Definition
of Private Ownership
Individual ownership is a divine
rule estimated in terms of asset or benefit, which accordingly enables the
owner to utilise the asset and to receive compensation for it. This could be in
the form of a person's ownership of, for example, a loaf of bread or a house.
He is able through his ownership of the loaf, to eat it or to sell it.
Similarly, through his ownership of the house, he is able to live in it or sell
it. In both examples, the loaf of bread and the house are assets. The divine
rule concerning them is the Lawgiver's permission for man to utilise them by
consuming them, benefiting from them or exchanging them. The permission of
utilisation entails that the owner is able to eat the loaf and live in the
house, as well as being able to sell them. With regard to the loaf, the divine
rule is estimated by the asset, which is the permission to consume it. With
regard to the house, the divine rule is estimated by the benefit, which is the
permission to live in it. Ownership
is thus defined as the Lawgiver's permission for utilising the asset. Accordingly,
ownership is not established except when the Lawgiver allows it and allows its
means. The right of owning the asset does not result from the asset itself, or
from its nature by being either beneficial or harmful. Rather it results from
the permission of the Lawgiver, and from His (SWT) allowing of the means that
permits an asset to be legally owned. By this, the Lawgiver permits the
ownership of some assets and prohibits the ownership of others. He also permits
some contracts and prohibits others. Thus, the Lawgiver prohibited the
ownership of wine and pigs by Muslims, and prohibited the ownership of funds
acquired through usury and gambling by any citizens of the Islamic State. He
permitted selling, thus making it Halal, and prohibited usury thus making it
Haram. He permitted the company of 'Anan (partnership by body & finance)
and prohibited co-operatives, joint stock companies and insurance.
(Taqiuddin
an-Nabhani, The Economic System of Islam, 6th Edition, Page # 69, 70. 2004/2008,)
Post a Comment