{Writeup/Video: bit.ly/cie5ria} Part 5: As an antidote to Capitalist Economics, this post provides four revolutionary teachings of Islam: (1) Instead of pursuing material wealth, we should pursue human development, (2) Power and Wealth is given to us to help the powerless and poor, not to exploit them and pursue luxuries, (3) Society is built on cooperation, not competition, (4) Instead of pursuing pleasure and power, we should seek to serve humanity selflessly, in hope of rewards in the Akhira

1. CIE5 The Revolutionary
Islamic Alternative
Section 4 of Crisis in Islamic Economics
Writeup & Video: bit.ly/cie5ria
These slides: bit.ly/SS3GIE5

2. What is the
Revolutionary
Alternative
provided by Islam?
What a loss, what a failure, all our inheritance has been lost
Even the memory of this loss has been erased from our hearts.
Allam Iqbal.

3. Historical Precedent
• 1450 years ago, Islamic teaching
launched a revolution in world history.
• They transformed ignorant and
backwards Bedouin into leaders of the
world.
• They launched a civilization which
dazzled the world by achievements in all
dimensions for a thousand years.

4. Burning Question:
Do the teachings of Islam have the same
revolutionary power today, that they did 14
centuries ago?

5. Four Central Revolutionary Teachings
1. Material Progress => Human Development
2. Power & Wealth => help the oppressed and needy.
3. Competition => Cooperation
4. Individualism + Hedonism => Social Responsibility.

6. 1: Human
Development
Not the race for riches!

7. We have certainly
created man in the best
of stature;
Then we reduced him to
the lowest of the low
Man has the potential to rise above the angels; become the best of creations
Man also has the potential to become the WORST of creations

8. Three Stages of
Spiritual
Development
Nafs-e-Ammara : Homo Economicus
Maximize pleasure from consumption
of goods & services
CURE:
Never will you attain the good [reward] until
you spend [in the way of Allah] from that
which you love. And whatever you spend -
indeed, Allah is Knowing of it

9. Nafs-e-Lawwama  Nafs-e-Mutma’inna
Gratitude for the gifts of God.
Contentment for what you have.
Surrender to Will of God
Acceptance of life-conditions

10. 2: Purpose of Power,
Wealth:
Help the powerless
& needy
OPPOSITE of ruthless
competition, survival of fittest

11. Our Soul is a battleground
for good & evil
• We have shown him the two
highways of good and evil
• So let whoever wants to, find a
pathway to his Lord.
• Greed: Nafs-e-Ammara
• Generosity: Nafs-e-Mutmainnah
• Struggle against our Nafs is the
route to progress.

14. Changing Theories of Evolution
Competition
Cooperation

15. All creatures are [like] a family of God:
and He loves most those who are kindest
to His family.
Humanity as one family
Animals, Birds, all living things – part of
our family
Rocks, Trees, Planets – our home
Transition in West from organic metaphor,
community, body, to mechanical
metaphor. The dead machine.

16. Social Responsibility:
Key to Islamic Society
Provision of Basic Needs: Farz-e-Kifaya

17. Goal: Enable all to realize hidden potential
• All of the Ummah is like one body.
• If any portion feels pain, the whole body is affected.
• All children are my children.
• All should get equal opportunities.
• Basic needs of all should be met.

18. Concluding Remarks
Economics promotes view of society as a competitive jungle.
Cut-throat competition for survival of the fittest promotes efficiency.
Basis of society is individualism, hedonism, competition, greed
All is fair in pursuit of pleasure, power, profits.
Islam offers a radical alternative. A society based on generosity,
cooperation, social responsibility, spirituality.