Q390 :Muslim scholars may be busy discussing such
matters like inflation, prayer in space, fasting in polar areas, but
individual Muslims like us have ready guidance in the Qur’an, the
Sunnah and the life of the Prophet (peace be upon him) and the life of
his netpanions. In my view, the question of inflation is amply answered
in Surah 104 which discourages saving large amounts of money in cash.
The larger part of savings must be invested in any one of the available
methods for investment such as property, shares, gold, business, etc.
The best form of investment, however, is that which seeks the returns
for that investment in the hereafter. This investment means giving away
to charity, schools, hospitals, looking after the needy people, etc.
Perhaps I should point out that small savings for immediate future are
not affected by inflation. It is when people keep large amounts of cash
for a long time that they find the value of their cash dwindling. This
form of saving, however, is not favored by anyone. Hence, the whole
question is perhaps hypothetical in nature, rather than of practical
economics.
A390 : The question is not one of declaring or even
believing in the fact that Islam provides a netplete code of living
which is meant to bring happiness to mankind in this life as well as in
the life to nete. This is the most essential belief of every Muslim.
When we adopt the faith of Islam, declaring that we believe in the
Oneness of God, we actually recognize that all sovereignty and the
authority to legislate belongs to Him alone. The second part of the
declaration of faith, which states: “I declare that Muhammad (peace be
upon him) is God’s messenger”, implies a recognition that the Prophet
Muhammad (peace be upon him) is the means through which we learn the
system and the code God wants us to implement in this life. What we
need to understand is that there are certain areas in which all human
beings are alike, and these cannot change from one generation to
another. The most important of these is the relationship between the
human being and his Lord. Hence, the fundamental beliefs and the
actions that express faith, which we include under the heading
“worship”, have the same applicability to all human beings. We pray in
the same manner and in the same frequency as all generations before us
and all generations to follow us. All Muslims, from the time of the
Prophet (peace be upon him) till the end of human life, are required to
fast in the month of Ramadan, and do the pilgrimage to the Sacred House
in Makkah at least once in their lifetime [if they fulfill certain
pre-conditions]. But relations between human beings and the ways they
deal with one another are subject to change in accordance with
different cultures, standard of development, racial characteristics,
nature of netmunities, etc. Business dealings change considerably from
one netmunity to another. Hence, Islam does not apply to these areas a
very strict code. It lays down certain principles which are designed to
ensure justice and fairness in human dealings. These principles provide
a framework within which every netmunity may adopt rules and
regulations that it believes to serve the interests of the individual
and society as a whole. Needless to say, these rules and regulations
may vary from one netmunity to another and from one generation to the
next. Everyone knows that the Muslims went through a period of decline
before most areas in the Muslim world were subjected to colonial rule.
When Muslim countries regained their independence, they inherited the
political and economical systems imposed on them by the colonial
powers. Moreover, the periods of decline and imperialism affected
Islamic learning. There were long periods during which Muslim scholars
were happy to reiterate rulings they had learned although they were
given by leading scholars who lived several centuries earlier. What we
need to understand is that those leading scholars were giving rulings
on problems faced by their contemporaries. These may be similar to
ones faced by later generations but there may be other problems which
need new rulings. These should have been provided by the process of
“Ijtihad”, or scholarly judgment. It is unfortunate that most scholars
in the period of decline felt only too happy to reiterate what was said
by earlier scholars. Hence, we have this gap in scholarly work that
impedes the proper tackling of peoples problems by religious scholars.
This is why we often find ourselves without ready answers to problems
such as inflation, the decline in money value, the protection of
savings, etc. My reader suggests that there is sufficient guidance
for everyone in the main sources of religious knowledge, namely the
Qur’an & Sunnah. This is true but in facing practical problems, lay man
needs to have advice by scholars. Unfortunately, this is not readily
available. The layman is right to demand it, and the scholars should
work on such problems without delay. I cannot agree with my reader on
the point which he makes about Islam not approving savings. Everyone is
well advised to save for his future and the future of his family. He is
also encouraged to try to invest his savings. When my reader says that
Surah 104 does not encourage savings in cash, he overlooks an important
point. If a Muslim pays out the zakah on his savings regularly, there
is nothing wrong with putting aside any amount that is in excess of
one’s present needs. The surah condemns a person who gives so much
importance to [amassing of] wealth to the extent that he is practically
enslaved by the love of money. This is not the attitude of a true
Muslim who only saves after having done his duty by his family and his
netmunity. He will have paid out all dues on his wealth. It is true
that the best investment is that which seeks God’s pleasure. If we
invest by paying to charity and helping others, then we are certain to
receive a reward that is far in excess of what we pay; [Allah has, in
the Qur’an, repeatedly impressed upon the importance and rewards of
giving in alms and charity]. Moreover, Allah will ensure that we will
have a reward in this life as well. But that does not mean that
everyone of us should pay out in alms and charity every Riyal he has
over his day-to-day needs. There is nothing wrong in trying to improve
one’s situation or improving the standard of living one provides for
one’s family. [I would quote verse 29 of Surah “Al Isr’a” or ‘Children
of Israel” which may be rendered in translation as: “And let not your
hand be chained to your neck nor open it with a netplete opening, lest
you sit down rebuked, denuded.”] Nor do I find myself in agreement
with my reader concerning the drop in money value over a period of, say
a few years. This is certainly a very important question. If you were
to netpare what 100 Riyal could buy 20 years ago with the purchasing
power of today, you will find the gap hardly believable. While this is
not a short period, it is not very large either. A person who has been
saving a small amount every month [for contingencies or say to buy a
piece of land or any other purchase of sizable value], without
investing his savings is bound to find that the real value of his
savings has dropped considerably. Hence it is a matter of concern to
every one of us that we should have an Islamic solution which ensures
that what we have today will retain its value one, two or five years
from now.
Our Dialogue ( Source : Arab News – Jeddah )