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Psychological factor in economics

WHY we have need to use the word Islamic as prefix before Economics, Business, Banking, Finance, Marketing,Management etc? The answer is that unfortunately the Muslim Ummah turned from the long slumber of centuries due to the international downfall. Over the period of few centuries, the secular and western theories and practices were formulated and imposed upon the world in wise manner. The whole world has been trapped in such a selfish socio-economic system and we are used to this system that is doing economic killing at global level. The innocent members of this global village is being played into the hands of a particular segment ie capitalists. When we talk, discuss and use the terms and concepts of Islamic Economics, Banking, Business & Finance, the people generally seem and think that we are talking about something new into the present socio-economic scenario and seem unusual and unnatural concepts, methods, procedures and policies. The reality is absolutely different. These are not the new and strange concepts in a real sense but these are the methods and modes that we are using in our daily and routine life but when we are applying these modes and methods in prevalent economics, banking and finance field, we feel that these are new concepts. We do sale, rental and partnership based transactions but when we move to the practices of monetary management, money supply, banking and finance, we do not consider these natural transactions rather than unnatural interest-based transactions.
Think with your mind. One person comes to you and a needy person that needs money. In the natural social manner, we help the people without making demand for interest i.e. over and above the principal amount. Here, either we would help by Qarz, Qarz-e-Hasna or give money as Charity (without consideration of return of even principal amount or commodity etc.). When we would like to get something that meets our needs, we go to buy or to get the certain asset on a rental basis for a particular period. When we need for investment or to extend our business, we desire for partnership. If we would like to earn on the money i.e. interest, the people do not like this activity or desire. This activity would be called as selfish activity. We will feel this activity as prohibited in our general course of life but it is amazing that when we move towards the financial world and world economy, the interest-based financing and economic mechanisms being practised and implemented and we do not feel these activities in a detested manner.
If we consider in this respect, we may easily feel and understand that our minds are being run by something different viewpoint and we are used to these principles in the particular economic, banking and financial sector. It means that we are practising two types of behaviour in two different scenarios. Our real socio-economic humanistic mood is opposite from our prevalent financial system. Therefore, it is evident from the above-mentioned clarification and discussion that our socio-economic system is running on dual policies. Why we do not feel bad when we come to economic, banking and financial matters like social and individual manner. The ball is up to in your court to think about it. This is the clear difference between natural and unnatural and selfishness. If we think seriously and deeply in this matter, we may feel that something wrong which we follow blindly. When we feel then we must consider and think about what is going wrong.What is the reason of this ignorance? A reason of this ignorance and lack of ill-feeling is that the interest-based mechanism in our socio-economic environment is a general practice in such a nature that it is considered and recognized as a backbone for the present economic applications. Our economic and business education is also based upon the secular economic principles so that we do not consider any bad feeling to this system. To evaluate the practices of the secular socio-economic system to consider the right and wrong, we must think about some matters as below:
First, being a Muslim, we must know and understand the Islamic teachings about economics. It is mandatory for any Muslim to know these teachings while making transactions with each other. Otherwise, one can easily involve in prohibited transactions because we are living in the world in which the socio-economic practices are almost prohibited from Islamic posture. When we know the Islamic teachings, we would clear about what is right and what is wrong. From Islamic point of view, interest based mechanism and other activities like gambling, lottery, etc are strictly prohibited. Second, we must think about the objectives of the society. We can easily think that the certain socio-economic policy is considered the best which leads to social welfare and equitable distribution of wealth. When we evaluate the system whether it is capable to achieve the certain objectives, we may easily come to the point that the whole socio-economic system is favourable for the particular segment of the society ie capitalists because it is the system in which the capitalist earns more and more money from the weapon of interest by unfair and unnatural means. When we think in this respect as mentioned above, we can clear our concepts and mind and adopt the rationale to reject this system at least in our minds.