Articles: Sahulat Journal No. 5, Vol. 4, June 2016
This paper is based on the assumption that Interest Free Economic System is a desired alternative. This assumption is the natural corollary of the assumption that states that the conventional economic system based on interest is very harmful and there is a need for an alternative system. Any detailed discussion on this assumption-within-assumption is beyond the scope of this write-up. But a rich literature is available on the desirability of interest free economic system as well as the undesirability of the conventional system. However, some reflections of these issues will by default crop up in this article. Our task at hand is one step ahead. It requires unfolding the goals of such an alternative system and delineating the steps required for realising those goals. A goal cannot be realised without facing the challenges and obviating its consequences that may crop up in the process. Further, a clear idea about the road map and a blueprint will also be required. So the intent is to develop a model that can do both – describe the disease and prescribe the medicine. A description of Islamic economics, as such, is also not intended in these lines. However, its contours can be felt between the lines! Our methodology of discussion will be to first visit the writing of renowned Islamic economists and find what goals they have proposed and then proceed further. I shall, for this purpose, be referring to the writings of Dr. M. Umer Chapra and Dr. Mohammad Nejatullah Siddiqi.