Economic Crises: Their reality and solutions from the viewpoint of Islam

مقدمة / Introduction

The word "crisis" in the Arabic language means severity, and here it refers to a severity that cannot be resolved except by exerting effort and exhausting capacity. The word "economy" in Arabic comes from the concept of moderation, meaning a straight path, and also means thrift and the opposite of extravagance. The word originally derives from an ancient Greek term meaning managing the affairs of the household in such a way that its capable members participate in producing food and providing services, and all its members share in enjoying what they possess. People then expanded the meaning of the house to refer to the group governed by a single state. Accordingly, the intended meaning of the word economy here is not the linguistic meaning but the technical meaning, which is managing financial affairs, either by increasing it and ensuring its existence, which is what economics studies, or by how it is distributed, which is what the economic system studies. Thus, an economic crisis means a severe disruption in the management of the state's financial affairs, which requires exerting effort and exhausting capacity to remove it and restore the situation to rectitude and moderation. The economic crisis does not mean a simple defect in financial matters that can be addressed by ordinary means. Such a defect is usually expected to occur in all aspects of life and can be addressed and accepted within permissible limits.