تعريف الاقتصاد الإسلامي

In the name of Allah, the Most Merciful, the Most Compassionate. Praise be to Allah, Lord of the Worlds, and peace and blessings upon the Messenger of Allah and the Seal of the Prophets.

Before presenting a chosen definition of Islamic economics, it is necessary first to consider the definition of economics itself. It is observed that definitions of economics have become so numerous that it is difficult for any researcher to encompass them all. Nevertheless, we may say the following:

Linguistically, the word economy (al-iqtiṣād) comes from al-qaṣd, meaning moderation in all behavior. Allah Almighty says: “And be moderate in your pace and lower your voice …” (Luqmān: 19). It is also reported in the tradition: “He who is moderate will never be impoverished,” meaning that one who is balanced in his spending will not fall into poverty.

Terminologically, the word was first used to denote the management of household resources—what became known as domestic economy. Later, it extended to mean the management of society’s livelihood affairs under the supervision and administration of the state.

In general, we can identify broad intellectual trends in defining economics:
The Wealth-Centered Approach: Some focused on wealth as the central subject of economics. This is clear in the classical school: Adam Smith defined economics as the science of producing and multiplying wealth, while Ricardo emphasized the study of distribution—the distribution of wealth among social classes and the laws governing it—as the main task of economics.

The Human-Centered Approach: Others placed the human being at the center, considering economics as a behavioral science. This orientation is evident in the marginalist school, which gave psychology a wide role in economic analysis, as well as in the Keynesian school.

The Scarcity and Choice Approach: A third approach defined economics as the science of managing scarce resources. Lionel Robbins best represented this view, describing economics as the science of choice: the selection of desired uses for resources from among their possible alternatives. According to him, economics is a science of means rather than ends, in contrast to Sismondi, who insisted that economics must be defined by its goals—and that no goal deserves consideration more than social welfare.

The Reconciliatory Approach: Alfred Marshall adopted a reconciliatory stance, defining economics as the study of that part of individual and social activity directed toward acquiring the material requisites of well-being, and the methods of using these requisites.

From my perspective, economics in general can be defined as: the science concerned with the study of economic activity (consumption, production, distribution, and exchange), and the phenomena and relationships arising from this activity.

Accordingly, the definition we choose for Islamic economics is:

The science concerned with the study of economic activity (consumption, production, distribution, and exchange), and the phenomena and relationships arising from this activity, in the light of the rulings of the Islamic economic doctrine and its system of values.

And exalted is your Lord, the Lord of Might, above what they ascribe to Him. Peace be upon the Messengers, and praise be to Allah, Lord of the Worlds.

وأرى أن الاقتصاد إجمالاً: علم يعنى بدراسة النشاط الاقتصادي (استهلاك، إنتاج، توزيع، تبادل)، وما ينشأ عن هذا النشاط من ظواهر وعلاقات. وعلى ذلك فالتعريف الذي نختاره للاقتصاد الإسلامي انه: علم يعنى بدراسة النشاط الاقتصادي (استهلاك، إنتاج، توزيع، تبادل)، وما ينشأ عن هذا النشاط من ظواهر وعلاقات، في ضوء أحكام المذهب الاقتصادي في الإسلام، ومنظومته القيمية. وسبحان ربك رب العزة عما يصفون، وسلام على المرسلين، والحمد لله رب العالمين.

Abduljabbar Al-Sabhany
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