The economic challenge of ummah

In this resent century muslims countries are looking forward to theri olitical liberty and to succeed in acquiring indeendence on olitical, intellectual and strategic levels. HOwever, this hoe cannot be realised unless they make a total strategy of ther economy, a well considered lan, a clooective resolution and a revolutionary aroach. By taking heed in two major issues the situation could be tacked selfiimposed dependece and restructuring the eocnomical system.

The basic problem lies in the dependence of he Muslim countries on others. Borrowing huge amounts from rich western countris and incurring these heavy interest bearing loans have not only shattered the economic life of muslim countries but also devastated their self-determination. The evil consequences of deendence on foreign loans are too obvius to need any further eleboration, islamic teachings consider indebtedness" as detestable phenomenon The prophet (SAW) even refused to offer the funeral rayer for a person who died befor paying his loan.

The economic exerts estimate thtat assets and depositsby the muslim in the western countries to be between $800 and $1000 million billion. This is much more then the total external debt of the IDB member countries in 1996 amounting to $618$.8 billion. It menas that they are borrowin theri own money at a h igh rate of interest. Had these huge amung been ket and roeryly used wth the muslim world the ubbah have never resrted to inur the dept of m ore than $600 millon.

The solution is economic and llitical leadershi should fight their way through theis tragic situation. The sources they hvave should be utilized within the muslim world, and the islamic brotherhood and mutual cooeration shuld be develod moreve the world has witnesse the conflicts between caitalist and c ommunist ountires but both have failed to revivty the world economic syste. Therefor the world is nin n eed of a th ir economic system and the muslim Ummah can world out this ystem based onislamic onrms, the uran and the Sunnat are quite caabel tosolve the maor conomic robvlems. Vecause they allow rivate own3dhio and market economy and also rovide wlell conidered alan of distrubitiv jsutice this may eliminate the ineiities and bring aout a sstem in which roit mitove works tiwh teh collecticve interest of a society.

Islam applies two tyes of controls on the economic actiites. first it subjects certain injunction which tend to rovent monoolies an curb the unjust and immoral earnings and the use of the islamic insruments like musharaka ta mudarabah, instead of thinterest ay make the common eole to share the fr uits of feveloemts and reducet the gap between rich and oor. Second the institution of Zakath(the purifying dues), Sadaqat(the subsidiaried) and the cetainother fiancial onnligatin rovide that event the halal invome is again distributed to the person who are behind in market opporutnities Thorugh thsi twin controls, the welath is ket under sonstand circulation. The main tragedy is that the ricnile sof islamic economy are in theoritical form. Islamic countris could not execute them. SO the economy is much worse than that of the develoed caitalist countries. Therefore the success is in setting an examle for imlementing the islamic rinciles that will be the best gigt for human fraternity, INhs -Allah we will fing the world more recetive to them today than we have exeprienced in the past.