BIIT International Conference on Economic Development in Islam (Webinar) Held

Economic development, a balanced and sustainable growth of material capability aiming human welfare -Prof. Dr. Abulhasan M. Sadeq

Islam is the complete code of life covers all aspects of human being including social, cultural, political and economic life. Unlike other religion, it indicates the way of success not only in spiritual life rather also in worldly life. As Allah urges the believer to seek welfare in Duniyah (Worldly life) and Akhirah (Spiritual life). The economic development of a Muslim aims not merely to serve the purpose of Duniyea rather of Akhirah.

Former Dean of Research Management Center in IIUM and the founding Vice Chancellor of Asian University of Bangladesh Professor Dr. Abulhasan M. Sadeq made those remarks while addressing his keynote speech in the international conference on “Economic Development in Islam”. The program was organized on Saturday, 26 September 2020 as the part of “IIIT-BIIT Intellectual Discourse Series” by US-based international think tank, International Institute of Islamic Thought (IIIT) and Bangladesh Institute of Islamic Thought (BIIT). Secretary General of IIIT, USA and the faculty of medicine at the King Fahad Medical City Dr. Omar Hasan K. Kasule inaugurated the international conference chaired by the executive director of BIIT, Dr. M. Abdul Aziz.

Professor Dr. Abulhasan M. Sadeq further said that the economic development has no uniform definition across the world. General economist indicates the growth, industrialization or distribution as the components of economic development. However, In Islam there are three indicators mean economic development- wealth or resource acquisition, equity in distribution, and normative development (Promotion of social and ethical values).

He also said that the way of economic growth in Islam is completely different from general approach. Islam encourages the utilization of intellectual and material resources to earn money in one hand, on the other hand urge the rich people to give zakah and sadaqah. It prohibits the discrimination and fraud in business and commands to confirm ethical conducts.

Having participated in the Question and Answer session, he added that Islam urges the believer to confirm just and equitable distribution of their resources. Islam also encourages normative development means the promotion of social and ethical values. The business shall not just serve the purpose of worldly pleasure, rather for sake of humanity.

In inaugural speech, Prof. Dr. Omar Hasan Kasule said that economy is an essential part of our life. We are not self-sufficient. We have to rely on others to meet our different needs. Then it comes about exchange of goods and services. The economy starts then. In today’s world, two concerns related to economy are significant. One is interest-based economy that deteriorates the state of poor and makes the rich richer. Another is the accumulation of resources by few people. In this situation, the Islamic economy with its humanitarian approach and the principles of equitable distribution can play a significant role to end the economic crisis of human being.

More than hundred Academics and scholars had joined the international conference from many countries across the world including India, Malaysia, Pakistan and Bangladesh.