INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA

ECON 1710:
FOUNDATION OF ISLAMIC ECONOMICS

INDIVIDUAL ASSIGNMENT
ON
WHEN WORLD WITTHER AWAY-GUIDANCE IN THE
LATTER DAYS
BY
SHAYKH HAMZA YUSUF

CLASS SECTION: 05

NAME:
ZULHILMI IZZUDDIN BIN KAMARUDDIN (1526325)
LECTURERS NAME: DR. MOHD MAHYUDI BIN MOHD YUSOP
SUBMISSION DATE: 23 FEBRUARY 2017

1) ONTOLOGY
Ontology is branch of metaphysics dealing with nature of being. Allah SWT created human
for reasons which are to cultivate this earth, to do ibadah i.e. to worship and glorifying him
and to love him as a god and last as a caliphate to utilize this earth in the best way possible,
also as a reminder that our surrounding whether seen or cannot be seen are parts of Allahs
creation. Allah also assign man as a trusty to manage the nature, to rule ourselves and others
in best possible way without harming and destroying it. However, because of human
greediness of wanting wealth, they become corrupted, polluting and being mischief in the
land of Allah. Because of sin of children of Adam, they lose the blessing of the earth which is
harm that come in form of air Pollution, decreasing numbers of fish in the sea, tree no longer
giving fruits as a reminder for them to return back to Allah. Hence, we should not do
anything that can harm others life because its not allowed by shariah, in Islamic Economic
we must take care the resources carefully because its Amanah that must not be abused so the
society can gain benefits from it. Islamic rules that man should consider not only himself but
others as well.
2) EPISTEMOLOGY
Epistemology is a theory of knowledge. Why nature is so upset with children of Adams
behavior? According to Hamza Yusof, human supposed to be the caretaker of the earth but
due to economic of usury from the wealthy charging the poor excessive amount of money
that they borrow causing the poor become the slavery of debt which is against the command
of Allah not to perform usury transaction. He supports his argument by mentioning the verses
in Quran about the prohibition of riba. He also did a research that Human spent billions of
dollars per year for military activities which causes catastrophic and chaos to the country that
being bombed by evil human beings. Is this even right to invest money on devastating
weapons? It is Haram in Islam to invest something that bring harm to the society. He also
believes that social autism is causes by private world that human spent more time on digital
game which causes their ability to interact socially to lose. So, its important in Islamic
Economic to provide, invest & produce goods which is permissible by shariah and not
suppressing the poor by charging them interest because Islamic Economic system is
completely riba free!
3) AXIOLOGY
Axiology is things which is valuable and norm of people. Obesity is a norm to people that
loves to eat in excess which mostly were caused by fast food. He then relates to the
overeating to Muslim because Muslim love to eat excess amount of food during Ramadhan
and ignoring those in need. Islamic Economic teaches us to provide basic need for other
people which why Islamic State must provide necessities to every single person in the
community since most of the obese and poor people are from Muslim majority country. Yusof
Hamza also stressed out that Human Trafficking mostly occurred on children for sex industry
which the Muslim country contributes the most searched pornographic movies in the internet
which is eerie disgusting and allows economic activities that may give negative effect to
future generation. Therefore, Islamic Economic can remove something harmful because it
follows Maqasid Shariah by protecting the future generations from poverty, diseases, hunger
and economy that oppress.
To conclude, we can attain falah if we transform our economy to purely Islamic Economy
which follows Maqasid Shariah that seeking something useful and remove harmful things.
hence Islamic Economic will remove all the harm and limitation that conventional have.
andmust establish a moral economic system that integrate moral value for the society
implementing technology which care for the environment is strongly recommended. Islamic
Economic should provide necessities to those in need so they wont be left out and must
establish a moral economic system that integrate moral value for the society.
Lastly, he points out about group of people who become disfigured and ugly that has altered
their faces to support something and he tells that many people that shedding and doing
corruption at many different levels are unlawful which they will answer to Allah.