Self-Inflicted Injuries and the True North– Battling Pakistan’s Economic, Social and Moral Degradation through Islamic Socioeconomic and Sociopolitical Tenets

Pakistan has been affected by negative trends in economic, financial, technical and leadership spheres and the prospects of affluence and prosperity are as elusive today as several decades ago. It is reasonable to assume that a few financial, monetary, and economic measures would not be effective in resolving the present conundrum. In this regard, this research aims to explore the factors associated with poor economic performance at individual, institutional and governmental levels. By adopting a descriptive research method, this paper proposes seven Islamic tenets whose implementation by Pakistan and other Islamic nations can help rebuild and sustain their economies in the most effective fashion. These tenets are integrity-based culture, institutional trust, institutional order, interest-free economic system, the distinction between Halal and Haram, regulation of Zakat compliance systems, and equity and justice. The above tenets are deliberated upon from social, economic, political, and ethical perspectives. The paper concludes by highlighting workable solutions and remedial measures to tackle the current economic challenges faced by Pakistan and the Muslim world