RAMADAN & ECONOMIC

Every year Muslims from all over the world and from all ethnic and economic
backgrounds begin fasting from sunrise to sunset every day during a most blessed month
in the Islamic tradition, known as Ramadan. The month of Ramadan is one of abundance,
described in the Qur’an, itself sent down as a guide to all of mankind, as “better than a
thousand months” (Surah al-Qadr: 3). In this month, Muslim’s are competing to do a
good deeds as they knows the benefit that Allah given to His servant. How this benefit
relate to our daily life? In economic perspectives, is it true that a blessed month of
Ramadan will generate something valuable towards a person itself and the society?
The economic relations, however, is the outcome of human inner instinct of self-
love that "always drives him to bring good things to himself, to secure his interests, and
satisfy his needs." Accordingly, man, in his relationship with the environment, is
predisposed to utilize all possible resources to satisfy his needs and increase his pleasure.
In due time, he is willing to use animals and plants to help him in his struggle with the
environment. Although his essential needs were simple in the early period of history, his
mental capacity enabled him to develop new means to help him utilize the resources of
the environment. Thus, his needs were always expanding due to the complexity of
utilizing the resources of the environment.
Man's relationship with others of his kind was the natural outcome of his need to
satisfy his desires. The complexity of life, i.e., his relationship with the environment,
made it difficult for him to sufficiently cope with his needs. Cooperation with others
makes the effort to satisfy his needs manageable. Cooperation with others results in a
sharing of benefits with all participants of the community. A just social system is the one
that allows all people to benefit from the economic wealth. The Islamic economic system,
accordingly, is judged upon this criterion, where the poor can get the benefit from the
rich. Which Ramadan promotes people to help each other.
Islam expedites the social drive toward production in its religious regulation.
Under the Islamic economic system, earning is exclusively linked to working. All other
means of earning and ownership are abolished. The possession of natural resources is not
considered legitimate without continuous human efforts to develop it. Any type of
earning that does not require any human labour, in commerce as well as in production, is
forbidden. For this reason, the usage of the financial capital to generate earning is
abolished. The only legitimate way to make use of the capital is to invest it in the
production process and share the risk of profit and loss. To insure the utilization of capital
in the economic development, Islam strongly forbids the conservation of money and
initiates a yearly tax to downgrade any wealth that is not enrolled in the production
process.
Religion, gives humanity the solution to the basic and deep-rooted problems of
human nature. As Ramadan overcomes the problem of human nature by specifying many
channels of self-control that properly regulate or direct man's instincts into the
appropriate social behaviour through this month. A Muslim should control himself by
avoiding an excess in everything. This month remind us that people outside are still in
help, which we should share our wealth to them.
During Ramadan, every Muslim’s are advised to gain their amal. Every good deed
that we do as related to Allah will be rewarded. One hadith narrated by Abu Huraira,
related that the Prophet said: Allah the Majestic and Exalted said: "Every deed of man
will receive ten to 700 times reward, except Siyam (fasting), for it is for Me and I shall
reward it (as I like). There are two occasions of joy for one who fasts: one when he
breaks the fast and the other when he will meet his Lord" (Muslim). A very large amount
of reward that Allah gives during this month is the present to the ummah of Prophet
Muhammad. That is the best benefit that Allah never gives to the other ummah before.
Thus, in Islamic economics, this is the very valuable profit that we cannot compare to the
other profit that we gain through this world.
In summary, Ramadan as a blessed month is the best month to do the business.
“Anyone who fasts during this month with purity of belief and with expectation of a good
reward (from his Creator), will have his previous sins forgiven," said Prophet
Muhammad, (PBUH). "Anyone who stands in prayers during its nights with purity of
belief and expectation of a reward, will have his previous sins forgiven." As other hadith
tell us, the rewards for good deeds are multiplied manifold during Ramadan. The benefit
that we got in this world will not be seen, but for whom who believe, there are a profit in
the hereafter. Hence, regulate wages and prices so as to overcome the selfishness and
greed of those who possess economic wealth and ensure that poor people can also feel the
profit as being a brother in Islam.