Wednesday, February 3, 2010



In modern economics, we are used to a purely materialistic and secular approach that does not allow religious concepts to interfere with its theories and concepts, on the premise that economy is outside the domain of religion. It is, however, an interesting irony that every dollar note has the admission: “In God
we trust”, but when it comes to develop theories to earn dollars or to distribute or spend them, trust is placed only on human ideas based on personal assessments; God is held totally out of picture, as being irrelevant to economic activities!!!

It is perhaps for the first time that, as an aftermath of the present financial crisis, when different quarters are coming up with different suggestions to solve the problem, the ‘World Economic Forum’ has invited representatives of religion to give their input to the initiative of reshaping the economic set-up on the basis of values, principles and fresh thoughts. This commendable initiative deserves full support from religious circles. As a humble student of Islamic disciplines, and particularly of Islamic economic principles, I would like to highlight some basic points, derived from Islamic economic precepts, that I believe, are essential for independent and fresh consideration while seeking solutions to our economic problems.

  • Biography of Mufti Taqi Usmani
Mufti Muhammad Taqi Usmani is one of the leading Islamic scholars living today, an expert in the fields of Islamic Jurisprudence, Economics, Hadith and Tasawwuf.

Born in Deoband in 1943, he graduated from Dars e Nizami at Darul Uloom, Karachi, Pakistan. He specialized in Islamic Jurisprudence under the guidance of his eminent father, Mufti Muhammad Shafi, the late Grand Mufti of Pakistan. He has been writing on various Islamic topics in English, Urdu and Arabic and is author of more than 60 books and numerous articles.

· Ustadh of hadith and Fiqh, and Vice-President at the Darul-Uloom, Karachi.

· Judge at the Sharia Appellate Bench of the Supreme Court of Pakistan till recently.

· Consultant to several international Islamic financial institutions and has played a key part in the move toward interest free banking and the establishment of Islamic financial institutions.

· Deputy chairman of the Jeddah based Islamic Fiqh Council of the Organization of Islamic Conference (OIC).

· Shaykh of Tasawwuf: In tradition to the scholars of Deoband, recognizing the importance of Tasawwuf, he traversed the path under the guidance of khulafa of Hakeemul Ummat Moulana Ashraf Ali Thanvi (rahmetullah ajmaeen). In addition to his busy schedule he is himself a mentor to numerous spiritual aspirants all over the world. He also conducts a weekly session for the public interested in spiritual improvement.

List of publications include: (Updated May 2004) The Authority of Sunnah, An Introduction to Islamic Finance, Discourse on Islamic way of Life, Islam and Modernism, Islam aur Seasate Hazra ( Islam and Contemporary Politics), Islahe Ma'ashara (Perfecting society), Islahi mawa’iz (Discourses for spiritual perfection) (3 volumes)

  • Biography Source:

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