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An ecosystem of (i) economic sciences*, (ii) natural sciences, (iii) social sciences and (iv) spiritual sciences for advancement of justice and human welfare Founded on “principles” not “interests” Mohammad Naeem Khan, FCA Petroleum Economist Eni Pakistan Ltd *Science refers to irreversible laws 1 Principles of Islamic economic system Devine Economic Plan Malik 2 Wealth is a test Not related to efforts Anam 165/Nahal 71 Zumr 49 َ ْ َ ْ َ َّ ُ ق ْ ر ل ا ي ف ض ع ب ى ل ع َ م ك ض ع ب ل ض َواّللُ ف َ ْ ْ ِ َ َ ٍ ْ ِ ِ And Allah has made some of you excel others in wealth. (Nahal 71) َ ض َو َرفَ َع بَ ْع ت ِليَ ْبلُ َو ُك ْم ِفي َما آت َا ُك ْم ٍ ض د ََر َجا َ ض ُك ْم فَ ْو ٍ ق بَ ْع ِ ف األ َ ْر َ َو ُه َو الَّ ِذي َجعَلَ ُك ْم َخالَ ِئ And Allah has made you successors in the land and raised some of you above others in different levels, to test you for what is given to you. (Araf 165) َ س ُ ان ض ٌّر دَعَانَا ث ُ َّم ِإذَا َخ َّو ْلنَا ُه ِن ْع َمةً ِمنَّا قَا َل ِإنَّ َما َ اْلن َّ فَ ِإذَا َم ِْ س ُ ْ َ ُ ُ َ ي فِتْنَة َولَ ِك َّن أ َ ْكث َ َر ُه ْم َ ا يَ ْعلَ ُم ون ه ل ب م ل ع ى ل ع َ ه ت ي ت و أ ْ ِ َ ِ ِ ٍ َ When a man gets in trouble he cries for help of Allah, and when he is granted favors, he says “I have got it due to my knowledge”. In fact wealth is a trial but most of people do not know. (Zumr 49) Mission of Islam ()اسالم كا نصب العين Prayer صالة Charity ْكاة و انفاق Fasting روْه Hajj حج Spiritual Power Economic Power Piety Unity Work ()كام ما لى جهاد )قوت(نفس كا جهاد Output/Resource اجتمائى جهاد جانى جهاد Human Welfare انسانيت كى فالح Social System معاشرتى نظام Economic System Political System Outcome ()مقصد معاشى نظام نظام سياسى Spiritual System روحانى نظام )اسالم كا نصب العين( Target of Islam Belief مقصد حيات Good deeds عمل صالح Morality System اقامت صالة )شريعة( Economic System اقامت ْكاة )رْق( روح كى غْا جسم كى غْا َّ Accumulationن ُك ْمَ َ َوع َِملُ ُ َ َ ت ل ا ص ال وا م وا ن م آ ين ذ ل ا اّلل د ع َ و حا ِ ِ َ َّ ِ ِ َّ َ َ of Wealth ُ َ ْ َّ َّ ُ َ َّ وا م ا ق أ ض ر األ ي ف م ه ا ن ك م ن إ ين ذ ل ا ِ َ ِ َ ِ ْ َّ ُ ْ صالَةَ ِ َّ ْ ْ ُ ْ ُ َ َّ ال ا و م ا ق أ و ت ا ح ل ا ص ال ا و ل َم ع و ا و ن م آ ين ذ ل ا ن إ ِ ِ )منكر( ارتكاْ كا دولت َ ين ُ ِمن ق ْب ِلهمَّ َّ X ِ ِ َ َ َ ِ َ َ ْ ْ ْ َ َ َّ َّ َ َ َ َ ذ ل ا ف ل خ ت س ا ا م ك ض ر األ ي ف م ه ن ف ل خ ت س ي ل ِ ّلل ْ ِبا َ ْل َم ْ ْع ُر ِ وف ُ َونَ َه ِ ْوا ع َِن ْ َا ْل ُم ِن َك ِر َ عاقِبَةُ َ ْاأل ُ ِْ ور م َ و ِ ِ ِ َّ َ ُ ِ The focus خof Islamic economic system همis to stop the lust of َ َ ْ َ َ َّ َ ُ َ َ ف و ا و م ه ب ر د ن ع م ه ر ج أ ل ة ا ك الْ ا و ت آ و ْ ِ ُ ْ َ َ ُ َ ُ ْ ْ ْ ِ ِ َ َ َ َ َ َ َ َّ َّ Those who, if We give them power in the land, establish regular prayer َ َ َّ د ع ب ن م م ه ن ل د ب ي ل و م ه ل ى ض ت ار ي ذ ل ا م ه ن ي د م ه ل ن ن ك م ي ل و ِ ِ ِ ِ ْ َ ِ َ ِ ُ ُ ُ ُ ُ ُ َ َ ْ َ ْ of pleasure – twin ْ ُ plagues possession and the lust and give regular charity, enjoin the right and forbid wrong: with Allah )َ 55 responsible )fordecision killing the humanity )ْ41نَُ (Hajj (Baqra )277 ون هم أ َو ْمنً اَا ُه ْم يَ ْح عخلَ ْو ْي ِف ِه ْم ََ rests the end (and of )(all affairs. (Noor Distribution wealthواof َ َ َ ال َّ َ َّ َ َ وا ر م أ و ة ا ك الْ ت آ و َ َ ُ َ ُ صالة دولت كى تقسيم َ )معروف( Economic Principles of Islam Earning Side آمدنى Business بيع Usury ربا Usage Side مصارف Individual ( )فردState ()حكومت Frugality & Sharing Distribution عفو سدباب تكاثر َ َ َ ُ ْ َ ْ ُ َ َ َّت لَعَل ُ َّ َ ُ َ َ ْ ُ ُ (ُك ْمHashar م ك ل اّلل ن بي ي ك ل ذ ك و ف ع ل ا ل ق ون ق ف ن ي ا ذ ا م ك ن و ل َ ِ اّلل َ ْ َوَوا َيلََّ ِذ ِ ِ َ ُ ُ ُ َ َ ْ َ َّ َ َ ي ب س ي ف ا ه ن و ق ف ن ي ا و ة ض ف ل ا و ب ه ذ ال ون ْ ن ك ي ين ِ ِ لاآليَا7) َ َُ ُ ِ ِ ُْ َ ْ َ َ ِ ِ ً َ َ َْ ُ َ ْ َ ْ ُ ْ ِ َ َ َّ سأ ِ ِ َ َ َ ه ل و س ر و اّلل ن م ب ر ح ب ا و ن ذ أ ف ا و ل ع ف ت م ل ن إ ف َ ِ ُ َ ك ن م ا ي ن غ األ ن ي ب ة ل ُو د ُون ك ي ا ي ك ِ ِ ِ َ (Baqra 279)م ُ ْ َ ْ ْ َ ٍ َ َ َ ِ ْ ِ ِ ْ ا ب الر م ر ح و ع ي ب ل ا اّلل ل ح أ َ (Baqra 219) ْ َّ َ َ َ َ َ َ َ َ َ َّ ون ر ك ف فَت َبَت ُ علَ ْي َه ِا فِي نَ ِار َج َهنَّ َم فَت ُ ْك َوى ِب َها َ َ ب ُ أ َ ِل ٍيم َيَ ْو َم َ يُ ْح َم َّى ا ذ ع ب م ه ر ش ُ ِ َ ْ ٍ ِ But if ask you doallowed not stop taking usury, then be ready for waris They you how much they should spend; Say: "What “… in order that wealth may not become confined to the Allah has business and forbidden usury َ َ َ ُ ُ ُ ُ َ ْ ْ َ ُ ُ ُ َ ُ ا م ا و ق و ذ ف م ك س ف ن أل م ت ْ ن ك ا م ا ذ ه م ه ور ه ظ و م ه ب نو ج و م ه ه ا ب ج ِ ُ ُ ُ ُ َ ُ َ َ َ َ ْ ْ ْ ُ ْ ْ ِ with Allah and His Messenger beyond your needs." Thus Allah makes clear to you His rich amongst you”. (Baqra 275) 34-35)(Baqraون َ 219) ُْ ِكُنت ُ ْم ت َ ْكن revelations: In order that you (Tauba may ponder. )34( Islam abhors DEBT and strongly discourages it 1. Prophet (PBUH) said: "Whoever asks for money while he has what suffices him has asked for a lot of Hellfire's embers." People asked him, "What is the sufficient amount of money above which one should not ask?" He said, "The amount he needs for his lunch and dinner." (Abu Dawud) 2. He also said: "Whoever asks people for their money to increase his wealth, has asked for embers, so let him ask a little or a lot”. 3. A man came to the Prophet (PBUH) and said, "O Messenger of Allah! If I was killed in Allah's cause, observing patience, awaiting Allah's reward, attacking, not retreating, would Allah forgive my sins?" The Prophet (PBUH) said, "Yes, except for the debt." The Prophet (PBUH) said, "A believer's soul is attached to his debt till it is paid.“ 4. A dead person was brought to the Prophet so that he might lead the funeral prayer for him. He (PBUH) asked, "Is he in debt?" When the people replied in the negative, he led the funeral prayer. Another dead person was brought and he asked, "Is he in debt?" They said, "Yes." He (refused to lead the prayer and) said, "Lead the prayer of your friend." Abu Qatada said, "O Allah's Apostle! I undertake to pay his debt." Allah's Apostle then led his funeral prayer. No. 2154 (Sahih Bokhari) Islam prohibits and strongly CONDEMNS usury or RIBA. 1. Allah will deprive usury of all blessing, but will increase benefits of charity" (Baqra 276); 2. If you do not stop taking usury, then be ready for a war with Allâh and His Messenger (Baqra 279) 3. Abdullah ibn Hanjalah related that the Prophet said: A dirham of Riba (interest) knowingly taken by a man is a sin worse than committing Zina (fornication) 36 times (Ahmad, Daraqutni). 4. Narrated Jabir ibn Abdullah: Allah's Messenger cursed the accepter of interest and its payer, and one who records it, and the two witnesses; and he said: They are all equal (Muslim). 5. Hazrat Abu Hurairah r.a. reported that the Prophet said : A time will certainly come when none will remain who will not devour usury. If he does not devour it, its vapors will fall on him [Ahmed,Abu Dawood,Nisai,Ibn Majah] Legal System Spiritual System Limited Capitalism Spiritual Socialism (surplus wealth for personal use) (human rights on surplus wealth) Inter-dependent & Inter-connected (Synthesis) Restricts luxury & wealth accumulation Channels excess wealth to needy Immune System (Regulatory) Treatment system (Repair/Maintenance) Elevating ethical/ spiritual values Restricting evils/crimes Dimensions of Islamic Economic System Primary focus of Islam is on the spiritual System (test of Taqwa/free will) Legal system provides only safety valve for safeguarding basic human rights Keeping excess wealth and generating income from it is allowed legally but spiritually is it detested. Economics: A life blood system of Society Individual Distribution (Arteries) State Collection & Re-distribution (Veins) Status of Sources of Income Labor + Ideal Capital (Entrepreneurship) Permitted Partnership (Labor + Capital) Restricted Land Prohibited Distribution Channels ()عبادت Compulsory واجبات % of contribution Marriage payment and penalties on certain faults Taxes ()تيكس Taxes imposed by state to provide basic needs of its citizens Zakat ()ْكاة Payable on wealth of individual Inheritance ()وراثت Strictly in accordance with injunction of Quran Voluntary Charity ()انفاق Entire wealth in access of basic needs Stock Exchange Transactions Interest based Trade* Load taken/given at interest with security against fully insured property (margin financing) Risk capital investment at profit/loss + Work + Public benefit Gambling Profit/loss without efforts at the expense of someone else *Limited liability is an exclusion Public Benefits Does the activity lead to employment/resource generation or brings harm to the public interest 1. Limited liability concept in anti-Islam 2. Primary purpose of the transaction is to make quick money rather than long term investment 3. Mostly investment is made from loan taken from banks or brokers 4. It is a gambling business (gain at the loss of someone else 5. Short term focus leads to extreme damage of public interest. Property business (Plots) Interest based Trade* Loan taken/given at interest with security against fully insured property (margin financing) Risk capital investment at profit/loss + Work + Public benefit Gambling Profit/loss without efforts at the expense of someone else *Limited liability is an exclusion Public Benefits Does the activity lead to employment/resource generation or brings harm to the public interest As per Islamic law house is right of every Muslim. Anyone trying to grab the property for the purpose of trade/profit making is haram because it is a gamble (profit/loss at the expense of others) and it is also not a business/trade as it does not lead to any fruitful business activity which entails hardwork. As a consequence of profit making price of the property rise and takes it out of the reach of legitimate buyer for building his house State Financial Crime: Inflation 4,690 Value “Rs” 5,000 4,000 An item costing Rs 100 now costs Rs 4,690 in year 50 @8% inflation rate 3,000 3,192 2,172 2,000 1,479 1,006 1,000 100 147 0 5 216 317 10 15 466 685 0 20 25 Year 30 35 40 45 50 Faceless dragon eating humanity Islam does not permit limitation of liability. Every individual is fully responsible for his deeds Resources Credit ْرائ آمدنى قرض Judges Production جج بيداوار Corporate Capitalist Citizen Commerce Law (limited liability) قانون تجارت (1886) Trade Politicians كاروبار سياست دان Jobs Media ابالغ مالْمت ُ ْ َ ْ َ َ َ َ ْ َ َ ْ ل م ح ي ا ا ه ل م ح ى ل إ ة ل ق ث م ع د ت ن إ و ى ر خ أ ر ْ و ة ر ْا و ر ْ ت ا و ْ ُ ْ َ ِ ِ ُ ْ َ َ َ َ ُ َ َ َ ُ ِ ِ ِ ِ ِ Corporation: An ingenious device for obtaining individual profit ْ َ َ َ َ َّ َ ْ ْ َ َ سبَ ْت ت ك ا ا م ا ه ي ل ع َ و ت ب س ك ا م ا ه ل ا ه ع س و ا إ ا س ف ن اّلل ف ل ك ي ا ْ َ َ َ ْ ََ ِ ُ َ َ ً َ ُ ُ َ َ ِ ُ without individual responsibility. َ َولtheش ْي (Fatir 18) َ but ربَىaْ ُقduty ان ذَا ْو َكto َ ُِم ْنه Allah does not impose upon anyone Nor can a bearer of burdens bear another's burdens if one heavily laden should Moto: Profit, Competition and for amorality, extent of hisgrowth ability;&He gets reward every good deed, call another to (bear) his load. Not the least portion of it can be carried (by the dehumanization, opposition to nature. and suffers forhe every ill that he earns. (Barea 286) other). Even though be nearly related. Does Islam allow any Banking System? 1. Banks were created for taking public deposit and lending at interest and investment in treasury bonds, derivatives, securities etc. 2. Interest is against natural laws. Proper functioning of natural laws and economy implies a zero rate of interest 3. Islam detests borrowing even at zero interest rate. 4. Banking was conceived in iniquity (against natural law) and was born in sin (for the benefit of rich). 5. An interest rate of zero means the end of the money & banking system. Three economic modes of Muslims Moral Hallal means of living (Height of spiritual living) Distribution of entire excess wealth Hardy any situation of Zakat Simple lifestyle Legal Hallal means of living Illegal No distinction of hallal/harram (Minimum Pays Zakat and other compulsory dues threshold Charity (infaq) up to the level of Taqwa of living) Modest lifestyle (State of practical kufr) Does not care to pays Zakat/other dues Charity for image building Extravagant and luxurious lifestyle Stinginess/wealth piling up Mirror view before/After Implementation Deprivation After (Natural Society) Tyranny Piety Savagery Courage Cut-throat competition Happiness Self-centeredness Justice Criminality Content Non-contributory Robbery Satisfaction /Contributory Theft Chastity Social Security Intellect Racism Humility Compassion Cowardice Plan Care of kin Ignorance (Surplus Pool) Affection Tensions Sincerity Fear Freedom Hunger Fortitude Servitude Munificence Debt Zeal & Endeavor Threats Harmony Exploitation Before (Savage Society) Summary of natural economic System of Islam 1. Islamic view is that “real economy” controls, and the money is only a “supportive function”. Protects labour/work. 2. Stop earning money through money and compels people to work and invest money in business ventures 3. Eliminates sources of unearned income (interest/speculation) 4. No protection to capital and uses wealth in real economic activities integrated with physical laws of nature. 5. Collect zakat (wealth tax) no tax on income or consumption. 6. It is responsibility of individuals for meeting needs of poor and social welfare of society 7. State is responsible for meeting basic needs of citizens and taking administration/legal measure for checking concentration of wealth in few hands. 8. Business in Islam is not an grabbing the opportunity but a “Ibadah” covered under the ethos of Islamic principles of life. 2 Principles of current economic system Modern Economic Drivers Government 1. 2. 3. 4. GDP growth Free market Credit Tax on income/ Consumption 5. Deficit financing Companies 1. 2. 3. 4. 5. Sales growth Money Credit Consumerism Profit maximization Individuals 1. 2. 3. 4. 5. Income growth Money Credit Consumption Wealth maximization “Ownership/Competition” Short-term approach Islamic Economic Drivers 1. Economics is a Science of wealth (to teach selfishness). K.K Dewett 2. Economic is made to study “wealth” rather than “welfare”. 1. Earned income ()محنت 1. Wealth Tax ()عبادت Restrictswith: 2.3. Guarantee basic Whatever the economics is concerned with it is not2. concerned consumption human needs Study of relation of real goods (physical science) and wealth (monetary ()اعتدال 3. Distribute surplus science)wealth 3. Restricting wealthwelfare (( )عبادتof Study of relation of material welfare (of individual) and general accumulation “Trusteeship/Cooperation” Long-term approach humanity). Study of relation of “short term needs: and “long-term needs” Major problem of Humanity: Operating under incompatible Systems Matter ()ماده Money ()دولت Natural (Real) Economy Financial (Shadow) Economy Operates under physical/biological constraints Organic Resources حياتى اشيا (Manpower, animals, plants) Inorganic Resources نامياتى اشيا (Natural Resources) Operates under unconstrained compound interest rate growth Taxes ()محصول Gov. Deficit (ْر )افراط Money ()كرنسى Credit ()قرض Profound change in the underlying dynamics: •Money and credit rather than goods/services had become the real economy •Energy and automation has become real contributor rather than manpower and animals Framework of integrated human ecosystem External Political & Economic Conditions Social Process Demography Technology Economy Institutions Culture Information Ecological Process Interactions Human Systems انسانى قوانين Land use Land cover Production Consumption Disposal Natural Systems فطرى قوانين فطرى اور انسانى قوانين كا ربط Primary production Populations Organic matter Nutrients Disturbances External Biological, Geological & Physical Conditions Biggest tragedy of our time is that modern priests (economists) do not know that something must be physically possible before it can be economically possible. Basic types of growth patterns Growth c natural curve (natural resources) linear curve (machines) b exponential curve (money) a Time U.S. National Debt Clock US Population Current Interest Rate 298,342,731 10.0% Year Outstanding US Debt 1 8,199,252,799,551 25 88,836,493,038,639 50 962,517,279,115,525 75 10,428,591,684,647,000 100 112,990,724,306,816,000 125 1,224,221,272,194,810,000 150 13,264,077,493,871,600,000 175 143,712,379,256,415,000,000 200 1,557,081,369,667,970,000,000 225 16,870,518,770,280,900,000,000 250 182,787,109,988,408,000,000,000 As of 25th January 2006 Debt/Citizen 27,483 297,767 3,226,213 34,955,072 378,727,928 4,103,405,731 44,459,194,462 481,702,298,476 5,219,102,756,246 56,547,443,652,250 612,674,923,822,453 77 times of national total now http://www.brillig.com/debt_clock/ Impracticable (Financing Decisions) Year 10 200 400 600 800 1000 1200 1400 1600 1800 2000 Kg (Gold, Sliver or any other commodity) Interest Rate (8%) 8% cc 1 1 Kg 4,838,950 in year 1 23,415,433,085,206 Weight 113,306,100,207,918,000,000 of Earth No of 548,282,506,567,769,000,000,000,000 Kgs in earths 2,653,111,407,564,170,000,000,000,000,000,000 year 2000 12,838,272,344,326,700,000,000,000,000,000,000,000,000 62,123,752,631,416,000,000,000,000,000,000,000,000,000,000,000 300,613,707,008,236,000,000,000,000,000,000,000,000,000,000,000,000,000 1,454,654,572,742,820,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 7,039,000,140,947,130,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 5,972,000,000,000,000,000,000,000 1,178,667,136,796,240,000,000,000,000,000,000,000,000,000 The economist sees economic activity as a function of infinite "money creation", rather than a function of finite “natural resources". “Organisations in the West with money to invest, especially those which like to consider themselves as being ethical, might have rather more to learn from Islam than is generally acknowledged. By applying the Islamic approach, a lot of human misery could have been avoided. Wayne A.M. Visser and Alastair McIntosh http://www.che.ac.uk/publications/usury.htm Un-natural (Investing Decisions) Quantities @10% 120 100 100 100 100 100 100 100 100 100 100 100 100 80 Capitalist Way 62 60 39 40 20 Islamic Way 24 Year 1 Quantities Year 50 Quantities 15 9 6 4 2 1 0 25 30 35 40 45 50 0 Year 1 5 10 15 20 1. Under discounting system, we need less and less quantities in future to survive. 2. Under natural system, we need a constant quantity of food to meet our biological needs 3. Hence, discounting concept is in conflict with nature 3 Outcome of current economic practices Outcome of modern economic system َ س ِك س ِبي ِل ين َوا ْب َن ال ت ذَا ا ْلقُ ْربَى َحقَّهُ َوا ْل ِم ِ َوآ ْ َّ Explosion of Explosion of Explosion of َ َ ُ َ Debt َ Over-supply ان ين َكانُواْ ِإ ْخ َو يرا ِإ َّن ا ْل ُمبَ ِذ ِر ذ ب ت ر ذ ب ت ا و ِ ِ ْ َ َ ً ْ Competition كاروبار كا جال سودى ُ َ ين َو َك ُ ترسيل ورا ف ش ْي َط اط ش َّ انكثرتال َّ اندهى ال ِ َمقابلهي ً ان ِل َر ِب ِه َك ِ باْى ***** )26( And give to the relatives due and to the needy and the wayfarer, and do not squander Explosion of Explosion Explosion of wastefully. Surely the squanderers are theof Over-utilization Over-wastage Over-production fellows of the devils and the satan is ever استمالtoكثرت كثرت بيداوارungrateful his Lord. كثرت ضياع (Isra 26-27) World Economy at Crossroad 1. 2. 3. 4. Products economy Industrial Economy Industrial Economy Employment Real Economy Paper Economy Economic Principles Social Principles Primary products economy uncoupled from Industrial Economy Industrial Economy uncoupled from Employment Symbol economy disconnected from real economy Economic principles (self-interest/short term focus) disconnection from social principles Modern tragedy of Contradictory Laws Economic Laws Integral System "It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." Henry Ford 1. Sixty percent of the families in America can maintain their standards of living for only one month 2. The next 20% can maintain it for only three months. 3. That means that 80% of the population is living at an incredibly high level of economic insecurity “work-and-spend lifestyle.” Consumption & Waste Culture The Earth can no longer support the lifestyle of the cool hunting American-style consumer. We have sought, bought, spewed and devoured too much, too fast, too brazenly, and now we're about to pay. Economic "progress" is killing the planet. (Kellay Lason) March towards Destruction? Each U.S citizen requires energy of 300 persons working round the clock Lifecycle is no more sustainable 100% Stacked presentation of work done over time in Wood United States by labor, Domesticated animals, Fuels as a percentage of Total Horsepower in the Economy 80% Labor 60% Oil is capitalism's crack cocaine 6000 products (Fertilizers & pesticides!!!!) 40% 20% 0% Fuel Domesticated Animals Domesticated Animals 1850 1870 1890 1910 Energy is now life blood of economy 1930 p.79 BEYOND OIL. J. Gever et al. 1991 1950 1970 Importance of Energy How Much Human Energy Is Contained in One Barrel of Oil? *** 1 Barrel of Oil = 5,800,000 BTUs ** 1 Barrel of Oil = 23,200 Hours of Human Work Output Human work cost of 1 barrel of oil Rate per hour= US$ 8/hour Total cost= $185,600 per barrel equivalent human work Switchover is possible only when the oil cost increases $185,600/barrel Or Rupees 70,000/Litre http://lifeaftertheoilcrash.net/Research.html Greatest Threat to Life: Food Scarcity from planting, irrigation, feeding and harvesting, through to processing, distribution and packaging. In addition, fossil fuels are essential in the construction and the repair of equipment and infrastructure needed to facilitate this industry, including farm machinery, processing facilities, storage, ships, trucks and roads Pesticides (Gas) FROM THE CAVES, TO THE MOON, TO THE CAVES Richard C. Duncan, Ph.D. Institute on Energy and Man, June 27, 1996 Even if the entire mass of the earth were petroleum, it would be exhausted in 500 years at 5% increase in rate of consumption. For addition 100 year 157 earths would be required (current production is 10 Trillion Ton/year) Story of Past Rebels “Tower of Babel” َ َ َ َ َ َ َ ْ َ ْ علَى َ ي َخا ِويَة ه ف ة م ل ا ظ ي ه و ا ه ا ن ك ل ه أ ة ي ر ق ن م ن ي ٍ ِ ِ َ ِ َ ْ َ ِ فَ َكأ َ ِ َ شي ٍد ْ َش َها َو ِبئْ ٍر ُّمعَ َّطلَ ٍة َوق ِ ص ٍر َّم ِ ع ُُرو X How many populations have We destroyed, which were given to wrongdoing? They tumbled down on their roofs. And how many wells are lying idle and neglected, and castles lofty and well-built? (Hajj 45) X Period of Namrood (let us revolt) 2500 BC 4 What should we do? Penalties on various crimes Level Crime Action Moral various Disliking/Curse of Allah Social Sex 100 Lashes Killing Revenge (Qasas) Political Economic Interest War with Allah & Rasul Steps for healing the money system 1. 2. 3. 4. 5. 6. 7. 8. 9. Limit growth and focus on wellbeing Limit Debt & encourage entrepreneurs Introduce zero rated debts The money Impose Charge on money holding system is like a Make speculation a criminal offence cancer that Incentivise productive work and investment; consumes its Tax Unearned Gains host and Replace labor for energy use ultimately Strengthen the social fabric of family and destroys itself community 10. Lease land for living/business purposes Healing the Money System “David C. Korten”: http://www.converge.org.nz/pirm/money.htm Action at personal level 1. Adopt simple lifestyle (Resource conservation & sharing) 2. Get out of interest/speculation based investments 3. Fully utilize goods before replacement 4. Eliminate morbid craving for extravagant gadgetry 5. Get rid of fashion (a bio-economic disease of the human mind ) 6. Demand durable goods to be made still more durable by being designed so as to be repairable. 7. Get closer to the nature as possible 8. Join hands to fight for reform at state level Final outcome علَ ْي ِه ِر ْْقُهُ فَ ْليُن ِفقْ ِم َّما آتَا ُه َ سعَتِ ِه َو َمن قُ ِد َر َ سعَ ٍة ِمن َ ِليُن ِفقْ ذُو ( س ًرا ُ َاّللُ بَ ْعد ْ ُس ٍر ي ْ ع َ سا ِإ َّ ا َما آتَا َها َّ سيَ ْجعَ ُل َّ ف َّ ً اّللُ نَ ْف ُ اّللُ َ ا يُ َك ِل سابًا َ َو َكأ َ ِين ِمن قَ ْريَ ٍة َ س ْبنَا َها ِح َ س ِل ِه فَ َحا ُ عت َ ْت ع َْن أ َ ْم ِر َر ِب َها َو ُر ُعذَابًا نُّ ْك ًرا فَذَاقَ ْت َوبَا َل أ َ ْم ِر َها َو َكا َن عَا ِقبَة َ عذَّ ْبنَا َها َ ش ِديدًا َو َ اّلل يَا أ ُ ْو ِلي َ عذَابًا َ اّللُ لَ ُه ْم َ َ س ًرا أ ْ أ َ ْم ِر َها ُخ َّ َّعد َ َّ ش ِديدًا فَاتَّقُوا َ َ ين آ َمنُوا قَ ْد أ َ ب الَّ ِذ اّللُ ِإلَ ْي ُك ْم ِذ ْك ًرا َّ نْ َل ِ ْاأل َ ْلبَا )7 )8( )9( ***** Let the man of means spend according to his means: and the man whose resources are restricted, let him spend according to what Allah has given him. Allah puts no burden on any person beyond what He has given him. After a difficulty, Allah will soon grant relief. And how many a community revolted against the ordinance of its Lord and His messengers and We took detailed accountability of their deeds and punished them severely. Then did they taste the evil result of their conduct, and the End of their conduct was great loss. (Talaq 7-10) PEOPLE POWER SHIFT: GLOBAL FINANCE MARKET ECONOMY CAPITALIST ECONOMY Globalization Deregulation Concentration Small & Local Large & Global Global Financial System People Ownership Culture & Choice Rules Ownership Global Corporation Culture & Choice Local Enterprises Source: Life after the Dominance of Capital, by David C. Korten http://www.bke.hu/~kg_korny/altern/korten/kortpres.html Rules People Most frequent question is: Where is modern Islamic Economic System? Surprisingly, the Quran troughs the question back to us? Create it based on the guiding principles keeping in view needs and deeds of the society. Then keep on modifying it based on the emerging needs of the Humanity