Abstract
Social development is prioritizing human needs in the growth and progression of society. It also governs the norms and conventions that govern human interaction. The focus is on improving the lives of citizens, especially the poor, to make society a better place for everyone. Social Development focuses on the need to “put people first” in development processes. Poverty is more than just low income. It is also about vulnerability, exclusion, unaccountable institutions, powerlessness, and exposure to violence. Social Development promotes social inclusion of the poor and vulnerable by empowering people, building cohesive and resilient societies, and making institutions accessible and accountable to citizens.1 In achieving, the ultimate objective of self-sufficiency, favorable, fair and conducive regulatory environment is mandatory for carrying out business and trade activities. Fiscal system, therefore; becomes the most vital area to regulate and administer by any reformist and just ruler. Financial sector was one of the most important areas which were regulated by the Holy Prophet (Peace and Blessings be upon Him) in the light of divine guidance. There were three kinds of contracts and practices in Arab when prophet hood was awarded to Holy Prophet (Peace and Blessings be upon Him). Firstly, contracts and practices which were contradicted to principles of Shariah and were prohibited. Secondly, contracts and practices which were having objectionable elements but can be refined so the Holy Prophet (Peace and Blessings be upon Him) imposed certain conditions to carry out those contracts and practices by the believers. In this way, those contracts and practices were made fully Shariah compliant. Lastly, new contracts and practices, which were new to Arabs, were introduced by the Holy Prophet (Peace and Blessings be upon Him) through Shariah injunctions.
Keyword(s)
Financial Reforms, social development, Holy Prophet, Medinian Society