Achieving Economic Sovereignty
- The trading system that exists in nature is I do for you, you do for me.
- Definition: The ability of a nation to control its economic policies, resources, and systems without external coercion.
- Importance:
- Allows a country to manage its resources, trade, and industries for the benefit of its people.
- Reduces dependency on foreign aid, loans, or investment that may come with strings attached.
- Steps to Achieve:
- Diversify the economy to reduce reliance on a single industry or export.
- Develop local industries and infrastructure.
- Protect key sectors (e.g., agriculture, energy, technology) from foreign control.
Technological Sovereignty
- Definition: The ability of a nation to develop and control its own technology and digital infrastructure.
- Importance:
- Reduces dependence on foreign technology, which can pose security risks or limit innovation.
- Steps to Achieve:
- Invest in research and development (R&D) for critical technologies.
- Build a skilled workforce in STEM fields.
- Protect data and digital infrastructure from foreign control or surveillance.
Food Sovereignty
- Definition: The ability of a nation to produce enough food to feed its population without relying on imports.
- Importance:
- Ensures food security and reduces vulnerability to global market fluctuations or geopolitical tensions.
- Steps to Achieve:
- Invest in agriculture and sustainable farming practices.
- Protect farmland from foreign acquisition or exploitation.
- Support local farmers and food producers.
Energy Sovereignty
- Definition: The ability of a nation to meet its energy needs independently.
- Importance:
- Reduces reliance on foreign energy sources, which can be used as a tool of political or economic pressure.
- Steps to Achieve:
- Invest in renewable energy sources (solar, wind, hydro) and energy efficiency.
- Develop domestic energy infrastructure (e.g., refineries, power plants).
- Avoid over-reliance on a single energy source or supplier.
Environmental Sovereignty
- Definition: The ability of a nation to manage its natural resources and environment sustainably.
- Importance:
- Protects against exploitation of natural resources by foreign entities.
- Ensures long-term environmental sustainability for future generations.
- Steps to Achieve:
- Enforce strict regulations on resource extraction and environmental protection.
- Invest in sustainable development practices.
- Collaborate with other nations on global environmental issues without compromising sovereignty.
American economy is dependent on the world.
Dealing with wealth
The reigns to pull back the stallion of unlimited wants
The devil threatens you with poverty.
A scarcity mindset is from the devil.
They are led by their desires, and they look for intellectual justifications for it.
We are sold independence and freedom, but we are made dependent on the state.
When we are dependent on the extended family and the community, we get a much greater level of freedom.
Owners are companies. Companies are not legal entities.
Social protection
- Rural people spend less because of a lack of social protection.
Equal Rights and social protection for women
- Is it just outmodedness or old-fashioned?
- Women are not the same as men ontologically (in nature of being), nor teleologically (in design & purpose).
- The other side of the equal rights argument
- The women was videoing men in protest of the fact that they were not offering her a seat.
- He asked her, Are you pregnant? She said, Yes.
- He asked her, Do you believe in equality?
- The vast majority of Western people accepting Islam are women.
1. Wealth as a Test from Allah
- Verse:“And know that your wealth and your children are but a trial and that Allah has with Him a great reward.”
(Quran 8:28) - Tafsir:
- Ibn Kathir: This verse reminds believers that wealth and children are tests from Allah. They can either lead one closer to Allah or distract from His worship. The true reward lies in the Hereafter, not in worldly possessions.
- Al-Qurtubi: Wealth is a blessing but also a responsibility. It should be used in ways that please Allah, such as charity and supporting one’s family, rather than being hoarded or misused.
2. Prohibition of Hoarding Wealth
- Verse:“And those who hoard gold and silver and do not spend it in the way of Allah – give them tidings of a painful punishment.”
(Quran 9:34) - Tafsir:
- Ibn Kathir: This verse condemns those who amass wealth without fulfilling their obligations to Allah, such as paying zakat (obligatory charity). Hoarding wealth is seen as a sign of greed and ingratitude.
- Al-Tabari: The verse emphasizes the importance of circulating wealth in society to benefit the poor and needy. Hoarding disrupts this balance and leads to social inequality.
3. Spending Wealth in the Way of Allah
- Verse:“The example of those who spend their wealth in the way of Allah is like a seed [of grain] that grows seven spikes; in each spike is a hundred grains. And Allah multiplies [His reward] for whom He wills. And Allah is all-Encompassing and Knowing.”
(Quran 2:261) - Tafsir:
- Ibn Kathir: This verse highlights the immense reward for spending in the way of Allah, whether through charity, supporting the needy, or funding good causes. The metaphor of the seed illustrates how small acts of generosity can yield great results.
- Al-Jalalayn: Spending in the way of Allah purifies wealth and increases its blessings, both in this life and the Hereafter.
4. Prohibition of Usury (Riba)
- Verse:“Those who consume usury will not stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, ‘Trade is just like usury.’ But Allah has permitted trade and has forbidden usury.”
(Quran 2:275) - Tafsir:
- Ibn Kathir: Usury (riba) is condemned because it exploits the needy and creates inequality. Trade, on the other hand, is permissible because it involves mutual benefit and fairness.
- Al-Qurtubi: The verse underscores the importance of ethical financial practices. Usury is harmful to society, while trade promotes justice and cooperation.
5. Wealth as a Means, Not an End
- Verse:“Wealth and children are the adornment of the life of this world, but the enduring good deeds are better to your Lord for reward and better for [one’s] hope.”
(Quran 18:46) - Tafsir:
- Ibn Kathir: This verse reminds believers that worldly possessions are temporary and should not distract from the pursuit of good deeds and the Hereafter.
- Al-Tabari: Wealth and children are blessings, but they are not the ultimate goal. True success lies in using these blessings to please Allah and benefit others.
6. The Obligation of Zakat
- Verse:“Take, [O Muhammad], from their wealth a charity by which you purify them and cause them to increase, and invoke [Allah’s blessings] upon them. Indeed, your invocations are reassurance for them. And Allah is Hearing and Knowing.”
(Quran 9:103) - Tafsir:
- Ibn Kathir: Zakat purifies wealth and the soul of the giver. It also fosters social solidarity by redistributing wealth to the needy.
- Al-Jalalayn: Zakat is a means of spiritual and material growth, as it removes greed and strengthens the bond between the rich and the poor.
7. Warning Against Greed
- Verse:“And let not those who [greedily] withhold what Allah has given them of His bounty ever think that it is better for them. Rather, it is worse for them. Their necks will be encircled by what they withheld on the Day of Resurrection.”
(Quran 3:180) - Tafsir:
- Ibn Kathir: This verse warns against greed and the refusal to spend in the way of Allah. Such behavior leads to punishment in the Hereafter.
- Al-Qurtubi: Wealth is a trust from Allah, and withholding it from those in need is a betrayal of that trust.
8. The Virtue of Giving Charity Secretly
- Verse:“If you disclose your charitable expenditures, they are good; but if you conceal them and give them to the poor, it is better for you, and He will remove from you some of your misdeeds. And Allah, with what you do, is [fully] Acquainted.”
(Quran 2:271) - Tafsir:
- Ibn Kathir: Giving charity secretly is more virtuous because it protects the giver from showing off and preserves the dignity of the recipient.
- Al-Tabari: This verse encourages humility and sincerity in acts of charity, which are more pleasing to Allah.
9. Wealth as a Tool for Good
- Verse:“And spend [in the way of Allah] from what We have provided you before death approaches one of you and he says, ‘My Lord, if only You would delay me for a brief term so I would give charity and be among the righteous.'”
(Quran 63:10) - Tafsir:
- Ibn Kathir: This verse urges believers to use their wealth for good deeds before it is too late. Procrastination in spending for the sake of Allah is a sign of heedlessness.
- Al-Jalalayn: Wealth is a fleeting opportunity to earn Allah’s pleasure, and delaying its use for good is a grave mistake.
| Category | Principle | Description | Quranic/Islamic Reference |
|---|---|---|---|
| Wealth Distribution | Zakat (Obligatory Charity) | A mandatory wealth tax (2.5% of savings/assets) to support the poor and reduce inequality. | “Take from their wealth a charity to purify them and bless them.” (Quran 9:103) |
| Prohibition of Hoarding | Hoarding wealth is discouraged to ensure the circulation of wealth in society. | “So that wealth does not circulate only among the wealthy.” (Quran 59:7) | |
| Financial Transactions | Prohibition of Riba (Interest) | Interest-based transactions are forbidden; profit-and-loss sharing is encouraged. | “Allah has permitted trade and has forbidden interest.” (Quran 2:275) |
| Prohibition of Gharar (Uncertainty) | Contracts involving excessive uncertainty, speculation, or gambling are prohibited. | Based on Hadith: “Do not sell what you do not possess.” (Sunan al-Tirmidhi) | |
| Ethical Conduct | Prohibition of Haram Activities | Economic activities involving haram (forbidden) goods/services (e.g., alcohol, gambling) are banned. | “He permits for them the good things and forbids to them the evil.” (Quran 7:157) |
| Fair Business Practices | Honesty, transparency, and fairness are required in all transactions. | “Give full measure and weight in justice.” (Quran 6:152) | |
| Ownership & Stewardship | Trusteeship of Wealth | Wealth is considered a trust from God; individuals must use it responsibly for societal benefit. | “Believe in Allah and His Messenger, and spend out of what He has made you trustees of.” (Quran 57:7) |
| Social Justice | Equitable Distribution of Resources | Wealth and resources should be distributed fairly to ensure social justice. | “We distribute among them their livelihood in this world.” (Quran 43:32) |
| Support for the Needy | Mechanisms like Zakat, Sadaqah (voluntary charity), and Waqf (endowments) support the vulnerable. | “And in their wealth is a recognized right for the needy and the deprived.” (Quran 70:24-25) | |
| Labor & Wages | Fair Wages and Labor Rights | Workers must be paid fairly and treated with dignity. | Hadith: “Pay the worker his wages before his sweat dries.” (Ibn Majah) |
| Risk Sharing | Profit-and-Loss Sharing | Encourages partnerships (Mudarabah, Musharakah) where risks and rewards are shared. | Based on Islamic jurisprudence and principles of fairness. |
| Consumer Protection | Fair Pricing and Quality | Consumers must be protected from exploitation, fraud, and poor-quality goods. | Hadith: “The seller and the buyer have the right to keep or return goods until they part.” (Sahih al-Bukhari) |
Islam has its own notions of private and public property far removed from the associated ideological frameworks of modernity. Private property is neither the grounds for all individual rights on the basis of which humans move from a “state of nature” to civil society nor something inherently evil that needs to be done away with. Rather, on the Islamic view, all things are created by Allah سبحانه وتعالى and are His property first and foremost, from where they become the property of human beings by the delegation and permission of Allah سبحانه وتعالى, affording them the right to dispose of them within parameters set by Allah سبحانه وتعالى.
Within this framework, Islam affirms a place for both private ownership [milk khass], defined broadly as the permission of the Lawgiver سبحانه وتعالى for an individual to have exclusive rights of disposal of a thing, and public ownership [milk ‘aam], defined broadly as the permission of the lawgiver for a thing to be commonly benefited from by people at large with no one having exclusive rights.
IMF Structural Adjustment Programs, forced Africa to
- Float Currencies
- Remove essential subsidies
- Privatize state companies
- Open markets to unfair competition
Policy Proposals
- Modern Monetary Theory (MMT): Keen aligns with some principles of MMT, arguing that governments with sovereign currencies can and should use fiscal policy to achieve full employment and address social and environmental challenges.
- Debt Jubilees: He proposes debt relief or “jubilees” to reduce the burden of excessive private debt, particularly for households and small businesses.
- Financial Regulation: Keen calls for stricter regulation of the financial sector, including limits on speculative activities and reforms to the banking system to prevent crises.
Economics and Wealth
- Prohibition of Interest (Riba)
- “Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, ‘Trade is [just] like interest.’ But Allah has permitted trade and has forbidden interest.” (Quran 2:275)
- Wealth Distribution and Zakat
- “Take, [O, Muhammad], from their wealth a charity by which you purify them and cause them increase, and invoke [Allah’s blessings] upon them. Indeed, your invocations are reassurance for them. And Allah is Hearing and Knowing.” (Quran 9:103)
- “And in their wealth is a recognized right for the needy and the deprived.” (Quran 70:24-25)
- Prohibition of Hoarding Wealth
- “And those who hoard gold and silver and spend it not in the way of Allah – give them tidings of a painful punishment.” (Quran 9:34)
- Fair Trade and Honesty in Business
- “O you who have believed, do not consume one another’s wealth unjustly but only [in lawful] business by mutual consent.” (Quran 4:29)
- “Give full measure and do not be of those who cause loss. And weigh with an even balance. And do not deprive people of their due and do not commit abuse on earth, spreading corruption.” (Quran 26:181-183)
- Economic Justice and Helping the Poor
- “And they give food in spite of love for it to the needy, the orphan, and the captive, [saying], ‘We feed you only for the countenance of Allah. We wish not from you reward or gratitude.'” (Quran 76:8-9)
- “And in their wealth is a right for the beggar and the deprived.” (Quran 51:19)
- Prohibition of Exploitation
- “Do not approach the orphan’s property except in a way that is best until he reaches maturity. And give full measure and weight in justice. We do not charge any soul except [with that within] its capacity.” (Quran 6:152)
Build Strong Economies
- Problem: Many Muslim-majority countries rely on raw material exports (e.g., oil) and lack diversified, sustainable economies.
- Solution:
- Diversify economies by investing in industries like technology, manufacturing, agriculture, and renewable energy.
- Promote trade and investment among Muslim-majority nations to reduce dependence on external powers.
- Encourage entrepreneurship and small businesses through access to capital and training.
