Islamic Economy Vs Capitalism And Socialism Essay

 

Islamic economic Believes

Every economic system has its own peculiar features, which form its foundation andfrom which it can be distinguished and recognised.Islam believes in justice and fairness in the economic field. According to it, the manis God’s viceroy or deputy in overall divine scheme and he has been given limitedrights of ownership of means of production. It recognises intervention of state in theeconomic activity for the purpose of ensuring welfare of its citizens. Abolition of interest, institution of sadaqat and Zakat, concept of lawful and unlawful, equitabledistribution of wealth, prohibition of hoarding and stress on circulation of wealth,concern for well being of the poor are the distinctive features of the Islamiceconomic system.

1- Allah is the Sustainer 

One of the major features of Islamic economic system is the concept that Allah, theAlmighty God of universe, is the sustainer and provider. Allah provides livelihoodand subsistence to all of His creatures in the universe. It is Allah who has createdall means and resources through which man earns his livelihood. Allah, in fact, hascommitted to feed, sustain and nourish all creatures including human beings. Theconception of God’s Dispensation does not, however, suggest that one should sitidle and wait for sustenance which would automatically come to him. Instead of giving up struggle, Islam rather inspires a person to do his best in order to earn hislivelihood by using all lawful (Halal) and fair means.

2- God is Real Owner of Everything and Man is merely a Trustee

The heavens and the earth and everything in the universe belongs to Allah. God is thereal owner of everything, al-though He has given some rights to man for use of thingsrequired by the latter for his existence on the earth.

3- Prohibition of Interest 

Interest, which forms the foundation of capitalistic system of economy and whichhas not been eliminated even in the socialist system, has been completelyabolished by Islam. Charging of interest is a major sin and the usurers have beengiven the notice of war from God and His messenger.

Ahadith of Muhammad (PBUH):

 

certain values of which pity, justice, benevolence, cooperation, brotherhoodand equality are especially important. The sources and origin of these values

are the Holy Quran and the Sunnah of Allah’s Apostle (PBUH). They are

eternal and immutable. Consumers, producers and traders are must abidethese values.At one level, the state can also use the its powers to implements andenforce these values, however, Islam mostly ensure their implementationsand daily affairs of life through its system of education and training and bycreating a general climate of piety in the society.Some Fundamental features of Islamic Economics System are written below.

All the wealth belongs to Allah (SWT):"

 And give them of the wealth of Allah which He has given you

."

[An-Nur:33]

The community is the trustee of the wealth:"

Believe in Allah and His Messenger, and spend whereof He has made youheirs." 

Al-Hadid: 7]

Hoarding of wealth is prohibited:"

 And those who hoard up gold and silver and spend not in the way of Allah;announce to them a painful chastisement 

."

[At-Tauba: 34]

. Circulation of wealth is a duty:"

Whatsoever Allah may restore unto His Messenger - is due unto Allah and unto His Messenger - the orphans and the needy. So, that it may not beconfined to the rich amongst you

."

[Al-Hashr: 7]

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