What Muslims think about money and the new global economy

Abstract

The aim of this study is to examine the relationship between worldwide economic integration and the notion of human unity. This book explores the ideas of increased specialization, division of labor, and the removal of obstacles to the unrestricted flow of capital, goods, services, and labor. To do this, an examination is carried out on the teachings and theories proposed by conventional Muslim scholars, along with the direction offered by the Qur'an and Sunnah. An analysis is conducted to evaluate the level of congruence between these teachings and perspectives and the guidelines of the New Global Economy. The purpose of this analysis is to improve understanding of the New Global Economy. This argument posits that based on the philosophical underpinnings of Islam and the academic contributions of Muslim individuals, the advancement of justice is an essential requirement for attaining the desired level of global economic integration. Unfortunately, the requirement to guarantee fair treatment for all individuals is disregarded in the execution of the growing global economy paradigm. This provides additional clarification on the opposition to globalization. The author emphasizes the importance of Muslim nations adopting globalization and integrating ideas of justice into their core ideals and practices. However, this alone will not be adequate. Furthermore, it is crucial for individuals to actively work towards promoting justice in their respective economies while also employing a wide range of strategies to effectively navigate the obstacles and challenges presented by globalization.