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Economical Rulings

How Islam’s Economic System Differs from Capitalism and Socialism?

How Islam’s Economic System Differs from Capitalism and Socialism?

Two main points related to the economic system and the distribution of wealth and productivity in Islam; need further consideration as a prelude to delve into related issues. The first, Islamic economic thought has become vague in the minds of many scholars and cultured people and has led them to deny the existence of such system in Islam. This has been caused on the basis that Muslim thinkers have not ... Read More »

What Are the Reasons of Economic Injustice? (4)

What Are the Reasons of Economic Injustice? (4)

Consumption The major third factor conducive to the economic injustice and perpetuating the spread of poverty and destruction of human resources is ill-consumption, which the misuse of wealth and the non-usage of assets that could preserve and satisfy human demands in a calculated balanced way. Like all other fields, Islam has a unique diagnosis for consumption in its particularly caring way of embracing a complete formula for life. Its guidelines ... Read More »

What Are the Reasons of Economic Injustice? (3)

What Are the Reasons of Economic Injustice? (3)

 Distribution Bad distribution is the second gravest external cause of the economic problem, which also results in the spread of poverty and need, and unbalanced economic life. As clearly seen from secular systems, different social classes have arisen. One of them lives in the lap of luxury, enjoying every kind of material pleasure, amassing wealth, monopolizing means and sources of riches. While the other is hardly able to have daily ... Read More »

What Are the Reasons of Economic Injustice? (2)

What Are the Reasons of Economic Injustice? (2)

Identifying human faults as an internal cause of the economic injustice, Islam turns its attention to specify the external factors, which constitute the chief reasons behind exacerbating the problem. Islam attributes the economic injustice to two factors: The Human Factor. The subjective one and root cause as already has been explained. External Factors. The objective ones. These factors can be deduced, by concerned researchers of Islamic economics, from the sources ... Read More »

What Are the Reasons of Economic Injustice? (1)

What Are the Reasons of Economic Injustice? (1)

By referring to the Qur’an, Prophetic Sunnah, books of fiqh and studies on morals, we can compile many texts, principles and thoughts which deal with the reasons of economic injustice: Allah, the Exalted, says: “Corruption has appeared in the land and the sea on account of what the hands of people have wrought, that he may make them taste a part of that which they have done, so that they ... Read More »

Is Islam Against Being Wealthy?

Is Islam Against Being Wealthy?

Economic conditions of the Ummah (Muslim community), like elsewhere, have a backlash on security and stability, and consequently, advances in health, scientific gains and the process of achieving social justice. In Islam, life’s stability is viewed as a base in a committed Muslim community. Similarly, catering man’s basic necessities is a factor conducive to solidifying piety and winning divine rewards in the Hereafter. Present life and the Hereafter, economic welfare ... Read More »

How Islam’s Economic System Differs from Capitalism and Socialism?

  Two main points related to the economic system and the distribution of wealth and productivity in Islam; need further consideration as a prelude to delve into related issues. The first, Islamic economic thought has become vague in the minds of many scholars and cultured people and has led them to deny the existence of such system in Islam. This has been caused on the basis that Muslim thinkers have ... Read More »

8 Islam’s Measures for Realizing Economic Justice / part 8

#8 Lawful sources of wealth Sources of ownership, or the means by which man can gain wealth, property and amenities of life, are looked upon by Islam as important matters, which define the identity of the economic system, its method of distributing wealth among members of society, fighting poverty and need, and rooting out greed, exploitation and unlawful ways of gaining wealth. Islam sets two key ways of gaining wealth ... Read More »

8 Islam’s Measures for Realizing Economic Justice / part 7

#7 Economic security In Islam, state is liable for the demands and needs of every single subject, Muslim or non-Muslim, should be unable to provide for himself, through his own personal resources or his sponsor. This point is best explained again in the letter Imam Ali (a.s.) wrote to his governor in Egypt, Malik al-Ashtar: “Then I want to caution you about the poor. Fear Allah about their condition and ... Read More »

8 Islam’s Measures for Realizing Economic Justice / part 6

#6 Reciprocal social responsibility Reciprocal social responsibility among Muslims is a further important safeguard towards a just distribution of wealth and combating destitution and poverty in the Muslim community. From an Islamic education, Islamic sentiments are developed for a Muslim to feel responsible for his brother. On no account should be bask in life pleasures and luxuries whereas his brothers suffer from the severe pains bitter hunger, and unsatisfied needs. ... Read More »