Introduction: The debate between proponents and opponents of the existence of an Islamic economic system is a longstanding one, also present in other areas of Islamic jurisprudence. The question arises: does believing or not believing in the existence of an Islamic economic system affect its acceptance or rejection? Hojjat al-Islam Dr. Ali Nemati, Assistant Professor of the Islamic Economics Department at the Research Institute for Islamic Studies in Humanities, addresses this question in an exclusive oral commentary for Contemporary Jurisprudence. While he advocates for maximalist jurisprudence, he does not accept some of the implications commonly associated with this theory.
We believe that Islam possesses an economic system. When the Sacred Lawgiver and the Imams (peace be upon them) addressed economic matters, their guidance stemmed from a comprehensive theory and perspective on the economic domain, aimed at discerning overarching benefits and harms. However, since their audience at the time lacked the capacity to fully grasp these concepts, they provided only specific responses and solutions to existing issues. Therefore, it is not the case that we have received isolated rulings on personal matters, nor do we possess a fragmented and incoherent set of economic rights. On the contrary, we maintain that Islamic economics has a system, and these injunctions originate from that system. Extracting this system and the foundations that generated these specific rulings is the responsibility of jurisprudence.
To extract the Islamic economic system, our approach is one of maximalist jurisprudence. We believe that the perspective held by Imam Khomeini (may his soul rest in peace), the Supreme Leader, and great thinkers of the Islamic Revolution, such as Martyr Sadr and Martyr Motahhari, was this maximalist approach, which gave rise to the Islamic Revolution and continues to sustain it today. A minimalist approach might not have led to the Islamic Revolution. However, it must be noted that while we advocate for maximalist Islam, religion, and jurisprudence, maximalist jurisprudence in no way implies maximal government intervention in all affairs. In other words, neither minimalist jurisprudence seeks to negate the system, nor does maximalist jurisprudence equate to maximal government intervention in the economy.
If we approach the theory of the market in the Islamic economic system with a maximalist jurisprudential perspective and proceed to categorize, organize, and extract it—along with the theory of the state in Islamic economics and the theory of money in the economic and jurisprudential system—we will realize that this approach results in a minimalist state.
What we refer to as the popularization of the economy has numerous and prominent indications in Islamic economic teachings. It is one of the highly commendable scientific initiatives of the Supreme Leader, who chose this term to describe the ideal economy for our Islamic system. Although he has not formally studied economics extensively or specialized in it, he has articulated this concept with remarkable intelligence and precision.
Assomeone familiar with economics, I assert that we must beautifully describe and elucidate the concept of popularization and the people-centric nature of the various components of Islamic economics. We can explain issues such as the market, the state, social welfare, money, financing, and other components of the Islamic economic system through the lens of being people-centric.
Some believe that the popularization of the economy means delegating matters such as atonements (kaffarat) and restitution of injustices (radd-e mazalim) to a fully qualified jurist. However, in a people-centric Islamic economy, it is the fully qualified jurist who assumes the responsibility of guardianship (wilayat al-amr) and formulates and promulgates various economic laws, ranging from banking to financial markets. In other words, the multiplicity of decision-making and policy-formulating centers in the economy does not equate to the popularization of the economy.
The popularization of the economy is clearly evident in Islamic rulings. For instance, in the case of zakat, it is stipulated that individuals should, as far as possible, spend their zakat in their own region and submit it to the religious authority of that region. If the zakat payer takes it elsewhere and it is lost en route, since their custody is no longer considered entrusted, they are liable for the lost amount and must pay it again. This indicates that Islam places special emphasis on small-scale and localized systems, in contrast to the centralized approaches of socialism and communism, which have been subject to serious criticism by pioneers of the Islamic Revolution, such as Martyr Sadr and Martyr Motahhari.