But the Economy?

Iffat Mirza, Raynes Park

A question that we continue to hear in every debate, every newscast, every conversation regarding the lockdown. One cannot deny the fact that we live in a world that has made us all dependent on money. The novel coronavirus, for all of us, has put a pause on the normalcy of our lives. Whilst we are eager to return to what we knew, this moment calls for strong introspection of our values and how these values are reflected in our quotidian material circumstances. Our economic system necessarily is, and always will be, a reflection of our morals. The virus has exposed some of the most touching aspects of our humanity but we cannot return to a system where benevolence and generosity are headlines, rather than the norm.

For example, like many others across the nation, I was touched by Captain Tom Moore’s efforts to raise money for the NHS, and other old-age pensioners have also raised large sums of money for our NHS. But surely we must question a system which relies on elderly pensioners for funding our healthcare.

For the longest time, I believed that the choice was simply between communism and capitalism. Yet neither sat quite right with me. It occurred to me rather late, that we often force ourselves to choose between two less-than-mediocre choices in most areas of life, completely neglecting the fact that there can be, and often is, an optimum third option.

Most people, when they hear of Islamic finance, reduce it to being just an interest free economic system. Yes, this is certainly true, but it is far more complex than this. The Islamic economic system is one that encompasses all aspects of a functioning economy. Primarily, it teaches that the circulation of wealth is absolutely necessary. Hoarding wealth is considered immoral. The Holy Qur’an states:

‘Behold, you are those who are called upon to spend in the way of Allah; but of you there are some who are niggardly. And whoso is niggardly, is niggardly only against his own soul…’[1]

Indeed, here it is shown that to be selfish with one’s wealth, especially in regards to not spending in the way of Allah is only damaging to our own souls as we limit ourselves from achieving nearness to Allah.

This is because it does not benefit anyone except he who holds it (and maybe not even him, seeing as he does not spend it). The rapid and free circulation of money is encouraged in Islam so that all can benefit from it and it is spent for the betterment of society. Furthermore, fair taxes are encouraged as they allow money to be spent on the public which also aids in the betterment of society. Zakat, a one of the five pillars of Islam, is a perfect example of a system which encourages a portion of one’s wealth being redistributed for the betterment of society.

In contrast to this, we are faced with a system where a select few hoard their wealth whilst others look on with nothing. Such a system is not only unnecessarily unfair, but it  makes sport of the working class who are exploited for cheap labour whilst the top 1% take the biggest shares in profits, who could easily afford to pay their employees higher wages and provide better working conditions.

In his lecture, delivered in 1945, ‘The New World Order of Islam’, His Holiness Mirza Bashiruddin Mahmud Ahmad stated:

‘Even today a rich man’s dogs are fed on dainties left over from his table, while a poor man’s children have to go to sleep on empty stomachs. This is no exaggerated contrast. There are hundreds of thousands of parents who have to put their children to sleep unfed. Even if the well-to-do were anxious to remedy this state of affairs, it would not be possible for them to achieve the desired end through individual effort. A rich man, however benevolent, cannot know that in a hut on a far away hill a poor man’s child is dying of starvation? How can the opulent town-dwellers learn the vicissitudes through which the distressed populations of remote areas pass? True, often even the will to help is lacking, but assuming that the wealthier classes are willing and even anxious to help, they would lack the necessary knowledge and the necessary means by which they could banish poverty and distress from the world.’

How much has changed since 1945? Is this not something that many can still relate to, not just on a global scale but within our own communities?

Coronavirus has brought all of our systems to a grinding halt. One, tiny virus, invisible to the naked eye, has proven the fragility of our economic system, and if we want to emerge from this virus stronger, we must re-evaluate our priorities and how they are reflected in our economic system: one that does not force anyone to go to sleep hungry.

[1] The Holy Qur’an, Chapter 47 Verse 39, Translated by Maulwi Sher Ali Sahib (ra)