In order to highlight various issues, progress made and challenges faced in economic development in Islamic perspective, Dr Ausaf Ahmed, a well-known economist and expert in Islamic Finance, presented a comprehensive study, at a programme organised by Forum for Discussion on Economic Issues (FDEI), a joint forum of Sahulat and Radiance Viewsweekly in the national capital on 23 March.
In his opening remark, Dr. Ausaf emphasised more comprehensive model of development where development strategies of the Islamic world must reflect ‘ground realities and instead of speaking of high ideals, Muslim countries should assign a developmental role to existing institution like Zakah, Awqaf and Mosques to expedite the development process.
He elaborated that the main criterion on which Development as a human experience must be evaluated is what it does to lives of people. Renowned economic thinker Khurshid Ahmed had earlier clarified that there can be an Islamic strategy of development or there could be several “Islamic” strategies of development but the basic idea should be what it does to lives of people and how it can change the lives of the people. In the past, Khurshid Ahmed, Chapra, Siddiqi, and M.A. Mannan have given different strategies.
Dr Ausaf also clarified that Islam emphasises a universal and human approach in all matters concerning human beings. It enjoins justice and fairness in human dealings and encourages rational enquiry and freedom of action. It is to be noted that there is no inherent conflict between Islamic values and the values required for development. Dr Ausaf mentioned new development institutions like Tabung Haji in Malaysia and Grameen Bank in Bangladesh as examples of institutions based on new ideas which others can follow to come out with new ideas.
Nejatullah Siddiqi, in his concluding remarks, said one thing we generally talk about is to what Islam gives us in terms of values and agenda. It is also equally important to understand the difference between what Islam wants and what Muslims are doing; then only the gap can be bridged. Somebody has to change the reality and he can be from anywhere. It is also important to understand as to what is the compulsion that keeps us from doing what Islam really wants. Siddiqi emphasised the need to create new ideas because ideas create institutions and institutions transform societies. He advised the audience to create an atmosphere where there is free flow of ideas and views and where one can speak his mind without any fear and anxiety; then only new ideas will emerge which will give new dimension to Islamic finance and banking.