Principles of international economic relations in Islam

Author

Siddiqi, Muhammad N.

Source

International Economic Relations from Islamic Perspectives

Publisher

Islamic Development Bank (IDB) Islamic Research and Training Institute (IRTI)

Publication Date

1992-12-31

Country of Publication

Saudi Arabia

No. of Pages

26

Main Subjects

Economy and Commerce
Islamic Studies

English Abstract

In this paper, attempting to derive the principles of international economic relations in Islam, the approach, the writer choses is to start from the universality of Islam and the universal mission of the Muslim Ummah.

It is argued that the pursuit of the national economic interest of the Muslim Ummah must always be in accordance with the principles of Shari'ah which does not allow selfishness nor neglect of moral values in its.

relation with others.

Furthermore, he argues that those Shari'ah rules which cover inter-personal economic relations do also rule over international economic relations.

In section two of the paper he explained a few of these Shari'ah rules such as: Causing damage and retaliating by damage is not allowed; If necessary, the lesser of the two evils shall be chosen ; Preventing bad evil is prior to acquiring good; Hardship brings about relaxation ; etc.

In the last two sections of his paper, the author argues the case for the pursuit of national economic interest of a Muslim state while formulating its international economic policy.

The basic point is that freedom of international trade should always be the first and predominant principle.

However, the public interest of the people would impose restrictions on this principle.

There are several areas where such restrictions may be acceptable.

In the opinion of the author these areas include foreign exchange, movement of goods, capital and labour, employment and price stability, etc.

Language

English

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Data Type

Book chapters

Notes

Includes bibliographical references : p.32-34

Record ID

BIM-778236