anon? Islam's Metaphysical Economy: “Trade Based on Contentment” | Hatem Bazian cs: IC IC IC (Cea ten togmennicenn) Islam’s Metaphysical Economy: “Trade Based on Contentment” |psuas 93.2017 | ARTES PAPERS (HTP WATER £ exss:rmacebookcon/saresharer php: hatembasin comvcortentsamemetaphysabeconamy-radebesedon- VF ns 80h MataphyscalHEconomyRaA EZREOHOCTradarBasedson*Contantinets ‘pwn natembazian.comicontenvislams-metaphyskaLeconom/trade-besed-on 80890) & sos: google comshareurhepdlmnhatmbadian com contents metaphysis economy rade based on contentment Ina momber of verses, the Quran uses the term, “trade based or estab term “contentment” appears in various places in the Qur'an and overall imparts a positive outlook. Here, Lam interested in the specific framing and association of rade and contentment in the vers, which maintain i an important distinctive feature relate to Islamic ‘epistemology of commerce and economic ativiies in the market. Contentment ofall partes in any and all economic transaction produces different relationships among al participants inthe market. Often, the question is asked concerning Islamic economies, sit capitalist, socialist, communist ora combination thereot? The question isan important one on its own and needs a sustained engagement, but one cant {delve into it without first taking a step back and putting forth an Islamic epistemology that can ground the discussion +1 on contentment ofthe parties involved inthe transaction.” The One eat navigate or begin to understand the Quran cl fora “trade based on contentment” without an Islamic epistemology to provide a ‘real essence tothe commercial transaction that goes beyond the seope ofthe written contrac and the material. It must be emphasized (hat the point of departure for Islamic economies i the metaphysical Gist and foremost, and then afterward we enter into the contingent realty of the material soa to facilitate the “normal patterns” of human life and all inhabitants ofthe universe, Certainly, capitalism, communism and socialism are ways to assess and regulate the relationship between the contingently real ofthe material world and the human with no ‘questions or real consequences entertained Beyond the here and now. ‘contract in Islamie epistemology cat be reduced tothe here snd now of the mere savvy legal artiulation of terms since atthe core ofthe tradition isthe idea that we ll wil fcea day’of reckoning and God will be the real and only accountant in charge. Here, one must distinguish ‘etween the enforeeability of the contacts, even those written by savvy legal minds, in the material world versus the real aecouating of the ‘moral and ethical contents ofthe contracts inthe metaphysical world; Ubese two are not equal and not the same, Yes, we are obligated to ‘enforce the tems of the contract inthe physical word but the real failure is achieved onthe day of reckoning, sure of success hp:twwwhatembazian.comicontenvslams-retaphysica-econamy-trade-based-on-contentment 1anon? Islam's Metaphysical Economy: “Trade Based on Contentment” | Hatem Bazian ‘We have become accustomed to peeing the here and now from its metaphysical foundation and locating all human thought and action inthe ‘purely material and workdly legal, Certainly, when examining certain aspets of Islamic economics, one can find common fremes of reference articulations that might fit perfectly into a capitalist, communist, socialist or even anarchist conceptualizatons However, the similarities, Iam afraid, are only inthe outward form or sometimes it’s « pure Muslim imitation that are dressed up in Islamic legal gach that confuses the distinctive natute ofthe tradition and the metaphysics fits economics, that are sometimes identi Increosingly and acros various parts of the Muslim world, Islamic economics have been reduced to a mere reproduction ofthe global ‘capitalist models. Te effort gets dressed up in Islamic terminology and some are apt at creating a harmonizing textual bridge through the wse ‘ofvariousfgh tols to make a seamless adoption. On the other hané, and just as utilitarian, a conceptualization ofa socialist type of Islamic ‘economies undertake a similar textual construction project to rationalize a metaphysically hollow economie project. 1am certain that Islamic text has enough materials to permit any st of individuals to construct a worldly economic edifice that masquerades as being divinely sanctioned and metaphysically constituted. How to construct and conceptualize an Islamic esonomie model that takes as a point of departure en affirmation ofthe metaphysical foundation ofthe world? For most in the established fel of economics — the one tht ‘only measures the relations tothe purely material world — such question does not even belong in the field of economics and shouldbe dealt ‘with in the fields of philosophy, religion or possibly a course on mythology. Economics is toa important of field to entertain such notions as ‘the metaphysics of commercial engagement, and to contemplate responsibilities beyond the age of contrat ané the here and now. 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