The Qur’an and the Sunnah as eternal sources of Islamic law serve as guidance for all of humanity. They not only govern religious matters but also provide guidance in social, political, economic and all aspects of life. These dual sources of law serve as a compass for humanity, preventing deviation. As the Prophet Muhammad said: “I have left behind two things, the Quran and my Sunnah, you will never go astray as long as you hold fast onto them.” (HR Hakim, Sahih).
Islamic economics, with the Qur’an and the Sunnah as its legal basis, provides guidelines for what is permissible (halal) and what is forbidden (haram). This includes prohibiting usury (interest), gambling, deception, hoarding, covering up defects, deceitful pricing, and speculation, while emphasizing justice, efficiency, and social welfare supported by instruments such as zakat, infaq, sadaqah, and other righteous deeds. The development of Islamic economics cannot be separated from the role of the Qur’an and the Sunnah, Islamic jurisprudence, ijtihad, tradition (history), and modernity.
This was explained by Dr. Abdul Haris, M.Ag., a lecturer at the Faculty of Islamic Economics and Business at UIN Sunan Kalijaga Yogyakarta, during a session aimed at Improving Academic Competence for Sharia Financial Management students on Monday (10/09), held at the Main Hall of the UIN Sunan Kalijaga Yogyakarta Mosque’s Religious Laboratory.
The Academic Competence Improvement session, attended by all lecturers and students of the Sharia Financial Management program, was inaugurated by the Head of the Sharia Financial Management Study Program, K. H. M. Yazid Affandi, M. Ag. In his address, he expressed hope that this activity would benefit the students, enriching their understanding of Islamic economics, which would serve as a foundation for development in an increasingly advanced era.
Dr. Abdul Haris, M.Ag., teaching Quranic interpretation and Hadith of Economics, proceeded with his presentation by illustrating several cases found in the Qur’an and the Sunnah. The students’ enthusiasm to actively engage was evident during the Q&A session. Some students posed questions related to economic issues in the classical (Prophet Muhammad and his companions) and contemporary eras, demonstrating their readiness as students studying Islamic economics to face economic dynamics. (AF)