ISLAMIC BANKING SYSTEM (A Critical Review)
Abstract
Islam provides guidance to its adherents in all phases and activities of life, in matters material as well as spiritual. Its basic teachings with regard to economics is mentioned in several passages of the Qur'an. Far from despising material well-being, it recognizes
وَلاَ تُؤْتُواْ السُّفَهَاءَ أَمْوَالَكُمُ الَّتِي جَعَلَ اللّهُ لَكُمْ قِيَاماً وَارْزُقُوهُمْ فِيهَا وَاكْسُوهُمْ وَقُولُواْ لَهُمْ قَوْلاً مَّعْرُوف(1)
that," Do not give the feeble-minded your property that Allah has made a means of support for you, and do feed them from it, and clothe them, and speak to them in fair words... . . ."; and it orders,
وَابْتَغِ فِيمَا آتَاكَ اللَّهُ الدَّارَ الْآخِرَةَ وَلَا تَنسَ نَصِيبَكَ مِنَ الدُّنْيَا وَأَحْسِن كَمَا أَحْسَنَ اللَّهُ إِلَيْكَ وَلَا تَبْغِ الْفَسَادَ فِي الْأَرْضِ إِنَّ اللَّهَ لَا يُحِبُّ الْمُفْسِدِينَ(2)
"And seek the (betterment of) the Ultimate Abode with what Allah has given to you, and do not neglect your share from this world, and do good as Allah did good to you, and do not seek to make mischief in the land. Surely, Allah does not like the mischief-makers.”
It lays emphasis , however, on the dual composition of man, by reminding him thus:
فَإِذَا قَضَيْتُم مَّنَاسِكَكُمْ فَاذْكُرُواْ اللّهَ كَذِكْرِكُمْ آبَاءَكُمْ أَوْ أَشَدَّ ذِكْرًا فَمِنَ النَّاسِ مَن يَقُولُ رَبَّنَا آتِنَا فِي الدُّنْيَا وَمَا لَهُ فِي الْآخِرَةِ مِنْ خَلاَقٍ وِمِنْهُم مَّن يَقُولُ رَبَّنَا آتِنَا فِي الدُّنْيَا حَسَنَةً وَفِي الْآخِرَةِ حَسَنَةً وَقِنَا عَذَابَ النَّار أُولَـئِكَ لَهُمْ نَصِيبٌ مِّمَّا كَسَبُواْ وَاللّهُ سَرِيعُ الْحِسَاب(3)
". . . Once you have fulfilled your modes of worship in Hajj, recite the name of Allah, as you would speak of your forefathers or even with greater fervor. Now among the people there is one who says: “Our Lord, give to us in this world.”.” and he has no share in the Hereafter.
- Yet there is another among them who says: “Our Lord, give us good in this world and good in the Hereafter, and save us from the punishment of Fire.”
