Distinguished Scholar & Founder
Professor Dr. Abul Hasan M. Sadeq
Founder & Founder Vice Chancellor
Asian University of Bangladesh (AUB)
Founder & Founder Vice Chancellor
Asian University of Bangladesh (AUB)
Publication Info
Book: Development & Finance in Islam
Publisher: IIU Press, Kuala Lumpur
Year: 1991
Publisher: IIU Press, Kuala Lumpur
Year: 1991
Theoretical Framework
In this chapter, Professor Dr. Abul Hasan M. Sadeq redefines the traditional concept of economic growth through the lens of Islamic values. While conventional economics measures growth via real GNP or per capita income, Professor Sadeq argues that in an Islamic economy, growth is "value-loaded." Growth per se is insufficient if it stems from products that harm human welfare. Instead, economic growth in Islam is defined as the sustained increase of the right kind of output—items that contribute positively to utility and align with the objectives of the Shari'ah.
The research emphasizes that Islam rejects monasticism in favor of active economic involvement to utilize the bounties of Allah (s.w.t.) for human benefit. Professor Sadeq highlights that the fundamental goal of economic activity is to alleviate hardships such as starvation, poverty, and malnutrition. By selecting a basket of goods that satisfy basic needs and provide permitted comforts, the economy enables individuals to live a life of honor suitable for the vicegerents of Allah. This work serves as a critical call for Muslim countries to prioritize ethical productivity as a means of achieving true socio-economic well-being.
The research emphasizes that Islam rejects monasticism in favor of active economic involvement to utilize the bounties of Allah (s.w.t.) for human benefit. Professor Sadeq highlights that the fundamental goal of economic activity is to alleviate hardships such as starvation, poverty, and malnutrition. By selecting a basket of goods that satisfy basic needs and provide permitted comforts, the economy enables individuals to live a life of honor suitable for the vicegerents of Allah. This work serves as a critical call for Muslim countries to prioritize ethical productivity as a means of achieving true socio-economic well-being.
Core Concepts: Value-Loaded Growth, Human Welfare, Product Mix, Shari'ah Objectives, Poverty Alleviation, Vicegerency, Economic Well-being, AUB.