Modern Conventional Economics on the Pattern of No System of Old Jahiliyyah and Islamic Economics: Way-Out

Financial crises of 2007-08 were the worst crises the world has ever seen. These crises engulfed the world and affected almost every part of it. Conventional economic patterns are major causes of such crises. In this economic system, profit maximization objective of corporate sector compress the wages as well as size of labor which finally cause two evils: widening rich poor gap and unemployment simultaneously. These evils beget other evils e.g. increasing trend of crime, illiteracy, unavailability of health facilities, moral and ethical diseases, social and economical injustice and insecurity etc. In this scenario, an obvious resemblance can be seen between modern economic system and no system of jahiliyyah when there were no institutions, no systems and no knowledge. Looking at actions and consequences, one can say that modern economic system is nothing other than replica of no system of old jahiliyyah but in relatively modern worst forms. Unlike to conventional economic system, Islamic economic System emerged claiming that it would enhance the socio-economic welfare of the mankind, but this dream is getting faded looking at the current practices in Islamic finance. Conventional finance is accused of high cost to client, but unfortunately current Islamic finance is not exception to this as well. It has become need of the time to look back the early Islamic revolutionary socio economic pattern to get how Islam revolutionized the principle-less pre-Islamic economic environment and how it developed principle abiding economic system to achieve the goals of Socio-Economic welfare of mankind. It will make possible to compare the modern prevailing economic and financial system with the pre-Islamic said system, and it will provide a true pattern through which modern age can effectively enhance its Socio-Economic welfare.