ECONOMIC SYSTEM OF ISLAM

The economic aspect of Islam is one of the most significant parts of our life as Islam views life as a compact whole and does not divide it into conflicting parts. The Islamic system is balanced and places everything in order and in its right place. Islam has given detailed regulations for the conduct of our economic life which concerns mainly the earning and use of wealth in the righteous way.

Yes, it is true that man needs something to sustain good living but he does not live for that thing alone. Meaning that earning and spending money is important for our living, but we do not live only for this. We have a good reason in life. We are Allah’s servants on earth. We do not have only body but we also have a soul and a conscience. Without our soul and conscience, we would be considered little more than animals.

Everything in Islam is for the benefit and welfare of “Mankind” on earth. The economic principle of Islam aim at establishing a just society, good responsibilities and honesty, and not as fighting for a big share of something as possible without regard for honesty, responsibility, decency and truth.

SOME FUNDAMENTAL RULES OF ISLAMIC ECONOMIC SYSTEM

  • Muslims must follow the rules of the Qur’an and Sunnah. Islam has prescribed laws to regulate earnings and expenditure. Muslims are not allowed to earn and spend in any way they like and should not earn anything by Haram, which is unlawful in Islam. Earnings from brothels and from such other practices which are harmful to the society are also Unlawful.
  • Islam wants to establish a just and fair society. A Muslim must earn his living in Halal ways and he should always bear in mind that whatever he does on earth, it is surely known to Allah(SWT). He will be accountable for his actions on the day of Judgement (resurrection). He cannot hide anything from Almighty Allah “Subhanna Watallah”.
  • A true believer is not allowed to spend money irresponsibly, because it is unlawful in Islam. His actions should be responsible and meaningful. Extravagance and waste are strongly discouraged in the laws of Islam.
  • Islam allows a person to own his earnings. The Islamic state does not interfere with the freedom of speech, work and earnings of an individual provided this freedom is not harmful to the society. Every individual will be answerable to Allah (SWT) for his or her actions in this “Duniya”.
  • Modern economics are so inter-linked with interest that people may think it is impossible to go without it. The situation is really very complex. But, we must aim at getting rid of interest.

“Whatever you pay as interest, so that it may increase in the property of (other) men, it does not increase with Allah.”

A true believer should observe his/her duties to Allah and give up what remains (due) from Haram, So that you may prosper.

Islam encourages people to deal in the righteous way of earning and one should remember that every individual will be answerable to Allah (SWT) for his or her actions.

Leave a Reply

Your email address will not be published. Required fields are marked *