include an individual by the name of Ibm Khaldun. He has defined it as
“the study of human efforts in obtaining resources and using them through
exchange for the fulfillment of necessities, needs, and refinement as well as
However, Islamic Economics is not
just a set of religious beliefs or just an economic system. By some standard it
could be seen more as a dean that provides guidance for every aspect of a
human’s life both individually and collectively. However, if you were to search
the globe today it is highly unlikely that you would find a society that is
fully practicing Islamic economics since it is very exclusive and detailed down
to the minute details in life.
Unless one’s beliefs line up perfectly with
Islam’s religious belief system and are a Muslim or covert then it would be
impractical, unethical, and unconstitutional for a multicultural society and
would do more harm than good.
Islamic Economics is based on what
is called Shari’ah law. Shari’ah law is based upon the fundamentals of Quran
and Sunnah. Which provides guidelines of economics and shows how the economy
should be organized. Islam itself has set some standard based on justice and
the practice for the economic to be established. (IslamReligion.com 2006) To
try and prevent enmity that happens between different socioeconomic sections. It
is more concerned with justice, while other economic systems view money as the
most powerful in a society. To prevent
any kind of injustice it forbids interest, and uncertainty. It is also not always concerned with the
precise amount of financial income, expenditure, import, and export even those
are important. This concept puts more focus on the spirit of the economic
system. For example, even if people have a lot of money if they didn’t get it
in the correct way then that money is considered invalid in Islam.
Therefore, the country of Jordan is
an example of why a leader would not fully embrace and practice Islamic
Economics. Since it is a collection of rules, values, and standards of conduct
that establishes relations of production in what seems to be for a strict Islamic
society to organize not only its economic life, but all facets of life. The
reality of Islamic Economics is that it is an all or nothing systems that doesn’t
come with independent attributes.
As a leader in the country such as
Jordan, whose economic growth has seen its greatest growth when it transitioned
to more liberal economic policies and also more conservative banking policies. There
has also been changes that have created a rapid privatization of previous state
controlled industries. These changes
created and are continuing to create a booming economy. Jordan still today
continues to see economic growth of around 7% annual.
Therefore, for a country who is
trying is trying to survive in the global economic system that heavily relies
on the export industry, it is a better choice to steer away from an Islamic
economic system. It is a system that is politically dominated by Islamic
ideology that actually has differed from country to country. Therefore, what
would be used as an exact reference point in which the system should be run. In
the Islamic economic system, each country has its own Ulama who are the interpreters
of Shari’ah law. They are viewed as the legitimizers of the Islamic system of
practices. It could be assumed that the dominating power is taken from the King
and relies strictly upon the judgment and opinion of the Ulama as the final
approval in socio-economic measures. This would harm and void all progress that has
been made in policy changes and economic growth since these practices are not permitted.
Jordan also has a great deal of free
trade agreement around the globe that included the US, Europe, and Canada.
These agreements could be jeopardized along with foreign aid that is being
given to Jordan with its influx in recent years of Syrian Refugees. In order
for the young civilian population to continue to see growth in Jordan there
must be an openness to change in order to see continued growth and prosperity.
Therefore, the greatest reason for
straying away from the Islamic Economics is its strict and detailed oriented
system with no room to be open to other ideals that can help to keep Jordan
alive and running in today’s global economic market.