Economic problem has been one of the most major
turning points for revolutions in human annals. It mesmerized people so much
that they started to take it as a human problem on the whole instead of its
part. Such type of economic human analysis made the man a cultured animal who
has come in this world to maintain a good standard of life.
Today, there are two claimants to solve this problem:
1.
Capitalism
2.
Communism
Both of them have gone to the extreme points due to
imbalance theories & ill prescription.
The real economic problem is how to prevail the
economic-justice, not equality, providing everyone with his due right to develop his
personality. The Quran gives perfect principles to solve this human
problem. In the following lines, we will try to discuss them briefly.
CONTROLLED PRIVATE OWNERSHIP AND OPEN MARKET
Islam validates private ownership of property (Surah
Yaseen: 71, Surah Nisa: 71) and open marketing. But it does not leave them free
to move in any direction. It distinguishes between fair and foul means (Halal
and Haram) to stop them from going in the direction which is harmful to society.
Therefore, it does not legalize the property earned through foul means. Islam
bans all such types of business whereby one party is either exploited or
deceived (Surah Baqra:188, Surah Nisa:29). The following kinds of trade are
completely illegitimate in Islam.
l. Interest: - Islam is not ready to reconcile with
interest at any cost (Surah Baqra:275-279). It is something which kills human
values and divides the society into two categories, the haves, and the
have-nots, concentrating the wealth in a few hands. Islam wants to make this
difference as little as possible.
2. Hoarding: - It is a very well known fact to the
students of economics that hoarding causes a man-made economic crisis in a
country. It lets the producers raise prices controlling the supply of goods.
Islam abolishes it as the Holy Prophet (ﷺ) said, "Whosoever hoards consumer
goods
for forty days awaiting rise in prices,
he is out of God’s guard (and in another saying) he is not amongst us.”
3. Speculation: - Speculation is illegal because it
enables a man to earn without making any effort only at the cost
of luck. Sometimes, it doubles the prices of goods before they reach in the hands of consumers. Lottery, gambling and all
other kinds of speculation are also
forbidden in Islam (Surah Maida: 90-91)
4. The exploitation of Human Lust: - What we name today
“Art”, Islam hates them all. It does not allow some people (actor, actresses,
and models) to earn money playing with human sexual feelings. Some cheaters
sell their goods at the cost of giving exposed photographs of model-girls
instead of quality. Islam wants to ban prostitution (Surah
Noor:19,33) and wine (Surah Maida:90) completely.
FLOW OF WEALTH
As it is mentioned earlier that concentration of
wealth in few hands makes a counter rivalry between the rich and poor class.
The more the flow of wealth, the better it is for the society. It is an
established theory in modern economies. Islam takes four steps to take wealth
into more hands.
Two of them are preventive and two are suggestive. -
1. Ban On Interest: - Interest allows the rich to become
richer and makes the flow of wealth from down to upwards. Under interest-based the system, some people run the business on the savings of all giving the savers a
share out of their own pocket. Moreover, interest and investment are conversely
related to each other. (Keynesian theory)
2. Barriers against Speculation: - It brings the
wealth in some hands without any serious efforts to earn it. Islam wants to
abolish the two strong pillars which make capitalism possible contracting the
fold of wealth in the society.
3. The obligation of Poor Due {Zakat}:
Islam wants to lessen the difference b/w riches and
poor. It makes the riches incumbent, to give away a part of their earning (2½% after a year) willingly to the poor brothers to
increase their purchasing power. Islam charges Zakat from capital (wealth)
instead of income.
4. Inheritance Policy (Surah Nisa: 11-14): -
Distribution of property after one’s demise hits the
feudalism right at its root. It makes land lordship ineffective nullifying the
rule of primogeniture (This law states that only the eldest son can inherit
after his father) and dividing their power (wealth) in a number of small
pieces. Remember that inheritance is an as obligatory law of Islam as prayer.
SPENDING OF WEALTH
Wealth can be spent on three major purposes,
i.
To live a luxurious life
ii.
To earn more.
iii.
Only to save for future
i) Islam lets the believers maintain a good standard
of life (enjoying comforts) but it does not allow a luxurious lifestyle. It
not only forbade overspending but also miserliness (Surah Bani Israeel: 29,
Surah Araf 31-32). It emphasizes on economical expenditures measuring one's
needs. (Surah Furqan: 67) Drinking and adultery are completely prohibited to
stop going money in vain.
ii) Partnership (profit and loss) business are the
alternatives of interest in investing money. Capital will have to share the
risk of loss with other factors of production to earn profit.
iii) Islam dislikes saving money for fear of the future.
It safeguards everyone against rainy days through the official treasury. On the
other hands, it likes the believers to invest money in the way of God (The
Quran uses the term “Fi Sabilillah” to express all such meanings) to let
society progress. Spending money for economic progress is not an imagined
idea of Islam. The modem economists have discovered this fact that the greater
the marginal propensity to consume, the greater the volume of GDP of a country.
SOCIAL SECURITY
The above-mentioned principles cease the unfair
accumulation of wealth. However, you cannot create complete equality in the
practical world. Some people do surpass others utilizing their potentialities.
Some will be quite well to do and some may remain helpless. The artificial
classless society of Marx is not any suitable solution to the problem. Islam
forces the government to provide the basic; needs to the poor so that they may
lead a modest life in the society. The largest proportion for this purpose will
be charged from the riches in the shape of Zakat. Most countries impose taxes
on income, Islam charges it on capital (wealth) instead.
CLOSING WORDS
We can summarize the Islamic system into four principles:
-
1. Controlled ownership of enterprise
2. Ban on interest
3. Obligation of Zakat
4. Inheritance policy
I have tried to put before you the major principles of
Islamic economic system. The salvation of humanity lies in these principles.
The modern mind believes in practical rather than mere theories. Therefore, we
need to show the blessings of this system to the world running it successfully
at least in one part of the world. Otherwise, we are going to be taken into
account before God for neglecting our duty as a whole.
But keep in mind that the Islamic economic system can’t
show its blessings until applied with its true teachings of the moral, political
and social system in the society. Taking only a part may even pollute society like self-medication. Therefore, the Quran says, “O those who [truly]
believe! Enter into [the fold of] Islam completely.” (Surah Baqra: 208)
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