5) Islam and Economics

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For this week's lesson, our lecturer taught us how Islam also priotitizes economic sustainability, and how SDGs could be connected to the Islamic economic principles that promote fairness, justice, and social welfare. Sir Ali showed us a screenshot of a news report where it talks about how zakat can help reduce poverty in Nigeria, and it particularly caught my attention because it highlighted the importance of Zakat and why it is compulsory for Muslims. Zakat mandates Muslims to give a portion of their wealth to those in need because Islam prohibits poverty as it is close to disbelief (kufr) due to the poor unable to commit Zakat which is one of the Five Pillars of Islam. This practice helps redistribute wealth and reduce inequality, ensuring that resources are shared more equitably. It fosters social cohesion and supports the well-being of the less fortunate, contributing to a more balanced and sustainable economy. Relating this to Sustainable Development Goals, and it is clear that the act of Zakat aligns with the first goal established by the UN which aims to eliminate poverty. 


While economy is important for our society, Islam always reminds us to not do it at the expense of other people and the environment. Islamic law forbids fraudulent activities, exploitation, and unjust enrichment, and Riba or interest is heavily criticized as written in surah Al-Qasas ayah 77: "Rather, seek the reward of the Hereafter by means of what Allah has granted you, without forgetting your share of this world. And be good to others as Allah has been good to you. Do not seek to spread corruption in the land as Allah certainly does not like corruptors." It is a reminder that we should always be honest with our actions, even when it comes to our economic practices. This could be further enhanced with the 8th SDG which is Decent Work and Economic Growth, which puts focus on economic growth, productive employment, and responsible production.

In conclusion, it made me realize that the core of SDG has always been found in the Islamic teachings and that it has been embedded in our life as Muslims. One of the most evident proofs that sustainability has always been integrated in Islamic perspective is the existence of Ramadan, a month that teaches us to minimize food waste and abstain from the bad habit of overconsumption. 

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